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  • Do ‘buy now, pay later’ schemes encourage reckless spending?
  • Do ‘buy now, pay later’ schemes encourage reckless spending?
    @Klarna | Twitter (2020) ©
REPORT

How is ‘buy now, pay later’ impacting Gen Zers’ debt?

Gen Yers and Zers are turning to payment services like Klarna, Afterpay, and Laybuy to help their wallets keep up with their shopping habits. But due to a lack of education regarding financial responsibility, how are these ‘buy now, pay later’ services impacting their financial futures?

Location United Kingdom

Scope
In  February 2020, Lady Gaga didn’t celebrate Valentine’s, Galentine’s, or Palentine’s. Instead, she made a display of self-love, proposing to herself with a jewel-encrusted ‘Knight Finger’ ring – as part of a campaign by Swedish bank Klarna. [1] By associating itself with pop culture figures, challenger Klarna has been able to convince young shoppers that its service is anything but boring. In the UK alone, more than six million people have used Klarna to delay payment on clothing, beauty, and furniture purchases for up to 30 days, or split what they owe into instalments. [2] Each ...

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