UK banking sector most trusted despite low confidence

The banking sector in the UK has been identified as the most trusted industry for sharing personal information, although overall trust remains low among consumers, according to findings from the 2025 Digital Trust Index – Consumer Edition by Thales.

The report, which surveyed over 14,000 consumers in 14 countries, revealed that just 51% of British respondents ranked banking among their most trusted sectors for personal data handling. This level of trust displayed significant demographic splits, particularly among different age groups.

The study highlighted that trust in banking falls to 45% among 16–24-year-olds, while it stands at 58% with those aged over 55. A notable pattern is that younger consumers appear more at ease sharing personal data with sectors generally, with only 11% of 16–24-year-olds saying there is no sector they trust with their data. In comparison, 21% of people over the age of 55 expressed this view.

This generational split is consistent with global trends. Internationally, 51% of those over 55 trust banks with their data, compared to only 32% among 16–24-year-olds.

Chris Harris, Associate Vice President of Sales Engineering at Thales, commented on the findings: "It's no wonder that younger consumers are more sceptical and less trusting. Generation Z has grown up with constant headlines about data breaches and heightened privacy concerns, naturally making them more cautious about placing their trust in traditional financial institutions. Additionally, the economic instability witnessed during their formative years, such as the 2008 financial crisis, has left a lasting impression on Gen Z, fostering scepticism about the stability and reliability of traditional banking systems.

"There is a broader trend of institutional distrust among younger audiences, extending beyond banks to include government, media, and large corporations. Our global trust index findings show that overall trust is on the decline, particularly among this demographic. Banks need to take note of this trend and take more action to win over this younger demographic."

According to the report, 8% of Brits said they have had financial information or credit card data stolen in the past 12 months. The breakdown by age group was 10% for 16–24-year-olds, 9% for those aged 25–34, 13% in the 35–44 category, 9% for 45–54-year-olds, and 4% for those over 55.

Additionally, 16% of respondents in the UK reported being informed that their personal data had been compromised over the last year. The highest proportion was observed in the 25–34 (26%) and 35–44 (22%) age brackets.

The survey revealed that 68% of UK respondents are uncomfortable sharing their bank details with the banking and insurance sectors when signing up for online services for the first time. Younger adults aged 16–24 exhibited particular caution, with only 45% comfortable sharing their address when registering, compared to 61% of those over 55.

An interesting contrast was seen regarding national identity information. Nearly a third (32%) of those aged 16–24 are happy to share information such as a passport or National Insurance number with banks and insurance companies, compared with just 16% of over 55s.

The Digital Trust Index ranking for the UK showed that banking (51%) is followed by healthcare (42%), government (41%), insurance (19%), and education (12%) in terms of consumer comfort with sharing personal information. Sectors including retail (6%), hospitality (5%), transportation (5%), entertainment (4%), social media companies (3%), automotive (3%), logistics (3%), and news media organisations (2%) were less trusted.

Despite the expressed scepticism, the report found a clear avenue for rebuilding trust. More than half (57%) of Britons said their confidence in a brand or service would significantly increase if it implemented technologies such as passwordless authentication, biometrics, multifactor authentication, and responsible use of artificial intelligence. This sentiment was even stronger among those aged 16–24 (65%) and 25–34 (73%).

Harris stated, "The key lies in transparency and technology. The rise of digital-first banking demonstrates the appetite for innovation. Our research shows that levels of trust will greatly increase with the adoption of passkeys, biometrics, and multi-factor authentication, especially among Gen Z audiences."

The survey was conducted by Censuswide in partnership with The Red Consultancy, covering 14,009 respondents from a range of countries including Australia, Brazil, Canada, France, Germany, India, Mexico, Japan, Netherlands, Singapore, Sweden, United Arab Emirates, United Kingdom, and the United States.