Sharon Davies, chief executive of Young Enterprise, has raised concerns that increasing financial pressures, as well as more time being spent online, has sparked an increase in financial scams targeted at young people
Davies told CYP Now that the types of scams being detected range from fake cryptocurrency investments, “direct message (DM) to collab” offers, day trader training and pyramid schemes promoting products that don’t exist.
Most of these scams prey on the incentive to “get rich quick” and encourage young people to financially invest in something with the promise of increased returns.
Davies also warned of a rise in “finfluencers” - finance influencers who encourage investment, trading and entrepreneurship - which have significantly grown in popularity on platforms such as Instagram and TikTok.
Register Now to Continue Reading
Thank you for visiting Children & Young People Now and making use of our archive of more than 60,000 expert features, topics hubs, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's Included
-
Free access to 4 subscriber-only articles per month
-
Email newsletter providing advice and guidance across the sector
Already have an account? Sign in here
