Brief

Buy Now, Pay Later: Implications for Financial Health

In this brief, we leverage findings from a nationally representative survey to better understand the buy now, pay later (BNPL) market, the users who are driving it, and the implications for their financial health.

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2022年3月23日，星期三
Buy Now, Pay Later: Implications for Financial Health
  1. Younger and less financially healthy households are more likely to use BNPL. Financially Vulnerable households are nearly four times more likely to use BNPL than Financially Healthy households (18% vs. 5%).
  2. 尽管最近在美国出现了BNPL，但几乎一半（46％）的用户在Previou中使用了三次或更多次。S 12个月，截至2021年11月。
  3. 如果没有BNPL，将近三分之一（30％）的用户花费的时间还多。
  4. 尽管总体用户很少（8％）报告付款困难，但近四分之一（24％）的财务脆弱的BNPL用户报告了挑战。
介绍

Understanding Buy Now, Pay Later

Buy now, pay later (BNPL) is a retail payment option that enables consumers to split a purchase into smaller installments, with the first installment typically due at checkout. Shoppers generally are promised no interest or fees – as long as payments are made on time – and they can apply for the loan through a quick online process.

In recent months, BNPL has gained increasing attention among media and policymakers alike, who are interested in understanding the payment trend and its broader implications. In December 2021, the Consumer Financial Protection Bureau (CFPB) opened an inquiry into BNPL, expressing concerns about “accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.”²Considering the reported exponential growth in BNPL in recent years, it is all the more important to dig deeper into BNPL and understand its implications on consumer financial health.³

背景

BNPL是付款计划的现代转折

立即购买，付款稍后提供销售点贷款，允许消费者在设定的期限内支付在线或店内零售的费用，通常在六周内进行4次付款。这些贷款允许消费者立即购买产品，并仅支付一部分费用。

Deferring payment is not a new concept; rather, BNPL is an updated approach to payment plans such as layaway, rent-to-own, and other retail installment programs. BNPL loans, however, have gotten a fintech refresh and are typically offered by third-party companies through an online application during checkout.

The BNPL landscape is rapidly changing. Companies offering BNPL services include Affirm, Afterpay, PayPal, Sezzle, Zip, and Klarna; numerous banks, payment processors, and other firms have also entered the game in recent months. During the 2021 holiday season, BNPL was nearly ubiquitous at online retailers.

尽管主要的BNPL产品具有四个型号的付款模式，但几个提供商提供的还款选项在付款，付款数量，利息，费用等方面有所不同。这和BNPL对其他分期付款产品的外观已经使市场定义和衡量市场特别具有挑战性。

作为我们2022年Finhealth支出报告的一部分，该报告分析了消费者在数十种日常金融服务上支付的费用和利息，该财务健康网络于2021年11月对全国代表性调查进行了调查，向5,033个家庭询问了他们对广泛金融服务的使用雷竞技最新网址，包括BNPL。Finhealth支出调查探索了三种类型的BNPL服务，我们在问卷中定义了这些服务，如下所示：

    • Short-term financing with no interest (these are typically less than six months and often follow the pay-in-four model).
    • Financing with repayment periods of six months or more, with no interest.
    • 以六个月或更长时间的还款期限进行融资，并评估了利息。

我们的调查发现，在2021年11月之前的12个月中，美国约有10％的家庭使用BNPL。⁴ Of these, the vast majority of BNPL users (70%) used a service that offered short-term financing with no interest (Figure 1). About one-fifth (21%) reported using longer-term, no-interest models, while only 11% said they used a BNPL service that applied interest.⁵

Finding 1

Younger and Less Financially Healthy Households Are More Likely To Use BNPL

Previous research on the growing BNPL market has shown prevalence among younger generations – particularly millennials and Generation Z – who may be looking for a tech-friendly alternative to credit cards.⁶

Indeed, our survey found that 20% of respondents 18-25 reported that they had used a BNPL service in the last 12 months, compared with 16% of respondents 26-35 and only 13% of respondents 36-49 (Figure 2).

拉丁文受访者转向BNPL的可能性几乎是白人受访者的两倍：拉丁裔家庭中有16％的家庭报告说，在2021年11月之前的12个月中使用了BNPL，而黑人家庭中有12％，而白人家庭中有9％。

Importantly, our data show that BNPL users are less financially secure than nonusers.Financially Vulnerable households are those who struggle to spend, save, borrow, and plan, according to theFinHealth Score®measurement framework. As opposed to Financially Healthy households, Financially Vulnerable households struggle in almost all areas of their financial lives. Financially Vulnerable households are nearly four times more likely to use BNPL than Financially Healthy households (18% vs. 5%). Additionally,24% of households that reported using BNPL are considered Financially Vulnerable, compared with 13% of households that don’t use BNPL.

