BNPL Fintech Affirm Reveals that Almost 60% of Survey Respondents are Interested in Using Pay Over Time Services

BNPL Affirm (NASDAQ:AFRM) notes that US consumers happen to agree that the best or ideal surprise in life is “randomly finding money in your pocket or on the street closely followed by getting a tax refund, no matter the amount.”

As mentioned in a recent blog post by the company, these findings are according to research from Affirm, which aims to offer a more “flexible” and “transparent” alternative to paying with credit cards. Affirm reveals that it polled 2,000 US-based consumers ahead of tax season, “finding that the best and worst surprises they’ve received are all money related.”

Affirm points out that not all surprises are actually “good ones, and after a tumultuous 2020, some Americans want to avoid them altogether – over half (54%) think April Fools’ Day should be cancelled this year.” The company also revealed that survey respondents agree the “worst surprises” in life are “all related to finances: getting a bill that’s higher than anticipated tops the list, followed by owing money for taxes and getting hit with a late fee on a credit card.”

Affirm adds:

“As we look ahead to the new tax deadline, seven in 10 of those surveyed are hoping for a decent tax refund this year. The most popular ways consumers plan to use their tax refund is to put it into savings, invest it, make a credit card payment or donate to charity. With people feeling optimistic about the future and looking forward to stepping out of their home, people are planning to spend some or all of their tax refund – 52% will shop for new clothes, shoes and accessories, and about half (46%) will use at least some of their refund to book travel.”

Silvija Martincevic, Chief Commercial Officer at Affirm, noted that it should come as no surprise that tax season brings a lot of excitement, “confusion” and “uncertainty” as well. However, Martincevic says that regardless of whether you intend to spend your tax return this year, or save it, Affirm is “here to help.” She also notes that if you’re planning to save, then their “high-yield savings account requires no minimum deposit and never charges fees.” She further revealed that “if, on the other hand, you want to treat yourself, Affirm will allow you to pay over time, whether it’s for the perfect new outfit or your next vacation.”

Martincevic also mentioned that Affirm “helps you to do all of these things while sticking to your budget. When you use Affirm, you know that you are getting a fully transparent product and that you will never be charged more than what you’ve agreed to.”

Some other notable findings from the survey are as follows:

  • 43% of respondents “plan to put their tax refund directly into savings with the top reasons being for emergencies (74%), life moments like weddings or having a baby (46%), college (44%), travel (45%) and home upgrades (39%).”
  • The most popular categories consumers “will spend their tax refunds on are electronics (55%), clothing, shoes or accessories (52%), car repairs (48%), home decor (49%) and travel (46%).”
  • Nearly 6 in 10 are “interested in using a pay over time solution like Affirm in 2021, and half (49%) say paying over time helps them better budget.”
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