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Education key to preventing effects of financial crime

21 October, 2015

Better education provision for young people will help reduce the number of consumers falling victim to financial crime, says ifs University College.

The education charity has urged schools and colleges to include lessons on avoiding financial crime as part of their financial education curriculum obligations, to prevent students falling victim in the long term.

Figures released by ifs University College today reveal that more than 41 per cent of teenagers aged 18 and under have, despite only recently becoming financially active, already been targeted by fraudsters trying to obtain their bank or PIN details, with those aged 17-18 the most vulnerable.

Commenting, Vice Principal Alison Pask said:

Recent legislation changes, particularly to the pensions industry have seen a rise in the number of warnings regarding fraudsters targeting vulnerable consumers.

“Being alert to scams and recognising that criminals rely on consumer ignorance comes with greater levels of confidence and understanding and is key to tackling the long-term effects of financial crime.

“Today’s students are tomorrow’s consumers and that so many adults fall victim each year is testament to the dearth of financial education available in years gone by. Financial education is a vital lifelong skill and will be crucial to reducing the effects of financial crime.”