Many people think that by the time they become senior citizens that they have to worry less about money but in reality it is the exact opposite. Not only is it a time where people are usually less able to make replaceable income but it is also an age that hackers and thieves generally take advantage of. Here’s why.
Con artists try to whip targets into an emotional state, knowing this will make people more likely to part with their money. But a new study found that older people are much more susceptible to fraudulent pitches than younger consumers when emotions run high.
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The study was conducted by psychologists at Stanford University, along with the AARP Fraud Watch Network and the FINRA Investor Education Foundation.
“Money is emotional, and managing your emotions around financial decisions is critical to avoiding fraud,” Gerri Walsh, president of the FINRA Education Foundation, said in a statement.