Roughly four in five bank customers say they are aware of buy-now-pay-later services, with a third saying they have used a BNPL service within the past 90 days, according to a new survey by J.D. Power. The poll found that for the fourth consecutive month, there has been no notable change in bank customers’ overall financial health, with 34% of respondents considered financially healthy in June while 41% were vulnerable. Looking into BNPL habits, the survey found that customers who are financially overextended are most likely to use BNPL options (55%), but even 30% of customers who have healthy financial situations are utilizing the services.
More than half (60%) of bank customers who are aware of BNPL say the option is helpful, but the majority (64%) of those respondents don’t believe using the option improves their financial health. At the same time, only 44% of customers who used BNPL in the past 90 days said they “strongly agree” or “somewhat agree” that it helped their financial health.