BNPL用户也更有可能与信用斗争。近一半的BNPL用户（43％）报告了次级信用评分，而非使用者的24％。此外，持有信用卡的BNPL用户更有可能拥有未偿还的信用卡债务：有77％的BNPL用户也有信用卡表示他们在过去一年中持有信用卡的余额，而非使用者的49％。有趣的是，23％的BNPL用户和类似的非使用者百分比（26％）不使用信用卡。

通过对行业领导人的公开申请的分析，Afterpay（由Block收购，以前称为Square）和Klarna，我们估计BNPL的利息和费用在2021年总计不到10亿美元。相比之下，我们估计在2021年以通用信用卡持有余额的家庭支付了950亿美元的利息和费用。在2021年，Mercator Advisory Group，Mercator Advisory Group估计，BNPL的总商品销量（GMV）为550亿美元。虽然其他量估计差异很大。

Finding 2

Almost Half of BNPL Users Have Made 3 or More Purchases With the Service

尽管BNPL服务仍被认为是美国早期采用阶段，但有证据表明，一些家庭已经反复使用它们。在过去12个月内报告使用BNPL的人中，近一半（46％）报告说，他们在去年使用了三次或更多次。

短期，无利益模型的用户报告说，在调查时，所有BNPL购买的平均价格为330美元。这表明用户在此迭代中转向BNPL，以平滑低至中端购买的成本，而不是购买诸如电器或家具之类的大型物品。我们无法从我们的数据中分辨出BNPL用户是否欠一个计划或跨多个计划的这些出色的平衡。

Finding 3

近三分之一的BNPL用户报告了支出增加

No-interest BNPL products offer consumers the benefit of deferring payment on a purchase at no additional cost. This can provide consumers more purchasing power and a convenient short-term repayment mechanism. It could also help them avoid incurring additional revolving credit card debt.

然而,如果BNPL诱发消费者超支their budget and take on net additional debt, even at 0% interest, this could have a negative impact on savings, borrowing, and, ultimately, financial health.在我们调查中的BNPL用户中，有30％的人表示，他们花费的时间比在购买时没有BNPL的时间多（图3）。更远，当被问及如果BNPL不可用，他们将使用哪种付款方式时，有34％的BNPL用户回答说他们根本不会进行购买（图4）。Taken together, 47% of users said that the availability of BNPL led them either to make a purchase they otherwise would not have made or to spend more than they would have without BNPL.

This suggests that while in some cases BNPL may act as a stand-in for credit or debit card purchases, in other cases BNPL may have triggered purchases or incremental spending outside consumers’ normal spending patterns.

Finding 4

While Few BNPL Users Have Difficulty Making Payments, Nearly One-Quarter of Financially Vulnerable Users Report Challenges

BNPL可以为使用无息服务并按时付款的消费者提供无成本融资的选择。但是，对于那些不了解服务条款或负担不起付款的人，BNPL可以以滞纳金，利息费或透支罚款形式带来进一步的财务困难，仅举几例。

总体而言，我们调查中很少有消费者报告了付款，条款或费用的负面经历。只有8％的BNPL用户说，他们要么很难付款，要么很难错过付款，只有1％的用户报告说难以了解与服务相关的条款和条件。¹⁰

However, difficulties with payments were disproportionately reported by Black BNPL users and households struggling with areas of financial health. Late or missed payments, or difficulty making payments, were more frequently reported among Black households (13%), households with subprime credit (14%), and Financially Vulnerable households (24%).¹¹

Conclusion

BNPL's True Impact Remains To Be Seen

这些发现的故事仍在发展。首先，BNPL融资可以使正在寻找工具以帮助其收入和支出的消费者受益。在此阶段，我们看到的证据很少，表明消费者报告了产生费用或努力支付付款的证据，尽管在财务上脆弱的挑战增加了。当BNPL增殖时，我们仔细监视用户体验和条款的用户体验至关重要。

At the same time, we see a sizable share of consumers reporting spending more than they would have, or making purchases that they otherwise would not have made. BNPL may help users break expenses into more manageable chunks, or it may induce consumers to spend more than they can afford.

