Question of the Day: Who Loses More Money to Financial Fraud? Millennials or Senior Citizens?

|
Apr 15, 2018
|
Question of the Day, Research, Financial Scams, Current Events

Answer: Millennials

Questions:

  • Do you know any one who has been a victim of a financial scam? Explain. 
  • Why do you think that young people are victims of financial fraud more often then senior citizens? 
  • What are some financial scams that you are aware of?
  • What are strategies you can come up with to avoid scams? 

Here's the ready-to-use slides for classroom use. 

Behind the numbers (from FTC Data Book): 

  • Of people who reported their age, those aged 20-29 reported losing money to fraud in 40% of reports filed with the FTC while the people aged 70 and older reported losing money in just 18% of those complaints. But when they did experience a loss, people aged 70 and older reported much higher median losses than any other age group. 

----------------

Be sure to check out NGPF's latest product release, 6 new Financial Pitfalls projects!

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.