Britons are increasingly using BNPL, but the landscape of these services is changing. Amid fears about personal finances, how are attitudes to credit evolving? After tracking this behaviour in our Money Sector Snapshot, Canvas8 polled eight Britons to understand attitudes towards short-term borrowing.
Nicolas Lopez is a New York-based behavioural analyst at Canvas8. He holds a degree in political science from Columbia University. His research is driven by the relationship between the political, material, and cultural spheres. Outside of work, he can be found writing fiction and riding his bike with no hands.
What kinds of financial safeguards are people seeking across sectors? How can innovative tools help young people manage their money? What does empathetic support look like during a cost of living crisis? And how are fintech firms democratising access to financial know-how?
BNPL schemes have proven immensely popular, giving consumers greater flexibility and accessibility in their shopping journeys. But the cracks in this promise of access and flexibility are starting to show, with studies pointing to the mounting debt being accumulated by consumers.
Aussies are using BNPL schemes to keep up with the increasing cost of living, but instead of lightening the load, they're driving users into financial insecurity. With an overreliance on BNPL to manage money and expenses, better financial advice and customer protection regulations are key.
As countries across Europe begin to reopen their borders, trips abroad are back on the cards for British holidaymakers. With the pandemic leaving many financially worse off, Fly Now, Pay Later offers travellers an easy way to finance getaways without having to stretch their wallets upfront.