Willing to share data online in return for rewards? Not interested? A survey shows a wide variety of views about this issue between different age groups, countries and genders. As wealth managers go digital, firms must take note.

A survey of 22,000 consumers from 17 nations spanning the globe finds that a only a small minority (19 per cent) are adamantly opposed to sharing personal data online in exchange for rewards, a finding that has implications for wealth managers rolling out digital services.

Fact-finding by research organization GfK found that 27 per cent of internet users "strongly agree" that they are willing to share their personal data in exchange for benefits or rewards like lower costs or personalized service. GfK asked people online to indicate how strongly they agree or disagree with the statement, "I am willing to share my personal data (health, financial, driving records, energy use, etc.) in exchange for benefits or rewards like lower costs or personalized service" - using a scale where "1" means "don't agree at all" and "7" means "agree completely."

Equal percentages of both men and women are firmly willing (top two boxes) to share their data in return for benefits - both standing at 27 per cent. However, more women than men class themselves as firmly unwilling (bottom two boxes), standing at 21 per cent of women versus 18 per cent of men.

People aged in their twenties and thirties are most likely to share their data, with a third saying they are firmly willing to do so (33 per cent and 34 per cent respectively). They are followed by those aged 15 to 19 years old, at 28 per cent.

The issue of how comfortable people of different genders and age groups are with sharing personal data online is important for wealth management firms developing digital offerings including robo-advisory platforms, using online client onboarding services, and other developments. It also raises the issue of the potential promise of blockchain-style distributed ledger systems, which are seen in some quarters as offering secure and auditable ways to transfer data.

Regional variation
People in China are most ready to share their personal data in exchange for benefits, with 38 per cent of the online population saying they are firmly willing to do so and only eight per cent firmly unwilling. Other countries with higher than average levels of willingness are Mexico (30 per cent), Russia (29 per cent) and Italy (28 per cent).

The five countries with the highest levels of people firmly against sharing their data are Germany (40 per cent), France (37 per cent), Brazil (34 per cent), Canada (31 per cent) and the Netherlands (30 per cent).

In the US, the land of Silicon Valley and the Internet, the survey found that some 25 per cent agreed with sharing data online in exchange for benefits, and 23 per cent disagreed.