Have you ever thought about what you’d do if you hit the jackpot?

The dream of hitting the lottery probably crosses most people’s minds at some point. The idea of suddenly having millions of pounds may seem like it would offer a relief from financial concerns. But what comes after the jackpot? Would you quit your job, or would you keep it if you won the lottery? Interestingly, it seems that many lottery winners may consider continuing working, even after a big win.

Why lottery winners keep working

It may seem reasonable to quit your job after winning a large sum of money. But there are plenty of reasons lottery winners should keep working:

• Sense of purpose: Many people derive meaning and structure from a job. They may feel bored or lost without it.
• Financial responsibility: Some winners, even those who have won a large sum, may want to continue to have regular money coming in to pay bills and save for the future.
• Social connections: Work is often where social interaction and friendships occur, and winners don’t want to give that up.
• Fear of running out of money: Some winners are afraid that if they stop working and squander, they will run out of money.

How the lottery winners manage their money

A big win can be disorientating. Lottery winners often purchase lots of expensive – and sometimes weird – things they never thought they’d own. For instance, many acquire odd collections, strange pets or high-priced gadgets. These bizarre buys frequently make the news, creating the impression that all winners are foolish with their fortunes.

But financial experts caution winners to beware. Sudden wealth is hard to manage for most lottery winners. Those who continue working, by contrast, tend to have better financial habits. And don’t commit common mistakes, like overspending, or foolish investments.

Despite the life-changing nature of a jackpot, it may not lead to happiness or financial security. Studies have shown that lottery winners are more likely to file for bankruptcy within three to five years after winning than an average spender. This frequently has to do with the fact that winners can be wild spenders, or overwhelmed by their new riches.

Common reasons for bankruptcy include giving away too much money to friends and family, making extravagant purchases, and poor financial management.

What lottery winners can teach us about happiness

If you were ever to win the lottery, the next steps you take are crucial. Here are some tips based on what lottery winners have gone through:

• Stay put and keep your job, or some find other kind of meaningful work.
• Plan your finances with an experienced advisor that you trust.
• Don’t buy on impulse, even if it’s something you think you’ve wanted for a long time.
• Focus on long-term goals and personal happiness, not just on spending money.

Be savvy with your wins

Hitting the lottery is a life-changing event. But it’s not necessarily an invitation to stop working or to start spending wildly. Many lottery winners keep working because work gives them purpose, routine and structure as well as social connections. Though some lottery winners do purchase weird things, the secret to sustained happiness is about being smart with money and maintaining perspective.

So, if you ever hit the jackpot, don’t forget; work and planning might be your new best friends.