You are here: Home - Household Bills - News -

Teenagers more likely to fall for a scam than pensioners

Written by:
Teenagers and young adults are more likely to fall victim to a scam than pensioners, research has revealed.

Six in 10 people aged 16-29 have admitted to falling for scams, compared to a quarter of those aged 60+.

For 25% of young people who’ve been scammed, it’s happened more than once, according to research from Unbiased – a comparison site of independent financial advisers.

It found that more than half of people aged 16-29 use the same password across all devices, compared to 24% of those aged 60+.

The older generation are more wary of online celebrity endorsements, with just 15% trusting a celeb-fronted advert. However, for the younger age group, 51% would assume the product or service was safe to buy and wouldn’t consider it to be a scam.

Unbiased found nearly a third of those aged 29 and under have fallen for a cold call, rising to 36% for a social media scam.

Of those who’ve fallen victim to a social media scam, 41% of the 1,500 Brits polled admitted they’ve previously had an account hacked, targeted or duplicated by scammers.

For older people, they tend to get caught out with phishing and investment scams.

But when trying to identify potential scams, 74% will look out for spelling errors, 69% would be suspicious if the request seemed odd and 61% wouldn’t trust an email depending on the sender’s name.

More than half (53%) also admit they’d feel suspicious if an email or post online had blurry images or logos.

When it comes to reporting scams, 90% of both the older and younger generations would contact their bank, Action Fraud or the regulator, the Financial Conduct Authority.

For those who wouldn’t report a scam, 29% said “it’s not worth it” as they knew they wouldn’t get their money back. For one in four, they said they wouldn’t know where to report the scam.

Turning to the impact of scams, 36% of those polled said it made them feel violated, while 35% said it’s made them less trusting of social media.

Karen Barrett, founder and CEO of Unbiased, said: “A lot of people turn to Unbiased when they have been affected by investment or pension scams.

“Investing can be a great way to make your money work harder, but scammers will usually try to lure you with a deal that seems risk free. The old saying about ‘if it seems too good to be true, it probably is’ is correct in the case of scams.

“If the sales tactics seem pressurised, or you’ve been contacted out of the blue, speak to the FCA, or one of our 27,000 trusted and regulated financial advisers.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week