Becoming an instant millionaire by winning the Lottery seems like a dream come true, but there are drawbacks associated with striking it lucky according to financial advisor Matt Pitcher
A financial planner who offered advice to Lottery winners revealed one of the winners he worked with was “the most miserable man I have ever met”.
Camelot operated the UK’s National Lottery from its inception in 1994 until 2024. For more than a decade financial advisor Matt Pitcher was one of a team of experts who helped new millionaires adapt to the huge and sudden changes in their lives.
These changes were not always positive ones. Matt set the scene about how he was talking to a couple who should have been celebrating their newfound wealth, but found their numbers coming up has its drawbacks.
He told a TED Talks, posted on YouTube: “It is a boiling hot summer’s day, and I’m sat in an office with broken air conditioning.
“Sat opposite me is the most miserable man I have ever met. This man has just won the Lottery.
“Two weeks ago he was a happy and contented man. He and his wife were due to retire quite soon, and their pensions were ready to cover their outgoings.
“They had a good relationship with their adult children who lived nearby and a great network of friends.”
According to Matt, their problems began when news of their lucky ticket became common knowledge in their local community, which the new millionaires played an active part in.
The Lottery win ended up doing “more harm than good” and caused the couple to make a drastic decision.
The financial expert continued: “The win, as it sometimes happen, had become known locally. Friendships had started to sour through jealousy, family members were popping out of the woodwork, and claiming an entitlement to a share in the win, and in some cases demanding of them some of the money.
“Two weeks after that initial feeling of winning and having your numbers come up, this man was realising it was going to be life-changing, just not in the way he had anticipated.
“In fact by the time I had got around to meeting with him, he and his wife were already planning a move to a different part of the country.”
The history of the National Lottery has been littered by cases of winners who have been careless with their newfound riches.
Binman Michael Carroll won almost £10million in 2002. He was subsequently branded a ‘Lotto lout’ and returned to his old jobs eight years later after blowing his winnings.
Callie Rogers became Britain’s youngest Lottery-winning millionaire when she scooped £1.8million aged just 16 but she claims striking it lucky ruined her life.
She splashed out on designer clothes and boob jobs. However, she also gave away half a million pounds to friends and family, and it was no surprise that the party girl was eventually left broke. She also said “false” friends owed her £200,000 years later after borrowing from her.
Financial advisor Matt says Camelot “made every effort to support their winners for their entire lifetimes”.
They were all given a named support person who would celebrate with them and be a “shoulder to cry on when things went wrong”.
