Question

A recent survey by the National Endowment for Financial Education shows that more than 70 percent of lottery winners are broke within several years of winning - often gambling their money on excessive purchases. What percentage of lottery winners are broke within several years of winning?

1) 40 percent
2) 60 percent
3) 70 percent
4) 80 percent

Answer 1

More than 70 percent of lottery winners end up broke within a few years after winning. Option 3) 70 percent is the closest to the given percentage by the survey. Financial education is crucial for managing sudden wealth.

Step-by-step explanation:

According to the survey by the National Endowment for Financial Education, the percentage of lottery winners who are broke within several years of winning is more than 70 percent. The closest answer choice to this percentage is option 3) 70 percent.

It is important for lottery participants to understand the low probability of winning and the potential for financial mismanagement post-win, which can lead to tales similar to those the agent recounted - where the outcome can be as unpredictable and diverse as the stories themselves.