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Windfall wins on the up, bank says

Increasing numbers of financial windfalls are allowing UK consumers to pay off debt or indulge themselves with some retail spending, new research from ICICI Bank shows.

According to the study, around one in five Britons will come into cash unexpectedly at some point - in the form of premium bonds, the National Lottery or shareholdings.

Speaking to Reuters, head of retail and private banking at ICICI Deepak Varghese said: "The likelihood of suddenly coming into money is much higher than in years gone by."

The analyst also suggested that the windfalls are creating a new "transient wealth" class - with winners found to be more likely to come into the cash than buy a new car or move home.

Around one-third of people who had experienced a windfall in the past six months have regretted how they spent it, ICICI found.

The status of the National Lottery was also questioned by the bank, with it forming the source just five per cent of wins.

Consumers looking to spend extra on the lottery are also reminded that the chance of hitting the jackpot remain at one in fourteen million

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