According to a study conducted by savings comparison platform Finder, 44% of Australians have used BNPL services. Of those, 38%, representing around 3.5 million individuals, expressed regret over their purchases.
Whilst the most popular purchase was clothing and accessories, 15 per cent admitted they used BNPL for cosmetic or dental work.
A quarter of Australians admitted they have purchased essential items such as groceries or utility bills using a BNPL service.
Despite BNPL services being an attractive option to help afford a potentially pricey purchase, they can have a significant impact.
Around 12 per cent of those said the BNPL purchase had led to them experiencing some form of financial difficulty.
“While it provides quick access to credit, it’s important to remember it’s a debt that needs to be paid off,” Pike said.
“For those finding it challenging to break this expensive habit, the best approach is to pause and reflect. After 24 hours, if you still want the item, justifying the spending becomes simpler.”
