In fact, according to experts, any kind of ‘guaranteed’ return that is more than the percentage you could get from a cash savings account is always a red flag.
But many over-55s have admitted it would take an offer of 10% interest before alarm bells would start to ring.
This is according to new research from investment firm, Hargreaves Lansdown, which found as many as one in four over-55s would be convinced by a criminal claiming to offer this amount.
It has issued advice to help people spot investment scams after the investigation also found 16% of respondents would have no idea what kind if guaranteed returns should ring alarm bells and as many as 79% had been approached by a scammer of some sort.
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, explained: “Although most people are well aware that if something sounds too good to be true, then it often is, many don’t…