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Teenagers wrongly approached about PPI

From BBC - November 14, 2017

Nearly a fifth of 15 to 18-year-olds have been contacted about PPI claims - despite never having access to the product, research has found.

Teenagers are being exposed to financial crime and 62% worry about money, the London Institute of Banking and Finance also found.

And the institute, which provides personal finance qualifications, raised concerns about gambling.

It said 12% of 17 and 18-year-olds had gambled.

"This is a significant increase from the younger age group, potentially indicating that 18-year-olds are likely to quickly take up opportunities to gamble formally, such as through a bookmaker or by using online gambling," the report concluded.

It said the 12% figure "is a significant proportion of young people in this age group and, while the monetary cost of their gambling is not captured by this survey, the prevalence of gambling may be a cause for concern."

'Troubling'

The report draws attention to financial products being offered inappropriately to young people.

The institute said it was "troubling" that 11% of young people had been offered a credit card, despite it being an offence to offer credit to someone under the age of 18.

What youngsters should know

What parents should do

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