This week, we were reminded that scams can happen to the best of us - even a financial advice columnist. In more positive news, the value of a personal finance course is making waves in the media world. Read on for more. 

$50,000 Scam Story Goes Viral

An article by journalist Charlotte Cowles, financial advice columnist for The Cut, went viral this week. Cowles shares all the details of how she was conned out of $50,000 in cash after falling for an elaborate scam that used fear, technology, and her data to convince her it was real. 

The Washington Post shared tips on their Instagram for how to avoid scams in response to the article.

Stories like this one are a good warning for students. Younger adults — Gen Z, millennials, and Gen X — are 34 percent more likely to report losing money to fraud compared with those over 60, according to a recent report from the Federal Trade Commission.

>> Quiz your students: Question of the Day: Which generation is more likely to fall for online scams, Baby Boomers or Gen Z?

As part of National Consumer Protection Week (March 3-9), Slam the Scam Day is coming up on March 7 this year. The goal is to raise awareness about pervasive government imposter scams, like the one described in The Cut article.

>> Use this activity with your students to help them practice identifying signs of scams - PLAY: Spot the Scam Signs

Personal Finance Education Valued at $100,000

Media are taking note following the release of a report by Tyton Partners, in collaboration with NGPF, which found a lifetime positive benefit of approximately $100,000 per student from guaranteeing that a high school student takes a one-semester course in personal finance.

Check out these articles explaining just how valuable your work is for each one of your students:

You can put a price tag on the value of a personal finance education: $100,000 (CNBC)

Just One High School Personal Finance Class is Worth More Than Most of Us Make in a Year (MSN)

>> Teacher Stephanie Yeckering turned the Investing in Tomorrow: Lifetime Value of Financial Education in High School report into a classroom activity. She passed it along to us in case you'd like to use it as well. 

About the Author

Hannah Rael

As NGPF's Marketing Communications Manager, Hannah (she/her) helps spread the word about NGPF's mission to improve the financial lives of the next generation of Americans.

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