Young People Beware: Millennials Most Likely to Fall for Financial Scams, End up in Debt

When it comes to steering clear of serious debt issues, it is imperative that a person avoids falling prey to scams that can quickly deplete financial resources. Unfortunately, scammers have become more effective over the years at convincing some individuals to hand over their hard-earned cash. Although the long-held belief has been that elderly people are most likely to be fleeced by con artists, two new studies show that millennials actually represent the age group falling victim to phone scams and online scams more than any other group.

Young People Victimized by Phone Scams

Researchers with Truecaller, a phone identity software provider, found that approximately 38 percent of men between the ages of 18 and 34 lost significant amounts of money to phone scammers in 2015, while roughly 17 percent of women suffered the same fate. To put this in perspective, among all U.S. age groups, just 11 percent of people were victimized by phone scams last year.

“Generation Y” and Online Fraud

With more and more people using the Internet to conduct business these days, scammers have also focused on targeting millennials with online cons. Norton, a major cybersecurity company, conducted a study and determined that up to 44 percent of millennials were victimized by online crime, such as identity theft or fraud, in 2015. Meanwhile, just 16 percent of “baby boomers” (those born between 1946 and 1964) reported being victims of online crime last year.

Although one might think that a generation that spends a great deal of time on their phones and using computers might be able to avoid online scams, the reality is that the use of technology by so many young people has probably made them less apt to question an Internet email or a text message on their cell phone. Moreover, younger people may not be particularly vigilant when it comes to protecting private information, such as online passwords, bank account information and other details that can be used by scammers. This relaxed approach to impersonal interactions can lead to a significant amount of fraud and ultimately cause serious debt-related problems for millennials.

Scams Can Cause Debt Problems That Won’t Go Away

You do not want to find yourself buried underneath a mountain of debt, particularly if at least part of the debt was caused by a scammer who stole your identity and left you in potential financial ruin. It is especially important for young people to maintain good credit now because it will be very hard to secure loans or housing in the future without a positive credit history.

For additional information, read the article, “Generation Gullible? Studies Show Millennials Are Falling for Online and Phone Scams More Than Any Other Age Group.”


If you are in need of debt relief or assistance with any kind of debt issues, you should talk to a qualified debt management and bankruptcy lawyer. Joel R. Spivack is an experienced bankruptcy attorney who will make sure your assets remain protected. You can contact Mr. Spivack today to schedule a free consultation and explore your options.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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