Cost of living: Young professionals targeted by investment scams

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Young professionals hit by the cost of living are being targeted by scams suggesting money-making schemes.

Young professionals trying to make and save money to cope with the soaring cost of living are at risk of being exploited by scams, banks have warned.

Younger people are particularly vulnerable to these cons as they try to boost their income to pay rising bills, according to banking group UK Finance.Young people are being approached on social media with offers of investments that are said to bring quick, high returns. A survey by UK Finance suggested that more than a third of 18 to 34-year-olds said they would respond to an unprompted approach from someone offering an investment opportunity or a loan, with 30% saying they might also provide their personal or financial details to secure the arrangement."The rise in the cost of living can be worrying and stressful and for many, keeping on top of finances might be a struggle," said Katy Worobec, managing director of economic crime at UK Finance.

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