Winning the ‘big one’ at the Melbourne Cup highly unlikely, says TAL

Are you betting on the wrong horse when it comes to your financial future? Life insurance provider TAL has warned many Aussies are trusting in luck rather than good management to secure their financial futures.

The Melbourne Cup Carnival is the most popular betting event on the Australian sports calendar with $800 million-plus expected to be wagered tomorrow. However, TAL Group CEO Jim Minto said statistically a big windfall such as winning the ‘big one’ at the Melbourne Cup or the lottery is “highly unlikely to happen.”

“About 70% of Australians gamble each year but the chance of winning a major lottery prize is about 1 in 45 million. In fact, the confronting news is if you buy the ticket the day before the draw, the University of NSW says you have a greater chance of dying before the lottery is drawn than winning it.”

“The numbers clearly show your best chances of maintaining financial security in the face of a whole range of adverse events is to choose the right kind of life insurance protection. In other words: make your own luck,” said Minto.

If by chance you beat the odds and take home a win at the Melbourne Cup tomorrow, Mozo director Kirsty Lamont said paying down debt could be a wise move. “The typical personal loan debt is $20,000, and Mozo data shows that the average interest rate on that debt is 14 per cent.’’

“Putting a $1000 windfall towards your personal loan could save around $400 in interest repayments,’’ said Lamont.