Trust in Banking Declining Among Gen Z Customers – Thales Digital Trust Index Finds

Thales, has announced the findings of its 2025 Digital Trust Index – Consumer Edition, which surveyed over 14,000 consumers across 14 countries about their online relationship with brands and services, their privacy expectations, and how brands can earn their trust. 

In the UK banking is the most trusted sector when it comes to sharing personal information, but this trust is still low – with only 51% listing banking as a top trusted industry. There is also a clear demographic split, as it drops to 45% of 16–24-year-olds, and 58% of those over 55.

Overall, this age demographic appears more trusting when it comes to sharing their data in general. Only 11% of 16-24 said there’s no sector they feel they can trust with their data, compared to 21% of over 55s – highlighting the work the banking sector needs to do to win over this demographic. This generational split is one mirrored at a global level, with 51% of people over 55 trusting banks, compared to just 32% of those aged 16-24. 

Key Findings:

• In the past 12 months, 8% of Brits said they have had financial information or credit card data stolen. 10% of 16–24-year-olds; 9% of 25–34-year-olds; 13% 35–44-year-olds; 9% 45–54-year-olds; 4% of over 55s.
• In the 16% in the UK have been informed that their personal data has been compromised in the past year. 15% of 16–24-year-olds; 26% of 25–34-year-olds; 22% of 35–44-year-olds; 16% 45–54-year-olds; 9% of over 55s.
• 68% of UK respondents are uncomfortable sharing their bank details with the banking and insurance sectors when signing up for the first time with their online services.
• Young adults aged 16-24 are more cautious about sharing personal information with banks and insurance companies. The data shows that only 45% of them are comfortable sharing their address when signing up for the first time, compared to 61% of those aged 55.
• Nearly a third 32% of those aged 16-24 are happy to share their national identity information such as a passport or NI number with banks and insurance companies in comparison to just 16% of those 55+.

Commenting on the findings Chris Harris, Associate VP of Sales Engineering at Thales said:  “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 skepticism 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.”