Young People and BNPL: An NCOSS 'Cost of Living in NSW' Report
New research conducted by NCOSS and Youth Action into Buy Now Pay Later products highlights the fact that young people predominantly use these products responsibly and that they see them as a legitimate way for those on low incomes to manage the increasing cost of living. It does however also draw attention to the precarious financial situation for many young people and how a sudden reduction in income can quickly lead to a young person finding themselves in a difficult debt situation. Young people tell us that they want more opportunities for financial literacy education. This report shows that this kind of education could be particularly beneficial to younger ages or those in vulnerable financial situations.