BNPL: women spend less and repay sooner

New research from Klarna has revealed that women spend less and repay sooner when using Buy Now, Pay Later (BNPL) services.

The BNPL company said that it is often claimed that women are at greater risk from getting into debt with the flexible payment option. But it explained that the opposite was true, with women less likely to fall into default than their male counterparts.

According to Klarna, on average women spend £76 per order, while men spend £98.
23 per cent of women make their Klarna payments more than 9 days early, compared with 19 per cent of men.

The figures come as record numbers of people use BNPL in the UK. In November, a study from Equifax revealed that over a quarter – 28 per cent – of UK shoppers are now regularly using BNPL.

“Last year, 46 per cent of British credit card holders paid interest on their Christmas shopping but with Klarna, you only ever pay the original price of the purchase,” said Alex Marsh, Head of Klarna UK, “What this data shows is that women are simply smarter with their than money than men, especially when credit cards have increased their interest rates to record-breaking levels.”

Klarna and the wider BNPL market have faced criticism this year over UK consumers, particularly from younger demographics, racking up debts when using the flexible payment option.

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