Knowledgeable, educated people also fall victim to fraud - Mierina

RIGA - Knowledgeable, educated people can also fall victim to fraudsters, said Saeima Speaker Daiga Mierina (Greens/Farmers) at a conference on financial literacy on Friday.

Mierina pointed out that regardless of a person's education or their own financial judgement, most of society has been exposed to various types of fraud. This figure clearly demonstrates the need to talk about fraud, to educate oneself and to acquire the skills to recognize and avoid such cases.

She stressed that there is often a perception in society that fraud only affects others. However, the reality is that the victims of fraud are often educated and knowledgeable people. Fraudsters are sophisticated and cunning, so it is important to talk about the issue, share experiences and strengthen knowledge to avoid becoming a target.

According to Mierina, it is important to prepare and actively discuss these issues in order to protect oneself. She also stressed the importance of financial literacy, emphasizing that the more effectively a person is able to manage their finances, the more likely they are to improve their well-being. In the world of finance, there are various ways to make money, including by investing spare funds.

Mierina stressed that recent data show that Latvian society is facing significant financial difficulties - 40 percent of the population is unable to cover their daily expenses, only 21 percent have savings, and 25 percent have no savings at all. In addition, almost 92 percent have encountered fraud attempts.

In her view, these figures demonstrate the need to make financial literacy accessible to all groups in society, including students, young people, families, seniors and entrepreneurs.

The conference aims to find new ways to promote sound financial decision-making and strengthen financial literacy from school age, building the foundations for a sustainable society.