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Government of Canada / Gouvernement du Canada

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Finding Details Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, about 20% found it difficult to understand the penalties or interest charges for missed or partial payments.

Sample size

  • 66

Initiative

Collection dates

  • March 16, 2021 to March 27, 2021

Adopter

Related priorities

This finding relates to the following National Financial Literacy Strategy priorities and target outcomes: 

Priority 1

Communicate in ways people understand

  • Target outcome 1.1
Related headlines
Headline

Many Buy-Now-Pay-Later users don’t understand all aspects of the service.

Buy-Now-Pay-Later services allow people to pay off purchases in instalments, but it’s not always clear how they work. This lack of understanding could lead to unexpected fees or financial difficulties for users.

The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.

Source: Pilot Study: Buy Now, Pay Later Services in Canada
Related measures

The measure(s) below make up the Strategy-Aligned Measure (SAM) used to generate this finding. Please note that some SAMs require the use of multiple measures, while others work as a standalone measure. Refer to the Measures Library for more details.

Related

Have you used a Buy-Now-Pay-Later service to make a purchase in the last 12 months?

  • Yes
  • No
  • Don't know
  • Prefer not to say
Related

How easy was it to understand the amount of any penalties or interest charges for any missed or partial payments?

  • Very difficult to understand
  • Difficult to understand
  • Neither difficult or easy to understand
  • Easy to understand
  • Very easy to understand
  • Prefer not to say
Opens in new tabContribute findings and Strategy-Aligned Measures

The Financial Consumer Agency of Canada does not endorse, directly or indirectly, any adopters of the Measurement Plan, nor does it make any representations or warranties, express or implied, concerning the adopters' products or services or their fitness for a particular purpose.

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