Klarna launches spending summary feature

Klarna has launched a new feature in its app which gives users a personal summary of their 2022 spending habits.

The Buy Now, Pay Later (BNPL) company said that ‘Money Story’ is aimed at providing consumers with “clear and concise” spending insights that they can convert into financial goals in 2023 by using Klarna’s money management tools.

With insights segmented by month, retailer and category, Klarna says Money Story is also about prompting users to reflect on where they spent their money throughout the year.

Quiz questions in Money Story are a further feature which Felix Würtenberger, head of card and banking at Klarna, hopes will make money management for its users more engaging.

He said: “By gamifying the often dull and daunting chore of money management, we hope to inspire users to take control of their finances and make the most of their hard-earned money in 2023 and beyond."

Research by charity the Centre for Financial Capability (TCFC) recently found that BNPL usage had risen across all age groups in the UK.

Jane Goodland, chair TCFC expressed concerns about a lack of financial literacy, which may lead to further indebtedness for users of BNPL, which can have a snowballing effect over time.

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