More than half of UK millennials are concerned about having their identity stolen online, or through mobile/app-based activities, with women more concerned than men by a margin of 65 percent.
New research from LexisNexis shows that despite millennials being digitally connected on smartphones and laptops, 84 percent know that their personal information isn't fully protected online. Respondents to the study represented 400 millennials in the UK, age 18 to 34.
Nearly all (89 percent) millennials shop online at home, with 47 percent on their smartphone and 29 percent on their tablet. Ninety-three percent reported that they do not fully trust retailers with their data.
Nonetheless, UK retailers are predicting that online shopping will contribute to one of the biggest shopping days this festive season, with revenues set to hit £901 million.
Only 38 percent of millennials own a credit card, which suggests that the younger age bracket in particular are less likely to have the credit history or income to qualify for a credit card.
Nearly a fifth (18 percent) of millennials have not used cash at all in the past two months, showing that the rise of contactless and digital payments is slowly creating a cashless society.“These finding highlight the unease that many millennials feel about information sharing, particularly when it comes to online and mobile transactions. Retailers today must recognise that customer privacy concerns will continue to increase as society becomes more digitally connected. As such, businesses will need to take proactive measures now to protect their customer's best interests and meet the demands of an increasingly digitally-savvy customer base,” said Steve Arnison, director, LexisNexis Risk Solutions.