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

Author

Listed:
  • Blue Levon

    (Carumba Institute, Queensland University of Technology, Brisbane, Queensland 4000)

  • Coglan Louisa

    (School of Economics and Finance, QUT Business School, Queensland University of Technology, Brisbane, Queensland 4000)

  • Pham Thu

    (Carumba Institute, Queensland University of Technology, Brisbane, Queensland 4000)

  • Lammer Imke

    (School of Economics and Finance, QUT Business School, Queensland University of Technology, Brisbane, Queensland 4000)

  • Menner Ryan

    (University of Sydney Business School, University of Sydney, Darlington, New South Wales, 2050)

  • Lee Chrisann

    (School of Economics and Finance, QUT Business School, Queensland University of Technology, Brisbane, Queensland 4000)

Abstract

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.

Suggested Citation

Handle: RePEc:vrs:finprj:v:9:y:2023:i:1:p:1-19:n:1002
DOI: 10.2478/fprj-2023-0002
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