To get rich, is it better to play the lottery or save money?
To get rich, is it better to play the lottery or save money? Yomoni, a leader in online savings management, asked this question to 2,115 people in France. Do the French believe more in luck or in financial products?
Every year, the Française des Jeux registers more than 25 million players. This impressive figure is supported by the belief held by nearly two out of three French people that it is possible to win money through games of chance. In fact, more than 64% of French people believe it is truly possible to become rich through lottery games.
Do rich people play the lottery?
It’s a question that throws people off balance. Mathematically speaking, the more you play, the greater your chances of winning. So it would make sense for very wealthy people to use their money to win even more. But in the end, only 25% of French people think that rich people spend their money on games of chance, and 28% are unsure how to answer this question.
How to Get Rich Quickly?
For 23% of French people, the simplest solution is to receive an inheritance. This is the top choice among all the options presented. In second place, 21% believe that real estate investments are the most effective. The third choice for 17%: marrying a very wealthy person is a quick solution… but perhaps a bit risky if the union is based solely on money. Finally, in fourth place, 15% of French people favor saving as a way to build wealth.
Believe in luck or science?
While more than two out of three French people play the lottery, few people actually know the odds of winning. In fact, only 12% give the correct answer: 1 in 20 million! To be even more precise, the odds of winning the lottery are 1 in 19,068,840.
How much could the French earn by investing the money they spend on gambling in financial products?
When asked, “Do you think it makes more sense to bet €10 each week on a lottery game or put it in a savings account?”, the French give a paradoxical response. In fact, more than 77% believe that saving is a much better choice, while more than 64% hope to win at games of chance.
One question therefore remains unanswered: why do only 31% of French people say they intend to save? (Source: IPSOS, February 2024).
"With an initial investment of €10, followed by €40 per month for 20 years, in a Livret A savings account (currently paying 3%), the saver would end up with €13,052. With the same savings plan at a 5% rate of return, the total savings would amount to €16,219.
Based on Yomoni’s annualized performance since its launch in 2015 and using the most aggressive investment profile (8.8%), the total amount would this time be €24,980.
This is what is known as “compound interest,” which Albert Einstein called the eighth wonder of the world: “interest on interest.”
“"A saver who were to deposit €1,000 into our Profile 10 life insurance policy (the most aggressive option) and then contribute €40 per month (instead of gambling it away) for 20 years could potentially end up with a portfolio worth over €30,000. That makes all the difference!" concludes Olivier Malteste, Chief Investment Officer at Yomoni.
