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