Consumers are becoming increasingly aware of the value of their data but many have no idea what companies are doing with it.
The majority 69% of 16-34 year olds now view their own personal information as bargaining chips that can be used to enhance their lives and expect a hyper-personalised service from brands.
That s according to a study by SAS which labels the group as the Data Generation which expects to see personalised insights into their habits, preferences, and moods taken into account so that predictive analytics can enhance their health, prosperity, and future life potential.
It was found that only 12% are happy to share their personal data without a second though, but when asked to consider sharing in specific situations this changed to 57% willing to share their own data to make their lives easier.
SAS found that 67% are comfortable sharing with the healthcare sector, 57% with financial institutions, 50% with the public sector, 45% with utilities, 32% with retailers, and 28% with social media companies.
However, while many of the Data Generation are aware of the value of their data, the Chartered Institute of Marketing found that 57% do not trust companies to handle their data responsibly.