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What this Sydney bloke criticised will have you checking your bank balance twice

Maan
By Maan
  • Replies 11
Offtopic / Everything else

What this Sydney bloke criticised will have you checking your bank balance twice

  • Maan
  • By Maan
1757043399186.png What this Sydney bloke criticised will have you checking your bank balance twice
Sydney man sparks debate over BNPL spending. Image source: TikTok/madunitau

A single video ignited a fiery national debate. A Sydney man criticised someone for splitting a $200 shoe purchase into instalments. The clip quickly went viral, dividing opinions across Australia.




The controversy began when the man filmed himself expressing disbelief at witnessing a young customer use Afterpay. 'If you need to use Afterpay to buy a pair of shoes, you really need to reassess your life,' he said, suggesting people should simply use their savings instead.




Source: TikTok/madunitau



Social media responses poured in immediately, with many defending BNPL services. 'I have like $30,000 in savings and I'll still use Afterpay to buy shoes,' one user said, while another sarcastically noted, 'Nice, let's all use credit cards at 17 per cent interest.'



The viral moment highlighted the complex reality of buy now, pay later (BNPL) services in Australia. While some use them for convenience, the data suggests usage patterns are shifting.




A survey from July 2024 revealed that 43 per cent of Australians had used BNPL at least once every six months, down from 49 per cent in 2022. Average debt among users has also decreased, with July 2023 figures showing $1,391 and September 2024 dropping to $964.




'I have like $30,000 in savings and I'll still use Afterpay to buy shoes'

Social media user response



The BNPL market continues to grow despite these shifts. Revenue has expanded at an average rate of 13.4 per cent over the past five years, reaching $1.4 billion in 2024. Yet BNPL payments accounted for less than 2 per cent of total debit and credit card transactions in 2020.




Who’s using BNPL




BNPL users in Australia


Gen Z: 47.4% of all users


Millennials: 40.6% of all users


Gen X: 36% usage rate (down from 49% peak)


Baby Boomers: 14% usage rate (at peak levels)




People choose BNPL for convenience and interest-free payments. In July 2024, 51 per cent cited ease of sign-up, another 51 per cent highlighted no interest, and 33 per cent preferred it to avoid credit card debt.



Hidden costs exist, however. BNPL providers charge merchants between four to seven per cent per transaction, higher than the 1–1.5 per cent for credit cards, ultimately passed on to consumers.



Regulatory changes are imminent. From 10 June 2025, BNPL providers must hold Australian credit licences and comply with responsible lending obligations, including affordability checks and potential late fee caps.





Major BNPL Changes from 10 June 2025



  • BNPL providers must obtain Australian credit licences

  • Responsible lending obligations will apply

  • Stricter affordability assessments required

  • Late fee caps may be introduced

  • Consumer protections will be strengthened




Late payments are a concern. In 2020, five per cent of Australians reported paying BNPL late fees; this rose to nine per cent by 2022. Zip Co and Afterpay both recorded increases in bad debts and expected credit losses during this period.



Financial experts note that BNPL can be a useful budgeting tool if used responsibly, but poor money management and accumulated late fees remain risks. 'The people who most often use these services are often bad with money and are the ones who pay all the late fees,' a financial literacy advocate stated.




Smart strategies for using BNPL include tracking payments, limiting concurrent agreements, budgeting for the full amount, reading the fine print, and considering alternatives like saving or low-interest credit cards.



The Sydney man's frustration reflected wider economic anxieties among Australians, including job competition and the financial pressures of everyday living. BNPL growth has sparked debates on household debt, credit risk, and the need for stricter regulations.



Whether you agree with the critic or not, his video sparked a vital discussion on spending habits, financial responsibility, and consumer debt in Australia as regulations evolve in 2025.



What This Means For You


A viral video recently sparked a national debate on buy now, pay later services and Australians’ spending habits, showing how one Sydney man’s critique resonated across the country. BNPL usage has declined slightly in recent years, and average user debt has also fallen, reflecting a shift in how people manage these services.



Users now span all age groups, with Gen Z and Millennials leading but older generations increasingly participating, proving that BNPL is no longer just a young person’s tool. Looking ahead, regulatory changes from 10 June 2025 will require BNPL providers to hold Australian credit licences and follow responsible lending obligations, meaning both consumers and businesses will need to adapt.



