Surprisingly, Baby Boomers are leading this trend, according to FinTech Finance, with 38% indicating plans to use BNPL services in the upcoming year—a considerable increase from prior quarters. This is a significant change that calls into question the widespread belief that younger generations are the main consumers of BNPL services.

The information presents an industry that is expanding and prospering. Nearly a quarter of individuals (23%) have used BNPL, a service that lets customers break up large purchases into manageable installments, frequently without paying interest, demonstrating the program's continued attractiveness. This rate demonstrates BNPL's ongoing popularity and is consistent with the excitement seen right before the holiday season.

The poll also provides insight into how different generations interact with BNPL services. Baby Boomers are becoming more interested in BNPL, although Millennials and Gen Z still make up the majority of users. The percentage of Millennials who used these services in the last year stayed at 33%, while Gen Z's engagement increased from 28% to 34% year over year.

The UK's Chief Product Officer for TransUnion, Kelli Fielding, highlights the significant achievement of integrating BNPL data into credit reports. "Now that BNPL data is included in credit reports, customers may have a more comprehensive picture of their financial situation. According to Fielding, this can promote financial inclusion, consumer protection, and easier access to credit. This integration helps create a holistic borrowing landscape that benefits lenders and customers alike, while also advancing financial transparency.

The poll also reveals the interests and behavioural patterns of consumers across generations; among Gen Z and Millennials in particular, apparel and accessories are the most popular BNPL purchases. Age-related differences also exist in the reasons people avoid BNPL; for example, a large percentage of Baby Boomers (57%) say they don't need these services, whereas younger generations largely want to avoid debt.

"The most recent Consumer Pulse survey underscores the significance of responsible borrowing across all age groups," Fielding continues. This emphasizes how important it is to comprehend the terms and circumstances of BNPL and advocates for making wise financial decisions that will support the industry's long-term growth.