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20% call lottery best bet for wealth
St. Paul Pioneer Press (MN)
Copyright 2006 St. Paul Pioneer Press
January 11, 2006

A majority of Americans are pessimistic about their ability to save $200,000 in net wealth in their lifetimes, and more than one-fifth say the lottery is the most practical way for them to reach that type of goal, according to a new survey.

Just 26 percent of adults surveyed think they could accumulate $200,000 in net wealth in their lifetime, and 9 percent believe they could collect $1 million, according to the survey of about 1,000 Americans by Opinion Research Corp. for the Consumer Federation of America and the Financial Planning Association.

Twenty-one percent of those surveyed said a lottery would be the most practical way to accumulate several hundred thousand dollars. That percentage was higher among lower-income people, with 38 percent of those who earn less than $25,000 pointing to the lottery as a solution.

Some Americans "both greatly overestimate their chances of hitting a lottery jackpot, and greatly underestimate their ability to build six-figure wealth by patiently making regular savings contributions over time," said Stephen Brobeck, executive director of CFA, in a telephone press conference.

Many Americans are pessimistic about their ability to save because they're "having trouble making ends meet, and may even be spending more than their income," he said.

Still, 55 percent of those surveyed agreed that the most practical way to accumulate wealth is to save something each month for many years.

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