Survey: Seniors spend an average of $2,278 on lottery tickets every year, only half of people win with 'median' bonus at only $250

A research paper titled "Consumption Responses to Income Shocks through Lottery Winning: Evidence from Older Adults in Singapore," was published last year. It was jointly conducted by SMU ROSA Deputy Director and SMU Associate Professor of Economics Seonghoon Kim, and Korea University Associate Professor of Economics Kanghyock Koh. The research found that senior citizens in Singapore spend an average of $2,278 annually on lottery tickets, with half of them winning prizes, while the median prize amount is $250. Winners use nearly half of their winnings within 12 months, primarily on non-durable goods such as food and clothing. However, some choose to save the money for future needs, such as healthcare and retirement.