Only 35% of UK adults trust businesses to use their personal information as directed by them, new research has shown.
According to the survey of over 2,000 consumers by Informatica and YouGov, this could be attributed to the 30% of respondents who claimed to have had their data exploited by companies in the past, either by it being passed to a third party without their permission, or information being used to discriminate against them.
Additionally, the survey showed the extent of mistrust with 46% of those surveyed believing that sharing their personal data gives businesses the opportunity to invade their privacy.
Meanwhile, when asked which source of information revealed the most about a person, respondents ranked Facebook highest (26%), followed by bank statements (24%), search engine history (14%), credit card statements (11%) and an individual’s Twitter profile fifth (1%).
The research also revealed a step change in consumer attitudes, with 59% of 18 to 24 year olds and 48% of 25 to 34 year olds stating they would be more inclined to hand over their personal data to businesses if they were more transparent as to why they want it and how they’re going to use it.
Additionally, 9% of the younger generation (aged 18 to 34) felt that the more personal information they provide a business with, the better the service they receive as a result, said the report.
Chris Boorman, CMO at Informatica, said: “There is clearly a trust issue over data in the UK, which could easily be addressed through better communication. Consumers want to know what their personal data will be used for and how the privacy of that information will be upheld.
“The younger generation is spot on: they feed the likes of Facebook and search engine histories with more information about themselves than any other sources. With this in mind there’s an opportunity here for organisations to be more transparent with consumers when it comes to how they plan to use their personal information and what’s in it for the consumer. Achieve this, and companies can forge stronger relationships with their customers.”