QLD_CM_NEWS_TEENMONEY
QLD_CM_NEWS_TEENMONEY

Life lesson that could save kids big money

SCHOOLKIDS should be taught how to spot an online scam, according to financial experts, as the number of children losing cash after being targeted surges.

Aussie children were scammed out of more than $170,000 last year, according to the latest Australian Competition and Consumer Commission scam activity report - $55,000 more than in 2017 and $100,000 more than in 2016.

Suncorp behavioural economist Phil Slade said kids were particular susceptible to being ripped off or misled by dodgy operators.

"One of the best ways to help our teens avoid being scammed is to teach them financial literacy skills at an early age, to help them question things when dealing with money," Mr Slade said.

The Financial Basics Foundation has called on teachers to register their classes for this year's Suncorp ESSI Money Challenge, which kicks of August 26, and helps teach kids how to spot a scam and better handle their money.

Student Digby Simpson, 18y, says teens needing to learn how to manage money while at school. Picture: Steve Pohlner
Student Digby Simpson, 18y, says teens needing to learn how to manage money while at school. Picture: Steve Pohlner

Former Brisbane Grammar School student Digby Simpson, 18, was one of the winners of last year's challenge.

"It was very relevant to real life, and really different to what we were learning at school," he said.

"I learnt things about how to spot a scam that will stay in the back of my mind throughout my life."

Financial Basics Foundation chair Brigid Leishman said with teens more online than ever before, they were increasingly being targeted through social media channels, gaming and fake online shopping offers.

"At the heart of financial literacy is understanding how important your money is and knowing how to protect it," she said.


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