Buy now, pay later (BNPL) services are having a moment right now but is the ease of making purchases a double-edged sword? Finder surveyed 32,771 Internet users across 23 countries and found that people from Canada rank 19th for BNPL remorse, with 11% saying they’d made a buy now, pay later mistake. This is below the global average of 17% and ahead of countries like Germany 10% and the United States (9%).
The most common Buy Now, Pay Later (BNPL) mistake in Canada is buying something impulsively, with 5.2% saying they’d made an impulse purchase. The next most common BNPL mistakes are overstretching their budget (3.1%) and paying a late fee (4.5%).
Men and women equal in their BNPL mistakes in Canada
Men (11.3%) are just as likely as women (11.3%) to say that they’ve made a BNPL mistake.
In 3 out of the 5 BNPL mistake categories, women were more likely than men to say that they’d made a BNPL error, including:
- paying a late fee (5.1%)
- overextending their budget (3.2%)
- going into overdraft (2.2%)
As for those not using BNPL services, more men (24.4%) than women (22.2%) say they’ve never used a BNPL service.
People age 45-54 the most likely to have made a BNPL error
In Canada, those aged 45-54 lead the way in making BNPL mistakes with 12.8% saying they’d had a purchase issue of some kind using instalment payment services. The next group most likely to have a BNPL mishap was those aged 25-34 (12.6%), followed by people aged 35-44 (11.9%).
Global BNPL mistake trendsThe most common BNPL error was making impulse purchases, with 10% saying they'd made a buy now, pay later mistake saying they'd bought an item on a whim. This was at its highest in Vietnam, with 24% of those in Vietnam buying items on impulse, followed by Thailand (20%) and Sweden (14%). Getting stuck with late fees was the next most common BNPL mistake, with around 4% saying they'd paid a penalty for not making a payment on time. Those surveyed in Malaysia were most likely to be slugged with buy now, pay later late fees at 9.1%, followed by India (9.08%) and Vietnam (8.7%). Going overboard on spending was also a somewhat common problem for those who'd made BNPL mistakes, with 3% saying they'd overstretched their budget. Respondents in Vietnam were most susceptible to overspending, with 5% of respondents blowing their budgets. Not too far behind Vietnam is Thailand (5.4%) followed by Italy (5.1%). Interestingly, 34.5% of people in Spain said they'd never used a BNPL service, closely followed by 32.3% of Mexicans and 26.3% of people in the US.
Men more likely to have BNPL remorseMen are more likely to say they made a BNPL error than women, with an average of 18.3% of men saying they've made a BNPL mistake compared to 16.2% of women. In fact, in 14 out of the 21 countries surveyed men were more likely to say they'd made a BNPL mistake than women. The highest percentage of men staying they had buyers remorse following a BNPL purchase was in Thailand at 41.5%. The highest percentage of women making buy now, pay later mistakes was in Vietnam, with 38.1%.
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