Winning money is nice, but sharing it is even better as research reveals eight in ten people would share their money with friends, family and charity if they won a cash prize.
According to the Nationwide Building Society poll1 of more than 2,000 people, 80 per cent would share their winnings if they scooped a significant amount of money2. The winner’s partner or spouse (55%) and children (54%) top the list of who people would benefit, followed by their parents (35%). However, it’s not just close relatives who might potentially benefit as around one in five (19%) say they would donate money to charity.
Nationwide’s research coincides with its first ever monthly Member Prize Draw that gives eligible3 members the opportunity to share a prize fund of £1 million each month – simply for being part of the Society. Everyone has an equal chance of winning a prize as each of the Society’s eligible members will get one entry per month – resonating with Nationwide’s ethos that all members are valued equally, regardless of how many products they have.
The first prize draw, which takes place today (Tuesday 14 September) with more than 14 million members entered, will see 8,008 cash rewards paid out4, as the Society aims to once again give back as much value as it can to members. They include 8,000 prizes of £100, five £10,000 prizes, two £25,000 prizes and a top prize of £100,000.
And should someone win a cash prize late this month, the chances are that they will share, with the research showing that the reality matches the intention. Nearly a fifth (17%) of people have previously won a major cash prize2 – for example through the lottery, competitions and even via a bank or building society prize draw. Of those, close to nine in ten (87%) people have gone on to share the spoils, with just 13 per cent of those deciding to keep it to themselves.
When it comes to sharing money, the pandemic appears to have had an impact on how people think and behave towards others, with nearly three quarters (74%) saying they are now more supportive and appreciative of others. Since the Covid-19 pandemic began, 44 per cent of people say they have volunteered more.
It’s not just volunteering where people are giving back - nearly a quarter (23%) say they have donated more money to charity since the pandemic started - with an average of £33.74 extra given per month. One in ten (10%) say they donated £71 or more to charity each month over the same time period.
When it comes to volunteering and giving money to charity, younger people have increased donations on both accounts. More than half (51%) of 16 to 24-year-olds have volunteered more since the pandemic. This compares to 37 per cent of those aged 55 and over. More than a third (37%) of 16 to 24-year-olds have donated more to charity in the same time period, versus 15 per cent of those aged 55 and over.
As well as giving time and money personally, consumers want business to give back to their customers and members. Some 79 per cent believe it’s important for companies to give back to their customers, with women more likely to have that view (82% vs 76% of men). Additionally, 81 per cent would be more inclined to use companies that give something back to their existing customers. Once again, this is a view women feel more than men (84% vs 76%).
Louise Prior, Nationwide’s Director of Membership Propositions, said: “It’s great to see from our latest research that when people win a big financial prize they feel inclined to share their winnings with family, friends and even charity. Giving back to others is very much the ethos around why we created our new Member Prize Draw. It is about giving even more back to our members on top of the benefits we already offer and demonstrating why it’s worthwhile being a member of Nationwide Building Society, especially at a time when our research also shows that is exactly what people want to see from the companies they use. With the first prize draw taking place today, we look forward to giving something back to more than 8,000 members sharing in the monthly prize pot of £1 million.”