Do consumers trust insurance and financial services providers with their personal data?

A recent YouGov survey conducted across 18 international markets gives us insights into how trusting global consumers are of banks, sports organisations and social media platforms when it comes to handling their personal data.

In this piece, we see to what extent do global consumers trust insurance and financial services providers with their personal data. In 2023, globally, the trust in insurance and financial services providers has seen a decline compared to the previous year.

Under half of the global consumers (47%) trust these institutions with their personal data in 2023, down from 49% in 2022. At the same time, distrust is up by three percentage points, moving from more than four in ten consumers (42%) in 2022 to 45% in 2023. These trends indicate an uptick in consumers’ skepticism towards these industries when it comes to trusting them with their personal data.

Looking at Asia, Singapore and Hong Kong maintain a consistent level of trust, with over half of consumers (55% and 53% respectively) trusting financial institutions with their personal data in both years. Indonesia (54% in 2022 to 58% in 2023) and UAE (61% in 2022 to 62% in 2023) present a bright spot with an increase in trust. In contrast, China and India have experienced significant declines. In India, three-fifths (60%) of consumers trusted these institutions in 2023, down from 67% in 2022. Meanwhile, in China, trust declined from two in five (40%) to 35% of consumers.

In Europe, consumers’ trust in insurance and financial services providers with their personal data has generally decreased, with Poland seeing the most significant drop from almost half (49%) to over two-fifths (41%) of consumers. Trust in German, French Spanish, and Italian institutions has also dropped but less dramatically.

Distrust, on the other hand, has generally risen across these markets. Back in 2022, Spain and France had the highest levels of trust in Europe (59% and 57% respectively). In 2023, both Spain and France saw a further increase in trust levels (61% and 62% respectively).

In the United States (45% in 2022 to 42% in 2023) and Canada (53% in 2022 to 52% in 2023), trust fell slightly. Meanwhile, Mexico saw a slight increase in trust (44% to 45%).

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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 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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