Millennials willing to share private data - for a price

If there is something to gain in return, personal information is a good currency for millennials.

Sharing for the sake of it won't suffice among millennials, a new study has shown. But if there are certain benefits to be had – well, that is now a completely different story. Business intelligence company SAS, together with research agency Future Foundation, came to these conclusions after extensive research. It says millennials, which it also calls ‘Data Generation’ (16 – 34 year-olds), expect a ‘hyper-personalised service from brands’ – they are willing to use their personal information as bargaining chips to get a better experience from businesses. 

According to the report, 67 per cent are willing to share their information with the healthcare sector, 57 per cent with financial institutions, and exactly half with the public sector. Utilities, retailers and social media companies are also on the list of companies that can get their hands on such data, but only if they can give something in return. 

SAS says these preferences differ, depending on both the levels of trust and the value that can be gained from trading. 

“The Data Generation are amenable to sharing more forms of data, provided it gives them control as they navigate turbulent macro-economic conditions and fluid career projections,” says Mark Wilkinson, SAS Regional Vice President for Northern Europe.  

“The organisations that will prosper in the future, will demonstrate how they can enhance the Data Generation’s life potential and that of society. This will require organisations to embrace analytics architectures that are more accessible, flexible and can easily scale to problems of any size. All industries need access to a simple, open and cloud-ready platform that can complement other technologies and open source software.”