what s the difference between thanks and thank u?

i think
thanks informal
thank u formal

thanks is informal and said when we want to thank someone who is younger than us
whereas thank you is said to the old and it is more formal.it's also said when we want to show gratitude

Wonderful reply Mr Mohammed May Allah Bless You

thanks )(informal)with friends
thank you )(formal) with high status

thanks is informal we said it when we want to thank a friend or someone who is younger than us but thank you is formal we said it with high statues or people who are older than us