Being A Victim Of Financial Fraud Not A Key Concern For Millennials, Study Says
February 19, 2019 by Jacqueline Sergeant
Millennials are not too worried about being victims of financial fraud, but they are most likely to say they had been victimized in the past two years, according to research by LIMRA Secure Retirement Institute.
The study, dubbed Financial Fraud & Retirement Accounts – An Opportunity to Engage, Educate, and Build Trust, found that 17 percent of millennials said they had been duped financially as compared to 11 percent of Generation X and 12 percent of Baby Boomers. The research focused on 1,005 American consumers age 18 and older.
Because millennials tend to have lower balances than their older counterparts, they might not believe they will be targeted, noted LIMRA’s researcher Ryan Scanlon in a news release. Another reason he pointed to is that younger consumers are more likely to engage in risky behaviors, such as revealing too much online that could make them an easy target.
Scanlon said the research is a result of LIMRA’s initiative to tackle fraud prevention. “Our research, industry monitoring and networking events continually reinforced our perception of fraud as a critical area of focus for the industry. In support of that broader effort, our research program includes several initiatives, like this one, to better understand the challenge through the lens of different constituencies,’’ he said.
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