Neighbours of Lottery Winners Significantly More Likely to go Bankrupt

So, this study was pretty interesting. People who live next to recent lottery winners are more likely to go bankrupt, new research suggests.

According to a recent report from the Philadelphia Federal Reserve, an arm of America's central bank, for every $1,000 your close neighbour wins in the lottery, you are 2.4 per cent more likely to go bankrupt in the next two years.

Full story on the CBC website.

Conspicuous consumption leading others to spend more is not surprising at all, but the fact that the effect is powerful enough to drive a significant number of families into full on bankruptcy and ruin is rather shocking.