Splitting the Bill: How BNPL is Changing Young Consumer Spending
Hosts: Jack McFarlane & Nick Schlemmer
Summary
In this episode of The Play by Play, Jack McFarlane and Nick Schlemmer iscuss the growing trend of Buy Now Pay Later (BNPL) services, particularly among Gen Z consumers. They explore how BNPL works, its popularity, personal experiences, and the associated risks, including loan stacking and phantom debt. The conversation emphasizes the importance of financial literacy and the need for businesses to educate their employees about these financial tools. The episode concludes with a cautionary note about the potential pitfalls of BNPL services. Listen in!
Chapters
0:00 Welcome & Exploring BNPL
04:59 Gen Z's Adoption of BNPL Services
07:45 Personal Experiences with BNPL
10:35 Risks and Downsides of BNPL
16:31 BNPL Usage Across Incomes Levels
19:45 The Impact of Life Events on Financial Decisions
21:50 Educating the Workforce on Financial Tools
23:52 Cautionary Insights on BNPL Services
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