For everyday Australians, this serves as a reminder to consider how they use BNPL and other credit options—tracking spending, understanding fees, and ensuring purchases remain within a manageable budget can help avoid the pitfalls while still benefiting from the flexibility these services offer.






What's your take on the BNPL debate—do you use these services as a budgeting tool, or do they encourage overspending?

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I tried to buy a pair of thongs from Kmart once with 4 instalments, but Kmart said no. ;););)
 
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Reactions: SandyM, Veggiepatch, relljube and 4 others
Buy now, pay later - but fail to make a payment, and interest is charged on the entire amount, not just the balance outstanding.
I pay cash where I can. I pay in full and on time whenever I can. It's cheaper. I don't like putting things on the drip feed because I might have the money to pay for the item in full now - but can I guarantee I will have the money to pay each and every installment when it falls due? Will I remember to account for what is on the drip feed when I am calculating if I can make another expensive purchase?
If you're cleverer and more organised than me - and I don't say that is hard! - then putting things on the drip feed might be for you. It's not for me.
But then, spending $200 on a pair of shoes is something I would flinch before doing! And I have very hard to fit feet.
 
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Reactions: SandyM, Veggiepatch, Jo Piper3 and 1 other person
I have never used any of the buy now pay later payment schemes…..this seems to be the normal thing for people to do these days…
If it works for you, then go ahead and do it, no one has the right to condone how someone spends their money.
I always used to do Lay-bys, which was the “in thing” when I was growing up…you did not get you items straight away, but paying them off over a few weeks…
Times have certainly changed with each generation!!
 
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This person needs to stop interfering. He is being arrogant and trying to dictate how others behave and manage their finances. If it bothers him that much he should have offered to pay for the shoes as a gift as he can probably afford it.
 
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Reactions: Fat&fancy, Bullwinkle and Mummanew
What a self important egotist, some people are doing it tough, perhaps this was the only way the buyer had of buying shoes, perhaps for a child. Not everyone has $200 in savings. Back in our day it was good old lay-by if we didn't have enough cash. We weren't ridiculed for it.
 
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Reactions: SandyM, Jo Piper3 and ARL
meighLeigh said:
Buy now, pay later - but fail to make a payment, and interest is charged on the entire amount, not just the balance outstanding.
I pay cash where I can. I pay in full and on time whenever I can. It's cheaper. I don't like putting things on the drip feed because I might have the money to pay for the item in full now - but can I guarantee I will have the money to pay each and every installment when it falls due? Will I remember to account for what is on the drip feed when I am calculating if I can make another expensive purchase?
If you're cleverer and more organised than me - and I don't say that is hard! - then putting things on the drip feed might be for you. It's not for me.
But then, spending $200 on a pair of shoes is something I would flinch before doing! And I have very hard to fit feet.
Click to expand...
I can't find decent comfortable shoes and usually finish up paying about that much. I do walk about 6km a day and have an injured foot full of metal pins.
 
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Reactions: Jo Piper3
I question why a person would pay $200 for a pair of shoes if they are unable to pay in full on the day. Don't get me wrong but if your finances are in such dire straights, would you not look for a cheaper pair of shoes - plenty on offer in all shoe stores.
Perhaps they were a special type of orthotic shoes. Just saying
 
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relljube said:
I question why a person would pay $200 for a pair of shoes if they are unable to pay in full on the day. Don't get me wrong but if your finances are in such dire straights, would you not look for a cheaper pair of shoes - plenty on offer in all shoe stores.
Perhaps they were a special type of orthotic shoes. Just saying
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I can't find cheap shoes that I can wear. Wish I could and same for my daughter
 
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Fortunately, I have personally never bought something on layby or pay later, except for a house.
Mainly because, as a kid, I learned to barter with cash and got almost everything cheaper.
I can understand if someone needs something urgently, especially if it's on sale, but too many people make a habit of it and get themselves into financial strife.
 
Best way is Paypal, as long as You are getting money in, you are able to pay for something expensive that you want
 
ARL said:
This person needs to stop interfering. He is being arrogant and trying to dictate how others behave and manage their finances. If it bothers him that much he should have offered to pay for the shoes as a gift as he can probably afford it.
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Agreed! it was none of his business!
 
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