Pontianak – Financial literacy and financial management ability have been identified as the key factors that encourage university students to use PayLater services more responsibly. Students who possess a solid understanding of financial concepts and are capable of budgeting, controlling expenses, and planning debt repayments tend to demonstrate healthier debt management behavior. In contrast, financial stress was not found to have a significant influence on how students manage their PayLater obligations. These findings were reported by Safia Muthmainnah and Fuad Ramdhan Ryanto from the Faculty of Economics and Business, Universitas Muhammadiyah Pontianak in a study published in 2026 in the International Journal of Scientific Multidisciplinary Research (IJSMR). The research highlights the importance of financial education in promoting responsible use of digital credit among university students.
The rapid growth of digital financial technology has transformed consumer spending patterns, particularly through the widespread adoption of Buy Now, Pay Later (BNPL) services. By allowing consumers to purchase products immediately and pay later in installments, PayLater has become increasingly popular among young people, especially university students who rely heavily on digital platforms for their daily needs. According to Indonesia's Financial Services Authority, PayLater financing reached IDR 26.20 trillion in 2025 with more than 31 million user accounts. However, the growing popularity of these services has also been accompanied by an increase in non-performing loans (NPLs), indicating that many users continue to face challenges in managing digital debt responsibly.
University students represent one of the most active groups of PayLater users. While digital credit offers convenience and flexibility, it also increases the risk of excessive spending when users lack adequate financial knowledge and money management skills. To better understand this issue, the researchers examined how financial literacy, financial stress, and financial management ability influence the debt management behavior of university students in Pontianak, with financial attitude serving as a mediating variable.
The researchers employed a quantitative associative research design involving 150 active university students in Pontianak aged 18–25 years who had used PayLater services and completed at least one PayLater transaction within the previous six months. Participants were selected using purposive sampling, while the data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS software. The study investigated five variables: financial literacy, financial stress, financial management ability, financial attitude, and debt management behavior.
The analysis showed that the proposed research model possessed satisfactory explanatory power. The R-square value of 0.524 indicates that financial literacy, financial stress, and financial management ability explain 52.4% of the variation in students' financial attitudes. Meanwhile, the R-square value of 0.701 demonstrates that these variables, together with financial attitude, explain 70.1% of the variation in students' debt management behavior.
The direct-effect analysis revealed that financial literacy had a positive and significant effect on financial attitude, with a t-statistic of 3.133 and a p-value of 0.002. Students who possess stronger knowledge of financial concepts such as interest rates, inflation, debt risks, and financial planning tend to develop more responsible attitudes toward managing their personal finances. They are more likely to recognize that PayLater represents a financial obligation rather than simply an easy source of additional purchasing power.
The study also found that financial management ability exerted an even stronger influence on financial attitude, with a t-statistic of 5.742 and a p-value of 0.000. Students who regularly prepare budgets, monitor cash flow, control spending, and organize installment payments tend to demonstrate more responsible financial attitudes and make more careful decisions before using PayLater services.
In contrast, financial stress did not significantly affect financial attitude. Although some students experienced financial pressure due to limited allowances, educational expenses, or unexpected financial obligations, these conditions did not automatically change how they perceived financial planning or debt management. The findings suggest that financial attitudes are shaped more strongly by financial knowledge and money management skills than by perceived financial pressure.
The research further demonstrated that financial attitude positively and significantly influenced debt management behavior, with a t-statistic of 5.080 and a p-value of 0.000. Students who habitually plan their expenditures, evaluate their repayment capacity before borrowing, and regard debt as a responsibility are more likely to manage their PayLater obligations responsibly and make timely repayments.
Both financial literacy and financial management ability were also found to have significant direct effects on debt management behavior. Financial literacy produced a t-statistic of 2.439 with a p-value of 0.015, while financial management ability achieved a t-statistic of 3.279 and a p-value of 0.001. Meanwhile, financial stress again showed no statistically significant relationship with students' debt management behavior.
The indirect-effect analysis revealed that financial attitude significantly mediated the relationship between financial literacy and debt management behavior, as well as the relationship between financial management ability and debt management behavior. However, financial attitude did not mediate the relationship between financial stress and debt management behavior. These findings indicate that improving students' financial knowledge and financial management skills becomes more effective when accompanied by the development of responsible financial attitudes.
According to Safia Muthmainnah and Fuad Ramdhan Ryanto, the findings provide important implications for both universities and PayLater service providers. Higher education institutions are encouraged to strengthen financial education programs focusing on budgeting, digital credit management, responsible PayLater usage, and debt repayment planning. Meanwhile, PayLater providers should offer clearer information regarding fees, repayment schedules, interest charges, and late-payment risks to help users make more responsible financial decisions.
Overall, the study concludes that responsible PayLater usage depends on more than an individual's financial condition. Financial knowledge, money management skills, and responsible financial attitudes play a much greater role in shaping healthy debt management behavior among university students. By strengthening financial literacy and practical financial management skills from an early stage, the risks associated with excessive digital borrowing can be minimized, allowing students to benefit from PayLater services in a more responsible and sustainable manner.
Author Profile
Safia Muthmainnah – Faculty of Economics and Business, Universitas Muhammadiyah Pontianak, Indonesia.
Fuad Ramdhan Ryanto – Faculty of Economics and Business, Universitas Muhammadiyah Pontianak, Indonesia.
Research Source
Article Title: The Effect of Financial Literacy, Financial Stress, and Financial Management Ability on the Debt Management Behavior of PayLater Users Among University Students in Pontianak: Financial Attitude as a Mediating Variable.
Journal: International Journal of Scientific Multidisciplinary Research (IJSMR), Vol. 4, No. 7, 2026.
DOI: https://doi.org/10.55927/ijsmr.v4i7.98
Journal Website: https://journalijsmr.my.id/index.php/ijsmr
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