Women are almost twice as likely as men to owe money to buy now, pay later (BNPL) providers, which allow consumers to spread the cost of purchases over a number of months.
This is one of the findings of the UK-based Household Debt Report by the personal finance experts at NerdWallet, which discovered that 20% of women admit to owing money to BNPL providers compared to just 11% of men.
The report also revealed that as many as one in six (15%) females in the UK have relied on borrowed money – via the likes of a credit card, payday loan, or BNPL providers – to pay for their children’s school uniforms.
A further 26% of women revealed that they’d resorted to using these methods of payments to pay for their household’s groceries while 21% of men admit to getting into debt to fund car payments and 18% of both men and women admit to using borrowed money to pay for holidays.
Fifty percent of women and just 37% of men stated the cost of living crisis is amongst their biggest financial concerns at the moment, potentially highlighting the wider financial issues some women may have to deal with regarding childcare costs, flexible working opportunities, and the gender pay gap.