Just how much do you need to win?

GENEROUS Aussies would use a sudden cash windfall to help struggling family members rather than blow it on luxury items, new research has revealed.

Victorians have picked $788,000 as the magic number for “life changing” money, according to a NAB study.

The study found a third of Victorians would use the windfall to pay down debts, a third would give it to family members while just 1 per cent of us would blow the money on luxury goods.

NAB Group chief economist Alan Oster said the study showed Australians were realistic about money.

“It turns out we don’t need a mega-million dollar jackpot to feel financially free,” he said.

The NAB Special Insight Report into Financial Freedom, now in its third year, polled people in every state and territory.

Respondents across the nation said they’d need more money this year compared to last year’s results — except for Victorians, who said they would need $76,000 less than last year.

And rich people thought they needed more money than people on average incomes. Those earning more than $100,000 a year said they would need $978,000.

Mr Oster said the range of responses illustrated how people saw money differently.

“For some, being ‘financially free’ means being able to pay off all their debts, for others it could be no longer having to earn a salary, or it might just be not being stressed about money,” he said.

People in New South Wales said they would need $1 million while Tasmanians would be content with just $337,000. And Australians living in capital cities need on average $950,000, compared to $615,000 for those in regional cities.

Men said they would need $899,000 while women said $759,000 would be enough.

“Unsurprisingly, where you live, how much you earn, your gender, and your relationship status impact how much you think you will need,” Mr Oster said.