One in nine (12%) of UK adults have admitted to losing money to a financial scam in the last year.

That could equate to 6.2m adults across the UK, according to a new study.

Research from financial wellbeing and retirement specialists Wealth at Work found that more than a third (34%) of those who had lost money to a scam had done so to two or more types of scam. The average amount of money lost was £1111.21.

Despite the high level of victims, almost three out of four (72%) adults said that they are confident in their ability to identify a financial scam.

The research also revealed the worrying impact losing money to a financial scam had on people.

It found that two out of five (40%) find it difficult to trust that any financial information is legitimate, more than a quarter (27%) say it’s had a negative impact on their mental health, and almost a quarter (24%) do not feel safe investing their money. Losing money to financial scams has also meant that more than a fifth (22%) have had to change their plans for the future.

Scammers are using multiple methods to hoodwink people out of their money. The common financial scams that people lost money to in the last year were:

1. Purchase scam – 27% of those who lost money to a financial scam said it was through the sale of fake products or goods online.
2. Investment scam – 19% said it was through scams that encourage investing in fake opportunities or pyramid schemes.
3. Friends or family scam – 18% said it was through messages sent claiming to be someone they knew asking for money.
4. Bank account scam – 18% said it was through fake claims that their account had been compromised.
5. Tech support scam – 15% said it was through fake technical support services that were used to obtain personal details.
6. Befriending/romance scam – 14% said it was through scams where someone becomes your friend, then asks for money.
7. Pensions scam – 13% said it was through fake promises of guaranteed returns or early access to their pension.
8. Tax refund scam – 10% said it was through fake promises of tax rebates.
9. Lottery scam – 9% said it was through fake claims that they’ve won a prize.

Jonathan Watts-Lay, director, Wealth at Work, said: “Financial scamming is rife and it’s shocking that many people have lost money not just once, but multiple times to scams. People need to be on their guard as fraudsters use many convincing techniques to persuade their victims that they are genuine.”

He warned that the current strain on household finances could mean that some people are more vulnerable than ever and fraudsters can take advantage of that. “Those approaching retirement could also be a key target as they could have access to relatively large sums of money.”

Last month the Financial Ombudsman Service reported a record 8,734 fraud and scam cases in just a three-month period this year, the highest ever quarterly level.

Scams Awareness Week will run between 21-27 October.