Swedes spend a lot on lottery games every month, more it seems than is spent on extra savings.
Swedes spend an average of 450 SEK ($63) per person on games every month. This is more than they put away for any retirement plans, according to a new study by Folksam, the Swedish insurance company. Folksam points out that if the 450 SEK were spent on a saving for the retirement, Swedes would have a good possibility of becoming millionaires at the time they retire. According to the study, 87% believe that would be difficult.
“Many think it’s impossible to save up a million SEK ($139 499), but if you put aside 450 or 500 SEK monthly in long-term, it needn’t be,” says Håkan Svärdman, well-fare analyst at Folksam. “It’s a much safer way to become a millionaire and secure your old age than to place your bet on a lottery ticket.”
The chance to win the highest pot with a so-called Triss ticket is one in two million, and the chance to win on Lotto is one in 6.7 million. The study shows though that the interest in gambling is fairly intact. 65% of the people asked said they cannot see spending the money on a retirement fund. In 2011 the Swedish gambling market had a 42 billion SEK ($5.8 billion) turnover, while the private pension savings amounts to around 11 million SEK ($1.5 million). On an average, Swedish families spend about 2.4% on their disposable income on gambling and lottery, according to Lotteriinspektionen (the Gaming Board for Sweden). The study was made by SIFO a company (an opinion and social research company), commissioned by Folksam during the period April-May in 2012. 1020 people aged 18 and above participated.