Money & Career

Is playing the lottery part of your financial plan?

How often do you buy lottery tickets? According to a new poll commissioned by Credit Canada Debt Solutions and Capital One Canada, Canadians are buying them all the time. In fact, two out of 10 people say lottery winnings are part of their financial plan.

lottery ticket scratch card

Masterfile

How often do you buy lottery tickets? According to a new poll commissioned by Credit Canada Debt Solutions and Capital One Canada, Canadians are buying them all the time. In fact, two out of 10 people say lottery winnings are part of their financial plan.

That’s right: 18 percent of those polled think winning the lottery will help meet their financial goals. And one in 10 people are counting on a big inheritance. The poll also revealed that more than two-thirds of those surveyed have felt anxious or lost sleep thinking about their finances in the last year.

The figures are a stark reminder about our problematic relationship with money. I can see why people think that the lottery is the only way to attain financial security — what with nightmare news about the disastrous state of the global economy, the looming housing bubble burst, and barely-there interest rates on savings accounts. It’s not surprising that many Canadians aren’t confident about the state of their finances — but buying lottery tickets is not a viable solution.

The key is to start small. Cut back on spending and find little ways to save every day, from making your coffee at home instead of buying a daily cup-of-joe to setting a food budget. Open up a higher interest savings account and put that money away, even if you’re starting with just $100 a month. What you do today, however small, can make a big impact in the future — and it’s more likely you’ll get closer to your financial goals than with a lottery ticket.

Do you know anyone who buys lottery tickets as part of their financial plan?