我们还看到了频繁使用的早期迹象。虽然单一的BNPL交易可能是有益的，或者在最坏的情况下，从财务健康的角度来看，同一消费者进行的多个重叠的BNPL交易可能会积累到一组复杂的付款中。信用局的最新发展可能导致报告BNPL交易；反过来，这将使BNPL提供商能够以有助于防止无法承受的使用方式进行承诺，并有可能允许信贷能力。

尽管这些数据远非结论性，但我们希望我们的发现增加了对话，并洞悉BNPL市场周围的关键问题。我们鼓励其他人加入我们的努力，以更好地理解和塑造这一不断发展的市场朝着财务健康方向发展。

方法论注释

此简介中的数据来自Finhealth支出调查，于2021年11月1日至23日将USC的全国代表性理解美国研究（UAS）小组提出。该调查询问了有关家庭使用各种金融产品和服务的问题，包括BNPL。该小组收集了5,033个回答，这些回答是根据性别，种族/种族，教育，年龄和人口普查地区加权以达到全国代表性样本的。财务健康是根据财务健康网络的雷竞技最新网址lol滚球 雷竞技 方法。

关于Finhealth支出报告

The FinHealth Spend Report, previously known as the Financially Underserved Market Size Study, is one of the Financial Health Network’s longest-running research initiatives. The report analyzes household spending on dozens of financial products and services, leveraging extensive secondary research as well as a nationally representative survey on consumer spending. Through this initiative, we gain insight into the impact that interest and fees have on families in the United States and uncover disparities in our system.

金融健康雷竞技最新网址网络与南加州大学多恩夫妇经济和社会研究中心合作，将Finhealth支出调查验证到其在线小组“理解美国研究”。

通过审慎财务的财务支持，Finhealth支出报告成为可能。

Å在整个简介中，除非另有说明，否则我们在不同家庭中比较的百分比在统计学上具有重要意义。BNPL用户的参考组是不使用BNPL的家庭组；对于黑人和拉丁裔家庭，这是白人家庭；对于财务脆弱的家庭，这是财务健康的家庭；对于年龄段，是18至25岁的家庭。
²”Consumer Financial Protection Bureau Opens Inquiry into ‘Buy Now, Pay Later’ Credit，”消费者金融保护局，2021年12月。
³”The Economic Impact Of Buy Now, Pay Later In The US,” Accenture & Afterpay, September 2021.
⁴这估计是远远低于许多公关evious estimates, which have found that up to half of U.S. households have used such services. We believe, however, that our finding is consistent with published reports from leading providers regarding the number of active users. The difference between our finding and others may rest in differences in survey methodology. Our survey was administered to the University of Southern California (USC) Understanding America Study (UAS) panel, a nationally representative, probability-based internet panel constructed via address-based sampling. For additional information, see methodology notes.
⁵ Survey respondents were able to select multiple answers to the question “You indicated you have made an online or mobile purchase from a retailer using a service that allows you to pay in installments (also known as buy-now-pay-later). Which of the following have you utilized?” Therefore, response categories are not mutually exclusive, though few users indicated using multiple types.
⁶ Samantha Subin, “Why millennials and gen-Zs are jumping on the buy now, pay later trend，，，，” CNBC, August 2021.
⁷ Brian Riley, “立即购买，稍后付款：获得规模和贷款中的破坏现状，，，，” Mercator Advisory Group, May 2021.
⁸ Credit tiers are self-reported and determined based on survey responses to the question “How would you rate your credit score?” Responses of “Fair,” “Poor,” “I don’t have a credit score,” and “Don’t know” are assigned to subprime. The subprime credit category therefore captures those who reported that they don’t have a credit score and who don’t know their credit scores.
⁹ This is even more pronounced when examined by financial health: 61% of Financially Vulnerable households who used BNPL reported that they would not have made the purchase, compared with only 7% of Financially Healthy households.
我们关于报告缺少付款的BNPL用户百分比的发现大大低于其他调查中的发现，这些调查发现率超过30％。脚注4中讨论的方法学差异可能解释了差异。
¹¹ This analysis included BNPL users who answered yes to either of the following statements: “It was difficult for me to make the payments” (4% of BNPL users overall responded yes to this statement) and “I was late or missed one or more payments” (4% of BNPL users overall responded yes to this statement).
¹² Current BNPL underwriting does not involve a hard credit inquiry, so providers cannot see whether a consumer is overextended.
¹³ “Equifax首先将“立即购买，稍后再支付”的付款信息正式包含在消费者信用报告中，” Equifax，2021年12月。
¹⁴ “Experian推出了世界第一个BNPL局，” pymnts.com，2022年1月。

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Buy Now, Pay Later: Implications for Financial Health

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