Survey by PCI Pal shows younger age groups are ‘more concerned’ by data security practices, but older demographic is less forgiving…
Over the last 18-months, we’ve conducted a series of surveys to explore people’s attitudes relating to personal data security. It’s been interesting to uncover the views of consumers in multiple locations across the globe and understand the actions they would take in the event of being a victim of a data breach.
Most recently, we ran a survey that questioned whether, since the Covid-19 pandemic, people are more or less concerned about companies handling their personal data securely, particularly given the fact that many businesses have staff working remotely. We’ve been interested in delving into the data to see if there were any notable differences in the results, based on the different age groups we surveyed:
Our data showed us that the younger age groups – 18-25 and 26-35 – are seemingly more concerned about the way their personal information is being handled during the pandemic, compared to those aged 46 and upwards. 43% of those in the younger age brackets (18-25 & 26-35) stated they were ‘more concerned’, versus 26% of those who stated the same in the older age groups. In fact, a further 70% of those aged 46-55 said they felt ‘about the same’.
We then asked how concerned people are about sharing payment details to businesses operating remotely. The age group expressing most concern appears to be those aged between 26 and 35 years old. 82% said they were concerned – with almost a third of these saying they are ‘extremely concerned’.
On the contrary, the older age group appear to be the least worried, with almost half of this age group expressing ‘slight’ concern and a further 27% saying they are not at all concerned. This result is particularly interesting when you consider that millennials, along with Gen Z, have grown up with sharing online being the norm versus those aged 46+ and perhaps dispels any myths relating to the older generations being more naturally cautious in this regard.
We then put consumers’ loyalty to the test and asked, if their personal data was compromised due to poor data security practices of a business amid the pandemic, what action would they take. What was clear here is that those aged 46 and above will be more inclined to take their future business elsewhere, with an average of 40% saying they would never return to the business (compared to 24% of those aged 18-25 who said the same).
Instead the youngest age bracket surveyed appear to be inclined to forgive more quickly, with them saying they would stop spending with the organisation ‘for a few months’ (39%), whereas a third of those aged 26-35 would stay away for ‘a number of years’.
Overall, the findings show a clear pattern that no matter what age bracket, customers will take their money elsewhere in the event of their personal data being compromised – whether it is for a few months, years or in totality. As such, organisations cannot be complacent, but instead need to step-up to ensure they are doing all they can to keep customer data secure. In doing so, it will go a long way to safeguarding future custom and loyalty overall.