Those under the age of 25 distrust Facebook and journalists more than their banks. In a recent survey conducted by claims specialists, Canary Claims, journalists were revealed as the least trusted in comparison to the other two. However, those over the age of 65 put the banks as a close second to journalists.
Millennials Less Affected by PPI Claims
Millions of PPI policies were mis-sold in the 1990s and early 2000s. Many consumers were told that the insurance policy was compulsory or were sold it without a choice. Those between the age of 18 and 24 were too young to buy a mortgage, loan or credit card — popular products with PPI attached. This means millennials have fewer reasons to distrust the banks.
Facebook and Journalists Distrusted The Most
The results indicate that the recent data breach from Facebook has caused distrust from millennials using the social network. Over 80 million users had their Facebook data used by Cambridge Analytica.
The distrust of journalists could be due to a new number of reasons. The rise of fake news means millennials are dubious about what they read and some publications have a political bias.
Coming in fourth place among all age groups were sports personalities, such as those involved with recent goings on at FIFA, or the ball tampering debacle in Australian cricket.
Over 65s Distrust the Banks
Those over the age of 65 placed the banks in second place after journalists. With the effects of payment protection insurance (PPI) claims and the financial crash still ongoing, this result indicates that those with first-hand experience of these matters are still wary of their respective banks.
With the PPI claims deadline set for August 2019, this could be the time when the saga ends and people will begin to regain trust. However, between July and December 2017, data from the Financial Ombudsman indicates that 37% of PPI claims are upheld — indicating that some banks are still not resolving claims fairly. If millennials were affected in the same way by the banks, this may have created a different set of results.
For more information about Canary Claims and the results of the survey, please visit https://www.canaryclaims.co.uk
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