Money & Economics · free reference
Part 11: Spot scams, protect your identity and understand insurance
Scams and fraud, Protecting your identity, Insurance basics and Giving and sharing. Every fact lists its source, and you can share a link to any topic.
Scams and fraud
In short: Scammers pretend to be from an organization you know, say there is a problem or a prize, pressure you to act fast and tell you how to pay. Stop and talk to someone you trust.[1]
Facts
- If something feels wrong, stop and talk to someone you trust.[1]K–2
- Scammers pretend to be from a group you know.[1]3–5
- Scammers say there is a problem, or that you won a prize.[1]3–5
- Scammers pressure you to act right away, before you have time to think.[1]3–5
- Scammers tell you to pay in a certain way.[1]3–5
- Do not give your personal or money information to anyone who asks when you did not expect it.[1]6–8
- Anyone who pressures you to pay or to give them your personal information is a scammer.[1]6–8
Go deeper: for teens and grown-ups (2)
Key words in three languages
| English | Spanish | Portuguese |
|---|---|---|
| fraud[3] | fraude[4] | fraude[5] |
| personal information[1] | not sourced yet | informações pessoais[6] |
Each word cites a page that uses it.
Practice this
- Life Skills practice questions, Grade 3Questions from every Life Skills topic in the grade, with answers · freeFree
- Life Skills practice questions, Grade 6Questions from every Life Skills topic in the grade, with answers · freeFree
- Lesson: Online safety and screen timeGrade 3 · full lesson with practice and a checkMembers
- Lesson: Digital citizenship and online safetyGrade 6 · full lesson with practice and a checkMembers
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Sources (6)
- Federal Trade Commission, Consumer Advice · How To Avoid a Scam · consumer.ftc.gov/articles/how-avoid-scam (checked Oct 27, 2026)
- Federal Trade Commission · FTC Testifies before Joint Economic Committee on Agency’s Efforts to Combat Fraud · ftc.gov/news-events/news/press-releases/2026/03/ftc-testifies-joint-economic-committee-agencys-efforts-combat-fraud (page updated Mar 25, 2026; checked Oct 27, 2026)
- FINRA (Financial Industry Regulatory Authority) · Crypto Assets – Risks · finra.org/investors/investing/investment-products/crypto-assets/risks (checked Oct 27, 2026)
- Consumer Financial Protection Bureau · Glossary of English-Spanish financial terms (Spanish style guide and glossary) · files.consumerfinance.gov/f/documents/cfpb_adult-fin-ed_spanish-style-guide-glossary.pdf (checked Oct 27, 2026)
- Wikipédia em português · Cartão de crédito · pt.wikipedia.org/wiki/Cart%C3%A3o_de_cr%C3%A9dito (checked Oct 27, 2026)
- Wikipédia em português · Roubo de identidade · pt.wikipedia.org/wiki/Roubo_de_identidade (checked Oct 27, 2026)
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Protecting your identity
In short: Most children do not have a credit report, so one in a child’s name is a warning sign. Parents can get a free credit freeze for a child under 16.[1]
Facts
- Child identity theft can be reported to the FTC at IdentityTheft.gov.[1]6–8
Go deeper: for teens and grown-ups (6)
- Some young people first learn of identity theft when they are turned down for a student loan because of bad credit.[1]Teens
- Most children under 18 do not have a credit report, so one in a child’s name can be a warning sign.[1]Grown-ups
- A letter from the IRS about unpaid income taxes for your child can be a sign of child identity theft.[1]Grown-ups
- So can a call about your child’s overdue bill for an account you never opened.[1]Grown-ups
- If your child is under 16, you can ask for a free credit freeze.[1]Grown-ups
- Ask questions before giving anyone your child’s Social Security number.[1]Grown-ups
Key words in three languages
| English | Spanish | Portuguese |
|---|---|---|
| identity theft[1] | robo de identidad[2] | not sourced yet |
| credit report[3] | informe de crédito[2] | not sourced yet |
Each word cites a page that uses it.
Practice this
- Life Skills practice questions, Grade 8Questions from every Life Skills topic in the grade, with answers · freeFree
- Lesson: Digital footprint, privacy and spotting misinformationGrade 8 · full lesson with practice and a checkMembers
Members-only lessons are marked. The practice pages by grade and The Business You Build check are free.
Sources (3)
- Federal Trade Commission, Consumer Advice · How To Protect Your Child From Identity Theft · consumer.ftc.gov/articles/how-protect-your-child-identity-theft (checked Oct 27, 2026)
- Consumer Financial Protection Bureau · Glossary of English-Spanish financial terms (Spanish style guide and glossary) · files.consumerfinance.gov/f/documents/cfpb_adult-fin-ed_spanish-style-guide-glossary.pdf (checked Oct 27, 2026)
- Consumer Financial Protection Bureau · How do I get a free copy of my credit reports? · consumerfinance.gov/ask-cfpb/how-do-i-get-a-free-copy-of-my-credit-reports-en-5 (checked Oct 27, 2026)
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Insurance basics
In short: With insurance, you pay a premium, and you often pay a deductible before the insurance starts to pay.[1][2]
Facts
- A premium is the amount you pay for insurance, for example every month for health insurance.[1]6–8
Go deeper: for teens and grown-ups (6)
- A deductible is the amount you pay for covered care before your insurance plan starts to pay.[2]Teens
- With a $2,000 deductible, you pay the first $2,000 of covered services yourself.[2]Teens
- Homeowners and renters insurance do not usually cover flood damage.[3]Teens
- Besides the premium, health plans usually have other costs, such as a deductible, copayments and coinsurance.[1]Grown-ups
- The plan with the lowest monthly premium may not be the best match for you.[1]Grown-ups
- Most flood insurance policies start only after a 30-day waiting period.[3]Grown-ups
Key words in three languages
| English | Spanish | Portuguese |
|---|---|---|
| insurance[1] | seguro[4] | seguro[5] |
| premium[1] | prima[4] | prêmio[5] |
| deductible[2] | deducible[4] | franquia[5] |
Each word cites a page that uses it.
