This study examines how Buy Now, Pay Later (BNPL) usage relates to household financial well-being using the 2024 National Financial Capability Study. Financial well-being is measured multidimensionally via subjective financial satisfaction, the CFPB Financial Well-Being Scale, and self-reported financial stress. BNPL is a binary indicator of use in the past 12 months. OLS models with state fixed effects control for demographics, socioeconomic status, and objective and subjective financial knowledge. Subsample analyses (by financial knowledge and age) and propensity score matching corroborate the main results. Across specifications, BNPL use is associated with lower financial satisfaction, lower CFPB scores, and higher financial stress. Findings position BNPL as a potential marker of financial vulnerability and underscore the need for targeted education and policy measures while calling for longitudinal and qualitative research to clarify mechanisms and causality.

Accepted Oral Presentation