Lottery winners adviser shares the ‘biggest mistake’ people make after jackpot

A lottery winners adviser who has helped more than 2,500 people manage their jackpot winnings over 20 years has shared the biggest financial mistake new winners make

To most people, winning the lottery would be a dream come true – but it doesn’t always work out like that.

The National Lottery has handed out a remarkable £103billion in prize funds since it launched in 1994, producing over 8,000 millionaires.

Experts think that thousands more have become millionaires because of the generosity of lottery winners, and Andy Carter, who has advised winners for more than 20 years, thinks this is potentially one of the biggest pitfalls.

Speaking to the Daily Mail, he said: “People want to help out. And it must be difficult to get on this rollercoaster when you start off. So if anything, they are too generous too quickly.”

There have been countless stories of winners frittering away their riches. Britain’s youngest winner Callie Rogers and refuse collector Michael Carroll, infamously dubbed the ‘lotto lout’, both faced bankruptcy.

Roger and Lara Griffiths, along with Adrian and Gillian Bayford, are among those couples who scooped lottery prizes only to witness their relationships subsequently fall apart.

Andy has shared his expertise with over 2,500 individuals throughout the past two decades. A key element of his role involves ensuring people don’t destroy their lives following a sudden windfall, reports the Mirror.

He dedicates his time to counselling fortunate winners after they claim anything from £50,000 to £195,000, and he maintains there’s one straightforward explanation for why certain marriages collapse.

Andy told the Daily Mail that acquiring sudden wealth simply magnifies issues that already exist within a relationship.

He explained: “Sudden wealth will exaggerate how you are. So if you are very happy in your marriage, you’ll have a lovely time. And if you are having a difficult marriage, it gives you something else to be difficult about.”

Adrian and Gillian Bayford numbered amongst those whose relationships crumbled following a substantial jackpot triumph. Former postal worker Adrian secured an astonishing £148million, representing the second-largest lottery prize in British history when claimed in 2012.

The pair separated after nine years of matrimony, just 15 months following their fortune-altering windfall.

Adrian and Gillian represent one of three couples amongst Britain’s top 10 jackpot winners who’ve spoken publicly – and two of those unions ultimately failed.

Colin and Chris Weir, hailing from Largs, North Ayrshire, in Scotland, landed an extraordinary £161million in July 2011. They parted ways eight years subsequently, after nearly four decades as a couple, with Colin passing away less than a year afterwards.

According to Andy, the most significant error winners can commit in the days and weeks following a payout is “trying to be too generous” with relatives and friends.

It’s understandable for people to approach with requests when someone close to them has suddenly acquired a substantial fortune.

National Lottery operator Allwyn currently offers a financial planning service featuring specialists who assist winners in making projections for their future.

Andy clarifies that while winners may wish to gift a considerable amount to a child, a legal adviser might counsel them to weigh up whether this represents a sensible decision.

He further proposes that numerous individuals whose lives were devastated by securing the jackpot likely lacked the support that’s now accessible.