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Headline Details Many Buy-Now-Pay-Later users don’t understand all aspects of the service.
Why is this important?
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.
Related priorities
This headline relates to the following National Financial Literacy Strategy priorities and target outcomes:
Related findings
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.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of Canada
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, about 35% found it difficult to understand how to resolve a potential dispute.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of Canada
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, about 45% found it difficult to understand the impact of using the service on their credit score.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of Canada
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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