90% of young people had financial troubles in 2022, and 27% used ‘buy now, pay later’ services

Press/Media: Article/Feature

Description

Buy Now, Pay Later (BNPL) services have dramatically changed the landscape of personal lending, largely by being easy to access and not charging interest – thus avoiding national credit laws. With the federal government now considering options to better regulate the industry, we’ve been researching how this largely unregulated but growing corner of the debt market is affecting BNPL’s biggest users – young adults.

Period20 Dec 2022

Media contributions

1

Media contributions

  • Title90% of young people had financial troubles in 2022, and 27% used ‘buy now, pay later’ services
    Degree of recognitionNational
    Media name/outletThe Conversation
    Media typeWeb
    Country/TerritoryAustralia
    Date20/12/22
    DescriptionBuy Now, Pay Later (BNPL) services have dramatically changed the landscape of personal lending, largely by being easy to access and not charging interest – thus avoiding national credit laws.

    With the federal government now considering options to better regulate the industry, we’ve been researching how this largely unregulated but growing corner of the debt market is affecting BNPL’s biggest users – young adults.
    URLhttps://theconversation.com/90-of-young-people-had-financial-troubles-in-2022-and-27-used-buy-now-pay-later-services-195809
    PersonsLucas Walsh, Beatriz Gallo Cordoba, Blake Cutler

Keywords

  • Young people
  • Consumer credit
  • Personal debt
  • Consumer debt
  • National Consumer Credit Protection Act
  • Buy now pay later
  • Youth Barometer