Millennials are oftentimes described as idealistic, and according to Gallup, that idealism is reflected in their trust in numerous institutions. According to the research firm, 80% of millennials have “some” or “a lot” of trust in the companies they do business with to keep their personal information secure.
Across every business type and industry Gallup studied, millennials are the generation that is most trusting of institutions to safeguard their personal data. Gen Xers, baby boomers, and traditionalists trust these institutions less overall in comparison.
Related: Millennial consumers, mobile use and insurance sales
That doesn't mean that millennials are completely trusting. Certain businesses such as online retailers and social networks are perceived to be more susceptible to data breaches or not hold the security of customers' data in high regard. Even then, millennials still trust these institutions more than other generations.
Does this mean that millennials don't know the risks of data privacy, or do they just not care? According to Gallup, there are two camps of thought on the matter. On the one hand, it seems like millennials should be more wary of the safety of their personal safety because they have never known a world without technology and data. On the other hand, this reason could also make millennials have higher expectations for data security.
The latter may be why millennials trust the following 11 institutions to safeguard their personal data more than Gen Xers, baby boomers and traditionalists combined:
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Primary bank
Millennials: 67%.
Other generations: 56%.
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Health insurance companies
Millennials: 34%.
Other generations: 23%.
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Credit card companies
Millennials: 27%.
Other generations: 22%.
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Cellphone platform
Millennials: 25%.
Other generations: 16%.
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Email provider
Millennials: 23%.
Other generations: 17%.
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Brick-and-mortar retailers
Millennials: 23%.
Other generations: 14%.
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Cellphone carrier
Millennials: 17%.
Other generations: 13%.
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Federal government
Millennials: 19%.
Other generations: 12%.
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State government
Millennials: 18%.
Other generations: 11%.
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Online retailers
Millennials: 11%.
Other generations: 10%.
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Social networking websites or applications
Millennials: 4%.
Other generations: 2%.
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