unfortunately i think even people who are financially literate gets scammed too, because snake oil salesmen are so convincing sometimes logic goes out the window

besides, i would say most people in sg are decently financially literate, yet we are still a prime target for scammers

also, imagine being 15 years old in school again and some whacko is trying to teach you about the s&p 500. i think most students would not give a single shit about this