Millennials Likely to Trust Banks More Than Others, Says Survey

Posted on April 25, 2018 by Canary Claims Millenial shaking hands with banker

Research by Canary Claims reveals who people trust the most (and the least) after recent scandals in the UK.

In the past year, our trust in individuals and companies has been thrown into disarray by various revelations. From data breaches on Facebook to sports stars tampering with balls, people and companies we trusted might not be as honest as we want to believe.

Canary Claims, an established PPI claims company used to dealing with situations caused by untrustworthy figures, conducted a survey to see who, in light of recent scandals, people trust the least. Overwhelmingly, the top result was journalists, with over 40% choosing them above other options. With most newspapers having a political bias, fake news being splashed across social media and the phone-hacking scandal living long in the memory, this is not a surprising result.

However, one of the most notable results of the survey was the difference between age groups. Those over the age of 65 placed the banks as the least trustworthy after journalists. But, those between the age of 18 and 24 found Facebook as the least trustworthy.

Facebook Trusted Less Than the Banks by Millennials

Of those in the 18 to 24 category, Facebook crept higher up in the level of distrust than journalists. 37% of global Facebook users are under the age of 24, so this result reflects the demographics of those who use it the most. The results in this age category are, more likely than not, due to the recent data breaches. Cambridge Analytica used the data of over 80 million Facebook users without consent.

But why do the banks rank lower for their level of distrust with millennials?

PPI Claims Less Relevant for Millennials

Nearly £30 billion has been repaid to customers for mis-sold payment protection insurance policies. Most of these policies were sold during the 1990s and 2000s on products such as loans, credit cards, and mortgages. All of these products require people to be over 18 to purchase, so those under 25 wouldn’t have been eligible for these products at the time.

Without having first-hand experience of the PPI scandal, millennials have less reason to distrust their banks. PPI claims are not an issue for this generation. Although the Financial Conduct Authority’s PPI ad campaign is dominating our screens and radios, these won’t be relevant to millennials who might not fully understand what PPI is or simply don’t consider it important to them.

Since the PPI scandal, some other financial products have been mis-sold to consumers, though not on the same scale as PPI. If another large mis-selling scandal happens, this could change the opinion of millennials and the banks become an even less trusted entity than journalists.

Have the Banks Recovered from PPI Claims?

The deadline for making PPI claims is set for 29th August 2019. With just over a year left to reclaim PPI, the banks are still paying customers large sums of money. The average successful claimant receives an average of £1700.

Lloyds PPI has cost the bank £18 billion — more than any other bank. But, with the FCA’s PPI promotion in full swing, many more people are making claims before the August 2019 deadline. This means that billions more could potentially be paid to customers before next August.

Although millennials don’t need to worry about reclaiming PPI, there are still thousands of people who are eligible to claim that haven’t taken action. Start today to make sure you can receive the money you are rightfully owed by the bank.

As the best PPI claims company, Canary Claims offers no win, no fee PPI claims and an incredibly low fee of only 15% + VAT (18% in total). Contact us to start your claim before the PPI claims deadline.

*Survey based on 684 responses via Google.