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Do Millennials Trust Your Business with Their Information?

Do Millennials Trust Your Business with Their Information?

By | 05.15.15
Do Millennials Trust Your Business with Their Information?

A recent Gallup poll asked 1,525 adults of different generations about whether they believed the companies they did business with the most were capable of keeping their personal information private. It revealed that Millennials are more trusting of businesses than older adults.

In fact, when asked how much of the time businesses protect customer information, respondents who believe it’s “all of the time”:

  • Millennials – 44%
  • Generation X – 32%
  • Baby Boomers – 32%
  • Traditionalists – 29%

The numbers change slightly when the focus shifts to the belief that businesses will keep information safe “at least some of the time”:

  • Millennials – 74%
  • Generation X – 72%
  • Baby Boomers – 68%
  • Traditionalists – 65%

The Gallup poll also revealed that Traditionalists were 10% more likely to believe that companies rarely protected their privacy than Millennials were.

These findings are reminiscent of a 2014 study conducted by Mintel. In that study, the willingness of Millennials and Baby Boomers to share information with marketers was addressed. While Baby Boomers were slightly more willing to share their home address, Millennials were far more willing to provide their phone numbers, email addresses and credit scores than Baby Boomers were.

In light of this year’s Gallup poll results, it’s no wonder that Millennials were twice as likely to provide phone numbers to marketers than Baby Boomers and nearly three times as likely to share social media information.

The Mintel study also found that nearly half of Millennials thought buying things that made them feel good about themselves was extremely important, with Millennial fathers putting even more emphasis on this. With the trust they place in companies and the willingness to provide their private information to marketers, these studies show a clear opportunity for companies hoping to do business with the Millennials in the coming years.

Note: Gallup contacted 1,525 adults living in the US between February 23, 2015 and March 3, 2015. The phone numbers contacted were randomized; however, there was a 50/50 mix of mobile numbers and landlines contacted. The poll also sought to meet certain quotas of respondents in different time zones to create the most accurate sampling possible of adults living in the United States. 

Sources:

MarketingCharts. Millennials More Willing Than Boomers to Share Data With Marketers. March 10, 2014.

MarketingCharts. Millennials Most Likely to Say They Trust Businesses to Keep Their Personal Info Private. May 13, 2015.

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