In the Center’s study on the future of money and banking, we explore the impact of digital technologies on banking. One concern voiced by respondents to our study is that these technologies will put their privacy at risk.
In our study 61% of all respondents agreed somewhat or strongly with the statement that with the impact of digital technologies on banking “My privacy will be at much higher risk than today.”
How do age, race, education, and income affect these views?
Agreement was high and fairly consistent among all age groups. The lowest percentage of agreement was found in the 18-24 year old cohort, with 58% somewhat or strongly with this statement. The highest percentage was 66% for those aged 55 to 64.
Race and ethnicity
Agreement was much the same among different racial and ethnic groups. On the high end, 62% of white folk agreed, and on the low end 54% of African-Americans agree somewhat or strongly that these new technologies would lead to much higher privacy risks.
Similarly, 62% with some college or less education agreed somewhat or strongly, as did 61% of those with a college degree or more.
Sixty-one percent of those with a yearly household income of less the $75,000 and the same percentage of those with an income of $75,000 or more agreed somewhat or strongly that their privacy will be at much greater risk in the future because of new digital technologies effect on banking.
In sum, privacy concerns because of the future impact of digital technologies on banking are consistently high across the board.
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June 18, 2018