Lotto cash cow: would $1m make you quit?

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Last week’s massive $111m lotto bounty was divided up between four lucky Aussies – but a recent survey found if given a million dollars, just one in 10 people would give up work for good.

Despite some two-thirds of Australians dreaming of never having to work again, survey results from superannuation fund SunSuper found that those day dreams are really just that.

Just 5% of Gen Y’s who work full or part time said they would quit work if they won the lottery until the money ran out, compared to nearly one in four Baby Boomers. This could be because Gen Y’s are more likely to want to continue working for experience, personal development or financial gain. Baby Boomers on the other hand are closer to retirement and therefore happier to quit working.

Interestingly, it was found that 64% of Aussies believe they’re not being paid their worth, and unexpectedly, all generations had similar attitudes to work and finance. “The finding that 64% of full-time and part-time working Australians feel that they are not being paid their worth was interesting in that there was very little variation across the generations or genders in this regard,” Teifi Whatley from SunSuper said.

When asked about their dream job:
 

  • 12% of Australians feel they are already in it
  • 41% believe it is still achievable
  • The majority, 46%, believe they are not ever going to be in a position to achieve their dream job.

The research highlighted that people’s idea of a dream job isn’t fuelled by remuneration but rather by something they love doing regardless of the pay – and herein lies an opportunity for HR, because elements of ‘dream jobs’ included satisfying work-life balance, a need for creativity, and outlets for pursuing personal hobbies and interests.

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