Gen Y stung by scams
Millennials, not elderly, are most likely to have lost money,
According to new research by the Better Business Bureau’s Institute for Marketplace Trust, Millennials were the most likely to have lost money in scams.
More than 30% of the 25- to 34-year-old group surveyed admitted they were had, and those ages 18 to 24 hover just below 15%. Contrast that with the 75plus, who were less than 5%. And even the moms and dads of those Millennials, people ages 55 to 74, came in at under 10%. (People who are 35 to 54 came in slightly above 20%.)
Emma Fletcher, co-author of the study “Cracking the Invulnerability Illusion,” said in an email that they can only speculate about why Millennials are more at risk to con artists.
“For one thing, they simply haven’t had the life experiences of older people to have been exposed to the myriad of scams that are out there — to have learned life’s tough lessons. They are also the most connected generation, and we see that online purchase scams predominate as the scam they are most likely to lose money to. We also can’t forget that for many years the perception has been that this is an elderly problem, and that has been the focus of awareness efforts as well. It’s no wonder Millennials aren’t as alert as they should be, but we’re working to change that.”
The research didn’t include the total amount of money lost because victims weren’t required to share that information.
Of the swindles Millennials fell for and lost money in, 20% were online purchase scams and 10% were employment scams, the BBB found. The most popular cons for Millennials targeted overall were employment scams (13%) and debt collection scams (12%).
This is a generation that has been sheltered by their parents, according to Jason Dorsey, cofounder of the Millennials research firm Center for Generational Kinetics in Austin. They’re used to Mom and Dad getting them out of trouble, but it’s not easy to get one’s money back from fraudsters.
“We can’t forget that for many years the perception has been that this is an elderly problem.” Emma Fletcher, co-author of the study “Cracking the Invulnerability Illusion”