The Connecticut Lottery Corporation (CLC) has announced that it will now offer free financial planning advice to lottery winners becoming the first lottery corporation in the USA to offer the service.
The program is available to all players who win prizes of $600 or more
The offer has been made possible through a partnership with Credit Unions Building Financial Independence (CUBFI) that will see the launch of a new financial literacy and education campaign called ‘Wise Winnings’. This will be the first program of its kind in the country and will ensure that all lottery winners have free and impartial advice on how to manage their new-found wealth.
As part of the program, all winners will have the opportunity to meet with a trained credit union financial counselor to create an individualized plan for their money. There is also a dedicated website WiseWinnings.com providing free advice and resources for financial planning.
Speaking of the new program, Rob Simmelkjaer, Chair of the Board of Directors, Connecticut Lottery Corporation, said:
“The Connecticut Lottery always encourages our players to enjoy our games responsibly, and that includes after winning. We’re grateful to CUBFI for joining us in this effort, and we hope our players will leverage the Credit Unions’ fully accredited financial advisors so they can make the most of their money — whether it be $600 or $600 million.”
Bruce Adams, President and CEO of the Credit Union League of Connecticut, went on to add:
“From the days of the Great Depression through today, credit unions help people. We are here for them in good times and bad, and in times of financial surprise—working with the Connecticut Lottery to assist lottery winners is the newest iteration of that principle. Financial well-being includes the ability to absorb financial shock, which can come in many forms—whether it is coming into a lot of money quickly or finding yourself in sudden debt. Thank you to the Connecticut Lottery for partnering with us to help lottery winners achieve greater financial well-being.”
Wise Winnings is just one part of the CLC’s wider responsible gambling efforts which also include materials on how to gamble responsibly, assistance for those with gambling problems, and educational programs.
The news of the CLC’s program comes just weeks after a Brooklyn jury convicted American Lottery Lawyer Jason Kurland for defrauding his clients out of over $100 million. The case came to light after the October 2018 Mega Millions jackpot winner realized that Kurland had cheated them out of a portion of their $1.537 billion jackpot.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.