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?
Rebecca O’Connor is a personal finance specialist at Royal London, the UK’s largest mutual insurer. As well as working with Royal London, in 2015, O’Connor founded Good With Money, an ethical personal finance blog.
Rachel Duffey is the CEO of PayPlan, a company that provides free debt advice and debt-management plans to help those struggling with their finances. Since it was founded in 1992, the firm has worked with over a million customers.
Sarah Drumm is a freelance journalist covering small businesses, start-ups, and new consumer brands. She is a contributor to Canvas8 and published a report on the popularity of direct-to-consumer brand communities for Thingtesting.
Are people growing bored of fintech services? How is an abundance of banking choices hindering decisions? And what money taboos are people desperate to break? In this chapter of the 2020 Expert Outlook, we speak to three experts about people’s desire for ease and openness in finance.
Today’s teens and young adults are set to become the world’s most influential consumers within a decade, but how has growing up in the aftermath of a financial crash affected the way Gen Zers spend and save their money? What can help these digital natives improve their financial know-how?
Two out of five internet users have bought a product online. But a lengthy payment process means we often abandon purchases at the checkout. What if you could buy using just an email address and postcode? By separating ‘buying’ from ‘paying’, Klarna promises stress-free online shopping.
For many, credit scores are hard to understand. To help ease confusion, Monzo is launching an in-app feature allowing users to check their credit scores in a simplified way. As people look to tech to boost their financial literacy, apps that offer streamlined help will no doubt be appreciated.