I'm delighted to join you for the launch of Global Money Week.

This year's theme – ‘Protect your money, secure your future' – is really important.

My thanks to Yoshiki Takeuchi, OECD Deputy Secretary-General, for the invitation to be with you.

And for his continued leadership on the issue of financial literacy.

Knowledge is key to protecting your money – knowing your way around money and what to do with it.

And it's important to start learning about this as early as possible.

Especially as the financial world is changing rapidly – and that will have the most impact on young people.

How you manage your money has a big impact throughout your life.

If you do it well, you are better equipped to face life's challenges and you won't have as much stress.

If you don't manage your money well, it can result in a lot of problems – financial problems and health problems too, both mental and physical.

Being knowledgeable about money also means being on the look-out for frauds and scams.

So it's really important that this year's Global Money Week is focusing on this issue.

We know that fraud is on the increase in the area of bank transfers, for example.

So a fraudster might pretend to be a bank official contacting you using the official phone number of the bank.

And manipulate you into giving them your details or urging you to make a transfer to ‘secure your money'.

Or they might hack the social media account of someone you know.

And then ask you to send them money to help pay a bill or because of an emergency.

People can and sadly are losing a lot of money this way.

The average amount lost through a fraudulent credit transfer in Europe is more than €4,000.

Another serious problem which is on the rise is the use of so-called ‘money mules', when people are persuaded or tricked into handing over their bank details.

And then money is funnelled through their bank account to hide its criminal origin – and this is money laundering.

The person whose account is used is known as a ‘money mule'.

Now very often young people are targeted with the promise of making some quick and easy money.

But they're putting themselves at risk of criminal prosecution.

We know that young people are more active on social media, they are more mobile and prefer making financial transactions online.

They are also less confident in managing their personal finances.

Unfortunately, this combination means that young people are at risk of becoming victims of fraud....

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