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A2a From Perception to Loss: A Two-Phase Approach to Measuring Financial Fraud
Short Description
This study examines the relationship between financial capability and vulnerability to financial fraud, with a focus on perceived targeting and actual financial loss. Using nationally representative data from the 2024 National Financial Capability Study (N = 21,980), we estimate logistic regression models to assess the effects of objective and subjective financial knowledge and financial education across diverse demographic groups. Results reveal that individuals with greater objective financial knowledge and formal financial education are more likely to perceive themselves as fraud targets, suggesting heightened awareness and detection. At the same time, both knowledge and education significantly reduce the likelihood of experiencing monetary loss among those targeted, underscoring their protective role. In contrast, subjective financial knowledge does not predict either targeting or loss, highlighting potential overconfidence risks. Additional analyses indicate that high school–based financial education is particularly effective in reducing financial loss, while employer or multi-source education primarily increases fraud awareness. Findings emphasize the importance of distinguishing between psychological and material dimensions of fraud and suggest that policy initiatives should prioritize expanding structured financial education, especially at early stages, to build resilience against fraud.
Type of presentation
Accepted Oral Presentation