Americans’ growing insecurity about finances is turning BNPL services into a popular option, but how wary are consumers about the fine print? Having tracked this behavior in our Money Sector Snapshot, Canvas8 spoke to nine Americans to understand their attitudes towards short-term borrowing.

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?

A study has shown troubling patterns in the habits of buy now, pay later (BNPL) users, revealing a 50-point gap on average between those who frequently use the services and those who do not. The cost of living crisis has driven up BNPL debt among Gen Zers looking to brands for financial leadership.