Banks are most trusted institution amongst millennials

A study from short-term loans company Satsuma has shown that millennials place the most trust in banks when it comes to the protection of their personal information. 

The survey looked at the online habits of 1,000 millennials and found that the majority of adults aged between 18 and 34 trust their banks to keep their personal information safe and private.

Confident

The survey found that millennials trust banks over online companies, with 85% being confident that their bank will protect their personal data, compared to 61% who cited social media and 60% who place their trust in online retailers.

More than 40% of millennials said that they would share their data online and believe that their information would be protected, whilst nearly 50% said that they would be willing to share as much of their information as possible if it meant that they would be able to have access to a better deal.

More than 20% said that they would not be bothered about their data being shared with other companies.

Important

Commenting on the study, Dr Jessica Barker of Redacted, a cyber risk firm, said: “Younger people are more likely to trust established brands, which can put them at risk of being less responsive when a large brand has a data breach. It’s more important than ever to make sure you know exactly what you are signing up to and where your data could potentially be shared if you decide to put your information online.”