A new study which asked 1,000 millennials about their attitudes towards online safety has found that the majority still trust social media platforms and websites with their data.

Forty eight per cent were happy to share as much information as necessary, if this resulted in a better deal for them on a product or service.

Despite the current climate, 61 per cent of millennials surveyed still believe any personal data shared with Facebook or Snapchat will remain confidential.

A smaller percentage feel the same way about online retailers, with 60 per cent agreeing that they would be happy to make an online purchase with a new retailer.

"Younger people are more likely to trust established brands, which can put them at risk of being less responsive when a large brand has a data breach," said Dr Jessica Barker, from online security firm Redacted.

"It's more important than ever to make sure you know exactly what you are signing up to and where your data could potentially be shared if you decide to put your information online."

The results of the study, carried out by short-term loan provider Satsuma, also show that banks are most trusted by this age group.

 Eighty five per cent of the millennials surveyed said that they had faith in their banks to keep their information private and safe.