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This Is the First Thing Americans Would Do If They Won the Lottery

GOBankingRates Logo By Cameron Huddleston of GOBankingRates | Slide 2 of 12: The survey found that the most popular use of lottery winnings would be debt repayment, with nearly 35 percent of respondents choosing this response. Women were more likely than men to say that they’d use the money to pay off what they owe — 38 percent versus 31 percent. And adults ages 45 to 54 were more likely than other age groups to choose this response.It’s not surprising that Americans would want to pay off debt if they won the lottery, considering another GOBankingRates survey found that Americans with debt owe an average of $140,113. Adults ages 45 to 54 actually have the highest average amount of debt of any age group — which might explain why this age group had the highest percentage of respondents who said they’d use lottery winnings to pay off debt.Young adults ages 18 to 24 were the least likely of any age group to say they’d pay off debt if they won the lottery — perhaps because another GOBankingRates survey found that this age group has the least credit card debt.

More Than One-Third Would Pay Off Debt With Their Winnings

The survey found that the most popular use of lottery winnings would be debt repayment, with nearly 35 percent of respondents choosing this response. Women were more likely than men to say that they’d use the money to pay off what they owe — 38 percent versus 31 percent. And adults ages 45 to 54 were more likely than other age groups to choose this response.

It’s not surprising that Americans would want to pay off debt if they won the lottery, considering another GOBankingRates survey found that Americans with debt owe an average of $140,113. Adults ages 45 to 54 actually have the highest average amount of debt of any age group — which might explain why this age group had the highest percentage of respondents who said they’d use lottery winnings to pay off debt.

Young adults ages 18 to 24 were the least likely of any age group to say they’d pay off debt if they won the lottery — perhaps because another GOBankingRates survey found that this age group has the least credit card debt.

© silverkblack / Getty Images/iStockphoto

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