Young people tend to think they’re smarter than their parents and especially their grandparents. But, according to the Federal Trade Commission (FTC), last year Americans in their twenties lost more money in financial scams that those over seventy years old. More specifically, 40 percent of millennials indicated that they lost money to fraudulent schemes compared to the 18 percent of older consumers (those 70 and older) who reported that they lost money as a result of fraud.

Common Financial Scams

There are several ways that financial scams can occur. One common crime is identity theft, which occurs when a person using someone else’s identifying information to commit other crimes.

Why Are Millennials More Exposed to Financial Scams?

The FTC findings didn’t indicate why millennials were more affected by financial scams than older generations. However, considering millennials’ dependence on technology, it’s not too surprising that they would make up a larger percentage of those affected by financial scams.

Related Resources:

  • Millennials Got Scammed for Money More Than Their Grandparents Did in 2017 (MSN)
  • Fraud and Financial Crimes (FindLaw’s Learn About the Law)
  • Coinbase Overcharging Users and Emptying Bank Accounts (FindLaw’s Common Law)
  • Can You Sue for Damaged Credit Rating? (FindLaw’s Injured)

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