The
research focuses on Generation Z users aged 17–26 in Jakarta, a
demographic deeply embedded in digital finance and online shopping. With
PayLater debt in Indonesia reaching trillions of rupiah and continuing to grow,
the findings offer timely insight into which factors truly influence
responsible financial behavior and which are often misunderstood.
PayLater and the Financial Reality of Gen Z
PayLater
services have rapidly expanded alongside Indonesia’s booming financial
technology sector. Platforms such as Shopee PayLater, GoPay PayLater, Kredivo,
Akulaku, Traveloka PayLater, Indodana, and Home Credit now allow users to shop
online and defer payments without a credit card. For many young consumers,
these services provide convenience and short-term flexibility.
However,
official data show that PayLater usage has also driven a sharp rise in consumer
debt. Jakarta records the highest concentration of PayLater users in Indonesia,
supported by high purchasing power but also high living costs. Many Gen Z users
rely on PayLater for everyday spending, often without long-term financial
planning.
Against
this backdrop, the research team from Universitas Bunda Mulia examined why some
young users manage PayLater wisely while others fall into repayment
difficulties.
How the Study Was Conducted
The
study used a quantitative survey approach involving 142 respondents
consisting of university students and young workers in Jakarta who had used
PayLater services. Data were collected through online questionnaires using a
five-point Likert scale and analyzed with statistical software.
Financial management behavior was assessed through everyday practices such as spending control, cash flow management, saving, investing, and credit repayment. Four key factors were examined:
- Financial literacy, or understanding of basic financial concepts.
- Financial attitude, including mindset toward money and spending.
- Self-control, the ability to resist impulsive purchases.
- Hedonistic lifestyle, or the tendency to prioritize pleasure and trends.
Key Findings Explained Simply
The results show clear patterns in how young people manage PayLater:
Financial literacy has a strong positive effect. Respondents with better understanding of finance were more careful in using PayLater and managing repayments.
Financial
attitude matters. A
responsible and thoughtful approach to money significantly improved financial
management behavior.
Self-control
shows the strongest influence.
Young people who could delay gratification and control impulsive spending
managed PayLater more effectively.
Hedonistic
lifestyle is not a decisive factor. Enjoying trends or consumer culture did not automatically lead to poor
financial behavior among respondents.
Statistical tests confirmed that financial literacy, financial attitude, and self-control significantly influenced financial management behavior. Hedonistic lifestyle, by contrast, showed no significant impact. In practical terms, this means that enjoying a modern lifestyle does not necessarily lead Gen Z into financial trouble provided they have knowledge, discipline, and the right mindset.
Implications for Society and Policy
The
findings carry important implications for multiple stakeholders:
- For young consumers, improving financial literacy and self-control is more effective than simply avoiding PayLater. Understanding how PayLater works and planning repayments reduces financial risk.
- For educators, the study highlights the importance of integrating practical financial education into schools and universities, especially for students entering the digital economy.
- For fintech companies, responsible usage campaigns and transparent information could help users manage PayLater more sustainably.
- For policymakers, the results support targeted financial literacy programs rather than broad restrictions on digital credit services.
- Rather than framing PayLater as inherently harmful, the study suggests that the real issue lies in how users understand and control their financial decisions.
Author Profiles
Vincent
Colin, S.E., Researcher at Universitas Bunda Mulia,
focusing on consumer finance and
financial behavior.
Tannia,
S.E., M.M., Lecturer at Universitas Bunda Mulia
with expertise in financial management and
behavioral finance.
Elkunny
Dovir Siratan, S.E., M.M., Lecturer and researcher at Universitas Bunda Mulia
specializing in financial
literacy, fintech, and behavioral finance.
Caliska
Aldira Kusbiantoro, S.E., M.M. Academic at Universitas Bunda Mulia
with a research focus on financial
attitudes and consumer behavior.
Source
Vincent, Tannia, Elkunny, Caliska. Exploring the Influence of Financial Literacy, Financial Attitudes, Self-Control, and Hedonistic Lifestyle on Generation Z's Financial Management Management Behavior: A Study on PayLater Usage in Jakarta. Asian Journal of Management Analytics, Vol. 5 No. 1, hlm. 121–140. 2026
DOI : https://doi.org/10.55927/ajma.v5i1.16097
Official URL : https://journal.formosapublisher.org/index.php/ajma
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