Spend and Repeat! Young Adult’s Experiences with Buy Now Pay Later Services

Our study investigates the usage of Buy Now Pay Later (BNPL) of young Australian adults (aged 18-25, n=308). We found females used BNPL instead of saving. Females exhibited a higher BNPL debt, but were less concerned about that debt compared with males. Self-reported financial literacy training was lower for females compared with males. Negative financial behaviours of both females and males, e.g. binge spending, were inconsistent with their long-term financial goals. We recommend that the relevance and effectiveness of financial literacy training for young adults addresses gender-specific BNPL behaviours and includes education on the psychology of overspending.