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Sometimes you win. Sometimes you lose. But, what if you win big?
Whether it's $1,000 or $100,000, lottery winners can experience the financial shock of an influx of cash and two organizations have teamed up to offer a first-of-its-kind effort to help those winners properly navigate their financial futures.
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On Monday, the Connecticut Lottery Corporation (CLC) and Credit Unions Building Financial Independence (CUBFI) announced a new financial literacy and education campaign called "Wise Winnings" to give Connecticut Lottery winners free financial advice to assist with financial planning after a sudden windfall of unexpected money.
According to the organizations, this type of effort is a first in the country and officials hope other states will follow.
"The Connecticut Lottery always encourages our players to enjoy our games responsibly, and that includes after winning," Chair of the Board of Directors for the Connecticut Lottery Corporation Rob Simmelkjaer said. "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."
In a statement, the CLC and CUBFI, the charitable arm of the Credit Union League of Connecticut, said they created the program to give lottery winners a way to find and meet with a credit union financial counselor "to create an individualized plan for their money." Every Connecticut Lotter player who wins $600 or more will receive information from "Wise Winnings" along with their prize check.
According to the "Wise Winnings" website, winners are able to search for a credit union financial counselor nearest them to arrange their free financial planning session.
"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," Bruce Adams, president/CEO of the Credit Union League of Connecticut, said.
"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," Adams said.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
