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Buying now for happiness later
Four in five Australians think the use of buy now, pay later services improves their happiness and self-esteem, a report has revealed.
Buying now for happiness later
Four in five Australians think the use of buy now, pay later services improves their happiness and self-esteem, a report has revealed.
The research comes from buy now, pay later (BNPL) service provider humm, which found that the same proportion of respondents considering such services to allow them the ability to obtain what they want or need right away.
The Spending and Saving Report found that across the board, regardless of the payment method, impulse purchases are not limited to any one generation.
Almost one in two of respondents in each age groups surveyed conceded they make impulse purchases at least occasionally.
Seven in 10 people acknowledged in the research that they think it is important to have the ability to make impulsive decisions, while nearly 65 per cent of respondents indicated that impulse purchases improve their happiness.
Despite such high rates of use and awareness of BNPL services, and the perceived attitudes towards impulse buying, the report indicated a moderate level of saving and spending self-control across each generational group.
According to its analysis, 47.3 per cent of Gen Z indicated that “to a large extent, they are in control of their saving and spending”.
Just 34.9 per cent of Gen Y individuals indicated the same, the lowest across all age groups.
The report also found differing attitudes towards budgeting and finances between each generation: more than half (53.7 per cent) of Baby Boomers live life by making what they have go a lot further, while a similar number (52.6 per cent) of Gen Z indicated that they live their lives by prioritising experiences and freedom, while 30.9 per cent of Gen Y say they use special techniques to stretch their money further in contrast to only 18.7 per cent of pre-Boomers.
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