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Buy now, pay later (BNPL) stats

100 million Americans now using BNPL services. [report updated quarterly]

Buy now, pay later (BNPL) financing is fast becoming a popular option at the checkout, with roughly 100 million Americans saying they’ve used a BNPL service in the last six months, according to the latest survey results from Finder’s Consumer Confidence Index.

How often are we selecting that BNPL button?

In the last six months, the average American adult selected BNPL as their payment option for 1.5 of their purchases. Collectively, 38% of adult consumers said they used BNPL at least once, with 5% saying they used it on 10 or more purchases.

How much do people owe on BNPL?

The average BNPL user is carrying $2,479 in debt, a number that has ebbed and flowed over the past four surveys. In October 2022, that figure was $966, before jumping to $2,445 in January 2023 (no doubt a hangover from Christmas) and dipping down to $1,190 in April.

And it should come as no surprise that the more likely someone is to use BNPL services, the more debt they’re carrying. Those who made five or fewer BNPL purchases owe around $1,953 compared to $3,432 to those using these service on more than five occasions in the last six months.

Men more likely to be using BNPL than women

Almost half (47%) of the men surveyed said they had used BNPL in the last six months, compared to 30% of women.

Men are also carrying more debt than women, with men owing $2,759 compared to $2,057 for women.

BNPL is an age thing

Just 6% of baby boomers surveyed said they’d used BNPL in the last six months, compared to 62% of millennials and 60% of gen Z.

Gen Z is carrying the most debt at $3,129 compared to $2,017 for boomers.

BNPL most used in the West

Close to half (45%) of those surveyed in the West say they have used BNPL services to buy something in the last half a year, while just 28% said the same in the Midwest.

However, while there is quite the gulf between how much the West and Midwest are using BNPL services, only $56 separates what either region is carrying in debt, with those in the West owing an average of $2,948 compared to $2,892 in the Midwest.

Mo’ money, mo’ purchases

Individuals or households with an annual income of over $100,000 (55%) are more likely to be using BNPL services than those earning under $100K (32%). Almost 1 in 10 (9%) of those earning over $100K say they used these services on 10 or more occasions in the last six months.

Those earning the big bucks also carry a lot more debt, with those earning six figures ($3,707) owing more than double that of those earning under $100K ($1,626).

Richard Laycock's headshot
Senior editorial manager

Richard Laycock is Finder’s NYC-based senior content marketing manager & insights editor, spending the last decade data diving, writing and editing articles about all things personal finance. His musings can be found across the web including on NASDAQ, MoneyMag, Yahoo Finance and Travel Weekly. Richard studied Media at Macquarie University, including a semester abroad at The Missouri School of Journalism (MIZZOU). See full bio

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