Work

The relationship between responsible financial behaviours and financial wellbeing: The case of buy‐now‐pay‐later

Year: 2023

Type: article

Abstract: Buy‐now‐pay‐later (BNPL) in Australia is a rapidly growing payment innovation. Regulators and consumer groups have expressed concerns at the financial risks posed by BNPL. As BNPL is not regulated under consumer credit law, financial regulator and consumer groups have recommended that BNPL users adopt a range of responsible financial behaviours for their financial wellbeing. This study, using a survey of BNPL users and structural equation modelling, shows a link between most of these recommended financially responsible behaviours and financial wellbeing and that the financial behaviours of younger users (aged under 25) place them at greater risk of reduced financial wellbeing.

Source: Accounting and Finance

DOI: 10.1111/acfi.13100

Authors: Robert Powell, Anh Do, Denise Gengatharen, Jaime Yong, Rasiah Gengatharen

Institutions: Edith Cowan University, The University of Western Australia

Language: English

Topic: Financial Literacy, Pension, Retirement Analysis

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Good health and well-being

Open Access status: hybrid

Estimated APC paid: $3,140