Would you choose £50,000 over the chance of £1m?
Summary
A survey showed that most people in the UK would choose a sure £50,000 over a 50/50 chance to win £1 million. Women were more likely than men to pick the guaranteed amount, and younger people were more willing to take the risk than older people.Key Facts
- 73% of 4,600 UK adults chose the guaranteed £50,000 in the survey by YouGov.
- 21% preferred the 50/50 chance to win £1 million, while 6% were undecided.
- 82% of women chose the sure £50,000 compared to 63% of men.
- Younger people (age 18-24) were more likely (28%) to take the risk than those over 65 (11%).
- £50,000 is more than the average annual full-time salary in the UK.
- People tend to avoid risk because losing a guaranteed amount feels worse than missing out on a larger prize.
- Historically, investing £50,000 around 38 years ago in a global fund could have grown to £1 million today, though past performance does not guarantee future results.
- Risk preference changes depending on the amount of money involved; smaller amounts often encourage more risk-taking.
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