Practice this
- Business practice questions, Grade 8Questions from every Business topic in the grade, with answers · freeFree
- Lesson: Managing business risk and insuranceGrade 8 · full lesson with practice and a checkMembers
Members-only lessons are marked. The practice pages by grade and The Business You Build check are free.
Sources (5)
- HealthCare.gov (Centers for Medicare & Medicaid Services) · Glossary: Premium · healthcare.gov/glossary/premium (checked Oct 27, 2026)
- HealthCare.gov (Centers for Medicare & Medicaid Services) · Glossary: Deductible · healthcare.gov/glossary/deductible (checked Oct 27, 2026)
- Federal Emergency Management Agency (FEMA) · Don’t Wait: Buy Flood Insurance Today · fema.gov/print/txt/node/330656 (page updated May 1, 2018; checked Oct 27, 2026)
- Consumer Financial Protection Bureau · Glossary of English-Spanish financial terms (Spanish style guide and glossary) · files.consumerfinance.gov/f/documents/cfpb_adult-fin-ed_spanish-style-guide-glossary.pdf (checked Oct 27, 2026)
- Wikipédia em português · Seguro · pt.wikipedia.org/wiki/Seguro (checked Oct 27, 2026)
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Giving and sharing
In short: Giving is part of money, too. Americans gave $592.50 billion to charity in 2024, most of it from individual people.[1]
Facts
- Americans gave $592.50 billion to charity in 2024.[1]6–8
- Most of it came from individual people: $392.45 billion, about two-thirds of all giving.[1]6–8
Go deeper: for teens and grown-ups (3)
- Religious groups received the most, $146.54 billion, and human services groups received $91.15 billion.[1]Teens
- People who itemize their tax deductions may deduct gifts of money or property to qualified organizations.[2]Grown-ups
- The IRS Tax Exempt Organization Search tool lets you look up a charity.[2]Grown-ups
Key words in three languages
Each word cites a page that uses it.
Practice this
- Life Skills practice questions, Grade 3Questions from every Life Skills topic in the grade, with answers · freeFree
- Lesson: Budgeting my allowanceGrade 3 · full lesson with practice and a checkMembers
Members-only lessons are marked. The practice pages by grade and The Business You Build check are free.
Sources (5)
- Indiana University Lilly Family School of Philanthropy (for Giving USA Foundation) · Giving USA 2025: U.S. charitable giving grew to $592.50 billion in 2024 · philanthropy.indianapolis.iu.edu/news-events/news/_news/2025/giving-usa-2025.html (page updated Jun 24, 2025; checked Oct 27, 2026)
- Internal Revenue Service · Charitable contribution deductions · irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions (page updated Jun 28, 2026; checked Oct 27, 2026)
- Federal Reserve Education (Federal Reserve System) · What Is Money? · federalreserveeducation.org/teaching-resources/economics/money/what-is-money (checked Oct 27, 2026)
- Consumer Financial Protection Bureau · Glossary of English-Spanish financial terms (Spanish style guide and glossary) · files.consumerfinance.gov/f/documents/cfpb_adult-fin-ed_spanish-style-guide-glossary.pdf (checked Oct 27, 2026)
- Wikipédia em português · Inflação · pt.wikipedia.org/wiki/Infla%C3%A7%C3%A3o (checked Oct 27, 2026)
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Questions parents ask
How can kids spot a scam?
Scammers pretend to be from a group you know.[1] Scammers say there is a problem, or that you won a prize.[1] Scammers pressure you to act right away, before you have time to think.[1] Scammers tell you to pay in a certain way.[1] If something feels wrong, stop and talk to someone you trust.[1]
How do I protect my child’s identity?
Most children under 18 do not have a credit report, so one in a child’s name can be a warning sign.[2] If your child is under 16, you can ask for a free credit freeze.[2] Ask questions before giving anyone your child’s Social Security number.[2] Child identity theft can be reported to the FTC at IdentityTheft.gov.[2]
What is a deductible in insurance?
A premium is the amount you pay for insurance, for example every month for health insurance.[3] A deductible is the amount you pay for covered care before your insurance plan starts to pay.[4] With a $2,000 deductible, you pay the first $2,000 of covered services yourself.[4]
Sources for these answers (4)
- Federal Trade Commission, Consumer Advice · How To Avoid a Scam · consumer.ftc.gov/articles/how-avoid-scam (checked Oct 27, 2026)
- Federal Trade Commission, Consumer Advice · How To Protect Your Child From Identity Theft · consumer.ftc.gov/articles/how-protect-your-child-identity-theft (checked Oct 27, 2026)
- HealthCare.gov (Centers for Medicare & Medicaid Services) · Glossary: Premium · healthcare.gov/glossary/premium (checked Oct 27, 2026)
- HealthCare.gov (Centers for Medicare & Medicaid Services) · Glossary: Deductible · healthcare.gov/glossary/deductible (checked Oct 27, 2026)