Despite the knock BNPL has had in the venture world, demand for BNPL deals has surged among all age groups in the UK, including older people (65+), who find themselves squeezed by the cost of living crisis and in need of short-term credit. Worryingly new data also shows late fees are on the rise across the board.
Younger users are still the group most likely to consider the products, according to a survey commissioned by UK-based financial education charity the Centre for Financial Capability. Of the 18 to 24-year-olds surveyed 54 per cent expect to take out a loan over the next year, a 6 percentage point increase compared to the same period 12 months ago. More worryingly, say campaigners, is that demand has increased among older people — almost a fifth of over-65-year-olds say they had used the products or intend to do so in the next 12 months, according to the same survey, compared to less than 10 per cent last year.