(CNBC) Millennials are more prone to lose money in financial scams than their elders, according to newly released government data.
The Federal Trade Commission reported last week in its annual data summary of consumer complaints that 40 percent of Americans in their 20s who reported fraud in 2017 also said they lost money. By contrast, only 18 percent of victims aged 70 or older reported losing money.
The dollar value associated with the fraud complaints were much higher for those aged 70 and older, however. Those in their 20s reported a median loss of $400. That’s compared to $621 for those in their 70s and $1,092 for those 80 and up.