Buy Now Pay Later: UK Older Britons Embrace BNPL Trend

Here’s a summary of the key points from the provided text:

* Rise in BNPL ⁣Use: ​Buy Now,Pay Later (BNPL) usage has ​significantly increased in the UK,jumping⁣ from 14% to 25% of adults in‌ just one year.
* Who’s Using It: While still most popular with younger ​adults⁤ (20s & 30s), the biggest growth in BNPL users is among those aged 55-64 (more than doubling from 10% to 21% between 2023 and 2024).
* ⁣ Why the Increase? Some older people⁢ are using BNPL to manage budgets and spread out payments for essential items. There’s ‌also a suggestion that it ⁤doesn’t carry ⁢the same stigma​ as older forms of credit for some.
* Regulation Coming: The Financial Conduct Authority (FCA) ‍is planning to regulate the £13 billion BNPL market, potentially requiring affordability checks even on small loans.
* Concerns ⁢Remain: ‍Regulators ⁣and consumer groups are worried about people taking on BNPL debt‍ they can’t afford, leading to charges and‍ further⁣ debt.
* Student Loan Debt: The article also mentions that ‌40,000 UK ‍graduates have⁣ student loan debts exceeding £100,000. (This seems ⁤somewhat tangential to the main focus on BNPL, but is included in the provided text).