Global market research from Mintel revealed that although anxiety peaks among the 55+ age group, two-thirds of 16-24 year olds do not sign up to new company accounts due to data worries.
From 25 May, all data storing will be governed by new data protection rules called the General Data Protection Rules (GDPR).
Financial data fears
The safety of financial data, such as credit cards is the key concern, with 85% worried about that, but Brits are also nervous about the security of their email content with 73% worrying about the security of their web browsing history.
Concerns over being physically tracked means 73% of 16-24-year-olds are anxious about revealing their location against 69% of Brits overall. This is the only data sharing category that this age group was more anxious about than the population as a whole.
Adrian Reynolds, senior technology analyst at Mintel, said: “The increasing use of connected devices to access websites and apps is producing a wealth of personal data sharing, making it very difficult for consumers to keep track. For many, limiting further exposure is their preferred option.”
Reynolds said if brands can disclose how consumer data is used and stored and ‘feel they have autonomy over its future use’ consumers will be more receptive to future accounts.
Data breach firms
An unsurprising eight out of ten Brits avoid sharing personal data with companies they’re aware have been compromised by cyber-attacks, with 79% of 16-24-year-olds and 89% of those aged 55+ opting for this safety-first approach.
But if the incentives and benefits were better, like free samples, more consumers could be persuaded to share data, said Mintel.
The younger generations are more susceptible, with four in ten 16 to 24 year olds willing to reveal more for free stuff, double the number of those aged 55+.
“As consumers gain a better understanding of the financial value of their data and become more comfortable sharing personal information, incentives will play an increasingly important role,” said Reynolds.
“[Young people] are also more likely to use GDPR to their advantage, or at least be quick to remove data from companies they do not trust.”