Consumer Credit: Trust by sector (2022)

Fairer Finance's Spring 2022 Customer Experience ratings have revealed that customers are more trusting of Buy Now Pay Later (BNPL) firms than purveyors more traditional forms of consumer credit like Credit Cards. Trust of BNPL providers is much higher among customers in the 18-30 age rage.

This data was gathered through a longitudinal survey carried out by Fairer Finance's polling partner Opinium. The number of respondents (sample sizes) for each sector were as follows: Buy Now Pay Later (all) - 1,045; Credit Cards (all) - 38,772; Buy Now Pay Later (18-30) - 239; Credit Cards (18-30) - 3,428. Those surveyed were asked the following question: 'Based on everything you know about this credit card/Buy Now Pay Later provider, to what extent would you agree or disagree with the following statement? - I trust [name of provider]', with the following response options: 'Strongly agree', 'agree', 'neither agree or disagree', 'disagree', 'strongly disagree'. Trust scores are calculated using the following formula: ((number of respondents answering 'strongly agree'*2)+(number of respondents answering 'agree')+(number of respondents answering disagree*-1)+(number of respondents answering strongly disagree*-2)/total number of respondents)/2.