Millennial Generation Choose Paylater for Payment

Apparently, the millennial generation selects paylats for payment of goods or services because it is more accessible than other ways.

The Katadata Insight Center (KIC) research institute had reported the survey results titled “Survey of the Financial Behavior of Millennial Generation and Gen Z” in October 2022.

As many as 5,204 respondents participated in research carried out online or on line. The financial behavior of millennial generation and Gen Z was revealed.

Sigi’s results show that the millennial generation and the Z gene using credit cards are only 7.6%.

Meanwhile, the percentage of these two generations in using payments by paylater reached 13.6% or almost doubled.

For your information, millennial generation are those born in the period 1981 to 1996. They are also called generation X, because previously there was a generation Y.

Meanwhile, generation Z or Gen Z are those born in the period 1997 to 2012. The generation afterwards is called the alpha generation.

Well, there are still many who do not understand and distinguish differences in the existing generation. Each generation has its own characteristics.

By the wayPaylater or BNPL (buy now pay later) is a short -term financing that allows people to buy products or services and only pay it some time later.

At present, many parties such as banks, marketplaces that have provided BNPL services including Shopee, Traveloka, Dana, and others.

Find out the reasons for millennial generation select paylats for payments

In this research, although both generations both prefer the use of paylats compared to credit cards, the percentage is different.

Millennials who choose to use paylats, their percentage reaches 16.5%. Meanwhile, for the percentage of gene Z only 9.7%.

“In the Y (Millennial) gene, Paylater is most widely used to buy DeviceAs for the Z gene, paylaters are most widely used for fashion and accessories, “said vice President Katadata Insight Center, a media of media Roza as quoted by CNNIndonesia.com.

These two generations prefer payments using paylats because they are practical and easily accessible compared to other installment schemes.

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