Report from Money and Pension Service around BNPL: link
The report provides an overview of the BNPL market in the UK, including the type of products and usage, potential risks and benefits, and the impact of BNPL on users' financial wellbeing and the wider UK economy. It also identifies good practices and potential solutions that can be implemented to support BNPL users in managing their credit.
BNPL products are popular among younger consumers, with 18-24 year olds being the most frequent users.Consumers perceive BNPL products as convenient and flexible, but there are concerns about their impact on financial wellbeing and debt management.The use of multiple credit products, including BNPL, can increase the risk of financial difficulties and debt problems.Good practices in BNPL products include clear and transparent information, affordability checks, and responsible lending practices.Potential solutions to support BNPL users include financial education,...
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