Analisis Determinan Perilaku Keuangan Digital dan Dampaknya terhadap Kesejahteraan Finansial Generasi Z Pengguna Buy Now Pay Later di Indonesia

Devi Pinasthika Sirait, Ir. Fitri Trapsilawati, S.T., Ph.D., IPM., ASEAN Eng.

2026 | Skripsi | TEKNIK INDUSTRI

Perkembangan fintech seperti Buy Now Pay Later (BNPL) di Indonesia tumbuh pesat dengan transaksi diproyeksi mencapai Rp187 triliun pada 2027. Namun, outstanding BNPL Rp37,44 triliun dan Non-Performing Loan (NPL) 2-2,78% menunjukkan risiko perilaku keuangan tidak bertanggung jawab, terutama di kalangan Generasi Z sebagai digital natives. Kondisi ini mengindikasikan adanya kesenjangan antara kemudahan akses layanan BNPL dengan kapasitas individu dalam mengelola keputusan keuangan secara bertanggung jawab, yang pada akhirnya berimplikasi pada kondisi financial well-being pengguna. Penelitian ini bertujuan mengidentifikasi pengaruh financial knowledge, personal traits, dan social environment terhadap perilaku keuangan digital, serta dampaknya terhadap financial well-being Generasi Z pengguna BNPL di Indonesia. 

Penelitian menggunakan pendekatan kuantitatif dengan survei terhadap 249 responden pengguna BNPL berusia 18-28 tahun di Indonesia dan dianalisis menggunakan Partial Least Squares Structural Equation Modeling (PLS-SEM). 

Hasil penelitian menunjukkan bahwa financial well-being Generasi Z pengguna BNPL terbentuk melalui dua jalur yang berjalan secara paralel. Jalur pertama bekerja melalui PayLater usage, di mana digital financial literacy, financial self-efficacy, dan social influence secara signifikan memiliki hubungan positif dengan penggunaan BNPL, dan penggunaan BNPL tersebut pada akhirnya berkontribusi positif terhadap financial well-being. Jalur kedua bekerja melalui perilaku konsumtif, di mana materialism terbukti sebagai determinan terkuat yang mendorong impulsive buying dan online compulsive buying, sementara financial self-efficacy berperan sebaliknya sebagai faktor protektif. Meskipun eskalasi perilaku konsumtif dari impulsive buying menuju online compulsive buying terbukti signifikan, dampaknya terhadap financial well-being belum terbukti dalam penelitian ini. Temuan ini menegaskan bahwa dampak BNPL terhadap kesejahteraan finansial Generasi Z sangat bergantung pada siapa yang menggunakannya: pengguna dengan literasi keuangan digital yang baik dan keyakinan diri yang tinggi dalam mengelola keuangan cenderung memanfaatkan BNPL secara fungsional, sementara pengguna dengan orientasi materialistis yang kuat berada pada jalur konsumtif yang berpotensi merugikan.

The rapid growth of Buy Now Pay Later (BNPL) services in Indonesia, projected to reach Rp187 trillion by 2027, has been accompanied by significant risks evidenced by outstanding BNPL debt of Rp37.44 trillion and Non-Performing Loan (NPL) rates of 2–2.78%, particularly among Generation Z consumers as digital natives. These figures reflect a gap between the ease of accessing BNPL services and individuals' capacity to manage financial decisions responsibly, which ultimately bears implications for users' financial well-being. This study aims to identify the influence of financial knowledge, personal traits, and social environment on digital financial behavior, as well as their impact on the financial well-being of Generation Z BNPL users in Indonesia. 

Employing a quantitative approach, the research surveyed 249 BNPL users aged 18-28 years across Indonesia and analyzed data using Partial Least Squares Structural Equation Modeling (PLS-SEM). 

The findings reveal that financial well-being among Generation Z BNPL users is shaped through two parallel pathways. The first operates through PayLater usage, whereby digital financial literacy, financial self-efficacy, and social influence each show a significant positive relationship with BNPL usage, which in turn contributes positively to financial well-being. The second pathway operates through consumptive behavior, whereby materialism emerges as the strongest determinant driving impulsive buying and online compulsive buying, while financial self-efficacy acts as a protective counterforce. Although the escalation from impulsive buying to online compulsive buying is empirically confirmed, its impact on financial well-being has yet to be demonstrated in this study. These findings underscore that the impact of BNPL on Generation Z's financial well-being is highly contingent on who uses it: users with strong digital financial literacy and high financial self-efficacy tend to leverage BNPL as a functional financial tool, while those with strong materialistic orientation are placed on a consumptive trajectory with potentially adverse financial consequences.

Kata Kunci : BNPL, Generasi Z, financial well-being, perilaku keuangan digital, digital financial literacy, financial self-efficacy, social influence