10% of people believe Lotto win is best chance of providing for old age

By Brian O’Mahony

Wednesday, November 12, 2008

EVEN with the odds stacked against them almost 10% of consumers in Ireland see winning the lotto as their best chance of providing for their old age.

Tonight’s jackpot is estimated to be €9 million which would see most of us comfortable for the rest of our lives, but there is just one problem.

The odds of winning it are calculated at 8 million to 1 but still nearly 10% of consumers in Ireland see winning the lotto, as the most practical way of providing for their old age.

If the lotto fails to deliver, consumers here are banking on a good marriage or a handsome inheritance to fund their golden years. Belive it or not these are among some of the key findings in a survey of almost 1,000 people published by Hibernian Life & Pensions.

More men than women are relying on lotto luck to fund their retirement with 11% of men compared to only 6% of females claiming seeing the lotto as their ticket to a happy retirement.

The research shows that lotto fever is strongest in Munster, Ulster and Connacht with 11% of people in these regions believing the lotto to be the most "practical" way of providing for retirement. Only 5% of people in Leinster are as naive in their approach to retirement planning.

Even some of those who make it rich don’t always stay lucky however.

The British hospital porter John McGuinness who won Stg£10million (€12.2m) in the lottery and 11 years later found himself deep in debt, is a good example of what can go wrong.

Hibernian’s Mark Reilly who specialises in pensions says people know they need to be more practical.

To help them along Hibernian has launched the Hibernian Safe Haven Fund which offers investors the security of a high interest deposit account (ECB+1%) and the flexibility to take funds out of deposit to invest in shares and property if they wish.

Mr Reilly said that people need to take stock of their financial needs and ensure that what they invest in satisfies their long term requirements.

This story appeared in the printed version of the Irish Examiner Wednesday, November 12, 2008