INSIGHTS ¦ Buy Now Pay Later: Understanding and Addressing the Risks to Consumers – Summary Report

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Summary
The report provides a comprehensive analysis of the usage patterns and demographic profiles of Buy Now, Pay Later (BNPL) users in the UK, highlighting the broader financial and societal impacts of these services. It examines the potential harms associated with BNPL products, especially under the constraints of the COVID-19 pandemic, and discusses necessary regulatory measures to protect consumers.
Key Points

BNPL products are used by approximately 33% of the UK population, debunking the stereotype that they are primarily used by younger, female consumers.
Users often come from diverse backgrounds, though certain groups—such as those with dependent children, higher incomes, or recent life events—are more likely to use BNPL.
The research challenges the portrayal of BNPL users in media and marketing, showing a broader demographic engagement.
BNPL usage has surged during the pandemic, with 42% of past users engaging with BNPL services within the last year.
The increase in ...