Answer: 61%

Questions:

• Have you ever seen/used a Buy Now Pay Later (BNPL) service?
• What do you think are the pros/cons of a service like this?
• Want to learn more about BNPL? Check out this FinCap Friday which includes a quiz and an explainer video on the topic. 

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (The Ascent):

In July 2020, only 37.71% of consumers aged 18 to 24 had used a buy now, pay later service, but that figure jumped to 61.16% in 2021, showing 62% growth in less than a year...These findings align with recent research from PYMNTS, which shows that younger consumers are looking for flexible yet responsible ways to pay for purchases.

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Wondering what's new when it comes to credit products? Here's an August 2021 update. 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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