July 14th, 2023, Kineree Shah
A recent YouGov survey conducted across 18 international markets provides insights into how trustworthy specific sectors are considered when it comes to looking after consumers’ personal data. In this piece, we look at attitudes towards banks.
From a global perspective, there has been a slight decline in trust compared to the previous year (from 63% in 2022 to 61% in 2023). At the same time, the proportion expressing distrust has seen a slight increase (30% to 33%) over the same period. In Asia, the highest level of trust is seen in India and Indonesia (83% and 85% respectively in 2023). These are also the markets where trust is the highest globally. Trust in Hong Kong saw a significant decrease of eight percentage points (78% to 70%). Levels of distrust remained remarkably low across most of Asia, except in Hong Kong where it jumped by 10 points (18% to 28%).
German consumers showed the highest level of trust in 2023 across all European markets, although this, too, is a decrease from the previous year (68% to 64%). Britain also saw a five-point decrease in the past year (63% to 58%). As for distrust, Spanish consumers exhibited the highest levels across all the surveyed markets in 2022 and 2023 (55% and 57% respectively).
Australia experienced a remarkable increase in trust, rising from 56% in 2022 to 65% in 2023. Correspondingly, the level of distrust fell by six points (37% to 31%). Finally, the US showed a marginal drop in trust (53% in 2022 to 51% in 2022) but a significant rise in distrust over the year (35% in 2022 to 41% in 2023). This could be due to the recent collapse of three mid-size banks.
Readers may also find it interesting to explore global consumer data trust in sports organizations, video games, hotels, and insurance and financial providers.
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Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 512 and 2,007 for each market. All surveys were conducted online in Feb 2022 and March 2023. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.
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