The Influence of Financial Literacy, Risk Perception, And Financial Self-Efficacy on Buy Now Pay Later (BNPL) Usage Behaviour

Benedictus Dimas Purwo Cahyono, Choirunnisa Arifa, S.E., M.Sc., Ph.D., Ak., CA.

2026 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Ekspansi layanan Buy Now, Pay Later (BNPL) yang pesat dalam ekonomi digital Indonesia menimbulkan kekhawatiran mengenai intensitas penggunaan kredit konsumen dan risiko keterlilitan utang, terutama di kalangan konsumen muda yang akrab dengan teknologi digital. Sebagian besar penelitian terdahulu berfokus pada keputusan biner untuk mengadopsi BNPL, sementara faktor kognitif dan psikologis yang menentukan seberapa besar konsumen bergantung pada layanan ini masih kurang dipahami. Penelitian ini bertujuan menguji pengaruh literasi keuangan, persepsi risiko, dan efikasi diri keuangan terhadap perilaku penggunaan BNPL. Berlandaskan Theory of Planned Behavior serta mengintegrasikan Social Cognitive Theory dan Perceived Risk Theory, penelitian ini menggunakan pendekatan kuantitatif eksplanatori dengan desain potong lintang (cross-sectional). Data primer dikumpulkan melalui kuesioner daring yang diisi sendiri oleh 200 pengguna aktif BNPL di wilayah perkotaan Indonesia, yang dipilih dengan teknik purposive dan snowball sampling. Instrumen diuji terlebih dahulu melalui studi pendahuluan (pilot) serta uji validitas dan reliabilitas pada sampel penuh, dan hipotesis diuji menggunakan analisis regresi linear berganda setelah memenuhi seluruh uji asumsi klasik. Hasil penelitian menunjukkan bahwa ketiga variabel berpengaruh negatif dan signifikan terhadap penggunaan BNPL. Literasi keuangan merupakan faktor yang paling dominan dalam menekan penggunaan BNPL, diikuti oleh efikasi diri keuangan, dan kemudian persepsi risiko, dengan model mampu menjelaskan sebagian besar variasi perilaku penggunaan. Temuan ini menempatkan pengetahuan keuangan sebagai mekanisme perlindungan utama terhadap penggunaan BNPL yang berlebihan dan memberikan implikasi praktis bagi regulator, penyedia layanan, institusi pendidikan, serta konsumen dalam mendorong perilaku kredit digital yang bertanggung jawab di Indonesia.

The rapid expansion of Buy Now, Pay Later (BNPL) services within Indonesia's digital economy has raised concerns about the intensity of consumer credit usage and the risk of over-indebtedness, particularly among young, digitally native consumers. While prior research has largely focused on the binary decision to adopt BNPL, comparatively little is known about the cognitive and psychological factors that determine how heavily consumers rely on the service. This study aims to examine the influence of financial literacy, risk perception, and financial self-efficacy on BNPL usage behaviour. Anchored in the Theory of Planned Behaviour and integrating Social Cognitive Theory and Perceived Risk Theory, the study adopts a quantitative, explanatory, cross-sectional design. Primary data were collected through a self-administered online questionnaire from 200 active BNPL users in urban Indonesia, selected through purposive and snowball sampling. The instrument was first validated through a pilot study and subsequently through full-sample validity and reliability testing, and the hypotheses were tested using multiple linear regression after all classical assumptions had been satisfied. The results show that all three predictors have a significant negative effect on BNPL usage. Financial literacy is by far the most dominant factor in suppressing BNPL usage, followed by financial self-efficacy and then risk perception, with the model explaining a substantial share of the variation in usage behaviour. The findings reposition financial knowledge as the primary protective mechanism against excessive BNPL usage and offer practical implications for regulators, service providers, educational institutions, and consumers seeking to promote responsible digital credit behaviour in Indonesia.

Kata Kunci : financial literacy, risk perception, financial self-efficacy, Buy Now Pay Later (BNPL), usage behaviour, Theory of Planned Behaviour