Rising Data Concerns Shape Debate Over Financial Privacy in the US

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Public concern about data collection and surveillance continues to rise in the United States, adding urgency to debates over financial privacy and digital payments.

A 2023 Pew Research Center survey found that 71% of US adults were very or somewhat concerned about how the government uses personal data, up from 64% in 2019. Nearly two-thirds of respondents also said they understood little or nothing about how companies handle their personal information.

At the same time, governments worldwide are exploring central bank digital currencies (CBDCs) and digital identity systems, which could increase official visibility into financial activity.

These trends have fueled debate over whether financial privacy should be preserved, redesigned, or limited in the digital era — a question now drawing increased attention from policymakers, researchers, and technology developers alike.

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71% concerned about data and still giving their info to every app on their phone ‍️