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Boom In Cash Competitions Since Recession
The recession has hit families across the UK hard, and with a double dip recession expected, it may be even tougher on working and middle class families. One sector however, is booming.
The rise in utility bills, fuel prices, and groceries means that the average weekly spend is far more than it used to be. Families that would ordinarily be considered “comfortable”
Having said this, a rise in entering cash competitions has increased. It is believed the two are intrinsically linked, with families unable to make more money in any other way, hence chancing their luck in cash competitions.
These cash competitions may be anything up to £25,000 and in some cases, even more than this. Cash competitions can be seen mainly on prize websites, but there has also been an increase in prizes of considerable amounts of money advertised on daytime television.
Even some companies have promised cash sums to families if they answer “a few short questions” or “open a current account with them today” – such as in the case of Halifax, who were giving out cash sums to loyal current account customers every month. The lure of money is enough for many people to enter these competitions, with many lucky entrants getting their hands on this cash prize.
There is also an increase in the amount of people entering lottery competitions. The amount of lottery competitions run has increased, with a draw in the UK taking place every night of the week. UK lottery entrants now have the option to “plus 5” their lotto numbers, which means that for an extra pound they can enter their lotto numbers in more draws throughout the week, for cash prizes up to £250,000. There is also the Euromillions lottery, which also includes a Millionaire’
One family in Surrey said, “There are now more chances than ever to win cash prizes with draws taking place all over the place. For me, I also try and enter other competitions, such as win a holiday or get free fuel for a year. These prizes are just as valuable to me. I only enter these competitions which are free, although occasionally I do spend a pound on the lotto draw if it is a rollover.”
With a double recession expected, we can be sure to expect a continued rise in the number of competitions available over the next year.