'I advise lottery winners how to spend their money - they always make the same mistake'
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While winning the lottery usually makes people happier, they don't always spend their cash in the most sensible way. Financial advisor Andy Carter has been working with National Lottery winners for nearly two decades, counselling over 2,000 people who have received fortunes of over £50,000. He and a team of money-savvy advisors, who are all banned from entering the lotto themselves, are on hand to coach winners through the first few months.
But Andy, 50, says they don't always spend their winnings wisely and many make common mistakes. It's often people's generosity that impacts their decision-making, Andy notes, with lots of winners rushing to give away too much of their new cash to family, friends and other charitable causes.
Helping out family members is usually the first port of call for new millionaires, Andy said, but it's his job to ensure they don't give too much of their fortune away. After an initial meeting with him, solicitors are brought in to further advise the individuals on the implications of making gifts.
"For example, if they have children under 30 and want to help them out with a house purchase, can they afford to do that and give up work themselves? The experts look at your whole life picture and make a plan, then winners can work out how much they can afford to help others," Andy explained.
Winners have the option to turn down any help they are offered, but only 10 percent of them reject advice. One of the most generous winners Andy remembers is Frances Connolly, who, with her husband Patrick, won £115million in the Euromillions in 2019. They gave away around £60m of their fortune to family, friends and two charitable foundations they have created since.
