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Researchers: Most lottery winners stay on the job

Oct 31, 2003, 5:01 am

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After the Big WinAfter the Big Win: Researchers: Most lottery winners stay on the job

Richard Arvey is not surprised to hear that 16 Powerball winners say they plan to remain in their jobs in a public school cafeteria.

It's common for lottery winners to continue working, according to a soon-to-be published study by Arvey, a University of Minnesota organizational psychologist, and colleagues at Rutgers University and the University of Haifa in Israel. The decision to stay on the job is influenced by the amount won and how important work is in a winner's life, he said.

Whether you're a new millionaire or just experiencing the more prosaic reality of retirement at age 65, leaving work can be traumatic, Arvey says.

"Work provides comfort and structure," he said. "It provides stability with regard to friends and routine - and those are things money can't readily buy."

Arvey and his fellow researchers surveyed 117 people who won the Ohio state lottery over a 12-year period and whose winnings ranged from $20,000 to almost $5 million. They were asked whether they continued to work after winning, and they rated the significance of work to their well-being.

Most - 63 percent - continued to work. Six percent quit working, but only briefly. Ten percent started their own businesses. Only 4 percent quit work altogether.

But there's a price on the fulfillment work provides - about $9 million. People who win more than that were much more likely to turn their lives over to full-time leisure. After taxes, the Holdingford winners have the option to take home about $2 million each.

Work is an anchor in many people's lives, Arvey said. One of his study participants - a 64-year-old bus driver who won $20 million - described the lottery as "just a bonus that came my way. It has not or will not affect my work habits and goals in life."

Times Record News

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10 comments. Last comment 17 years ago by hypersoniq.
Page 1 of 1
trent2275's avatar - balar crowned.png
USA
United States
Member #2431
October 3, 2003
28 Posts
Offline

if you are still going to work send me some cash since you don't need all of it, ya know?

    www.winnerslost .com;www.649-lottery.com
    China
    Member #2526
    October 15, 2003
    976 Posts
    Offline

    hehe

      dvdiva's avatar - 8ball

      United States
      Member #2338
      September 17, 2003
      2063 Posts
      Offline

      that wont last long - wait till all the kids start to hit them up for money.


        United States
        Member #379
        June 5, 2002
        11296 Posts
        Offline

        Is a $20,000 winner going to take early retirement?

          hypersoniq's avatar - binary
          Pennsylvania
          United States
          Member #1340
          April 6, 2003
          2450 Posts
          Offline

          I could still see working on a small win, but if you didn't have to work ($10Million+)... why keep a job from someone who could use it?

          Playing more than one ticket per game is betting against yourself.


            United States
            Member #379
            June 5, 2002
            11296 Posts
            Offline

            It's easier to take early retirement with a lump sum instead of annuity.

              whodeani's avatar - lightening

              United States
              Member #2484
              October 9, 2003
              212 Posts
              Offline

              "leaving work can be traumatic."

              hmm...let's ponder that.

              Get up in the morning and be to work by 8 or 9 A.M. and work for 8 hours every day or stay home and sit by the pool and collect all that interest.

              Get up in the morning and be to work by 8 or 9 A.M. and work for 8 hours every day or stay home and sit by the pool and collect all that interest.

              Get up in the morning and be to work by 8 or 9 A.M. and work for 8 hours every day or stay home and sit by the pool and collect all that interest.

              I opt for the later. Bring on the trauma baby.

              Bye all.

                dvdiva's avatar - 8ball

                United States
                Member #2338
                September 17, 2003
                2063 Posts
                Offline

                trama? what side of the cr

                  fja's avatar - gnome1
                  100

                  United States
                  Member #91
                  January 19, 2002
                  15519 Posts
                  Offline

                  If they call managing my winnings work, then I guess I would still be working!

                  "Everybody has to believe in something...I believe I'll have another beer!"   = W.C.Fields 

                    hypersoniq's avatar - binary
                    Pennsylvania
                    United States
                    Member #1340
                    April 6, 2003
                    2450 Posts
                    Offline
                    Quote: O

                    Playing more than one ticket per game is betting against yourself.