One in a million
Your chance to hit the big time in the Win a Million campaign
As Australia navigates a cost-ofliving crisis, News Corp Australia has announced the return of its Win a Million campaign.
From Saturday, February 24 , readers can find the daily codeword inside this paper and enter it online at winwithnews.com.au for a chance to win.
As well as the national winner – who will have a one in 100 chance to win the $1m – a total of 50 instant cash prizes of $1000 will be awarded.
It comes as a recent News Corp Australia Pulse Survey has found one third of readers will choose to invest the $1m if they are to win, a 6 per cent decrease on last year.
From these potential investors, men are more likely to invest the money (41 per cent versus 26 per cent for women), while women are more likely to put their winnings towards a new house (27 per cent versus 16 per cent) or renovate/redecorate their house (22 per cent versus 15 per cent).
One third of all survey responders say they will help family and friends if they are to win.
Putting the winnings towards a new house is the No.1 spending aim for those aged under 45 (42 per cent), while helping friends/family is No.1 for those aged over 45 (36 per cent).
For those living with a partner and kids in the household, putting money towards a mortgage is their top priority (37 per cent), while they are also more likely to take family/friends on an international holiday (27 per cent for this demographic compared to 16 per cent on average).
More than eight out of 10 respondents will put the million dollars straight in the bank if they are to win the cash.
But 16 per cent say they prefer to receive the winnings in even amounts over 12 monthly instalments. The $1000 cash prizes have been included in the competition this year as a response to the increase in cost-ofliving pressures, says News Corp Australia managing director, consumer, Mark Reinke.
“We are always exploring avenues to enhance the rewards and value we bring to our readers’ lives,” Reinke says.
“Recognising that the cost of living is a significant concern for many Australians, this promotion is crafted to provide $1000 cash prizes directly to our readers’ hands as a small way to help alleviate financial pressures.”
Given the current state of the economy, if someone is to suddenly hit the jackpot, Finder personal finance expert Sarah Megginson says the first thing to do will be to take note of your current situation.
“Take a beat – and don’t make any immediate decisions,” she says. “Your first reaction is likely to be emotional, so take some time to work out what makes most sense long-term. (And) don’t tell anyone. I’m joking … kind of. Don’t tell anyone until you’re clear on what you want to do. It can be so exciting, but sharing your news means you’ll invite in lots of opinions. It’s a big decision and sitting on it for a few days or even weeks while you work out what makes sense is going to be really helpful.”
Megginson says while the sentiment for buying a home may have dropped among responders, the current climate could work in their favour.
“Interest rates are at their peak, which means you’re actually in a pretty good position to work out what you can afford without being impacted by future rises,” she says. “If anything, rates are going to get lower this year, so if you can afford the repayments now, you’re only going to be in a better position when they come down.
“Make sure you consider extra costs like council rates, water, insurance and repairs when you work out what you can afford – it’s not as simple as comparing rent and mortgage.”
For those trying to get themselves in a better financial situation, Megginson says having an understanding of your money and your budget can be life-changing.
“You don’t need to suddenly become a numbers nerd, but having a simple structure and a money date with yourself every payday is a great system to pay your bills, set aside some savings and work out what you have left for fun,” she says.
“(It) can help you feel empowered, rather than constantly fretting about your funds.”