Pengaruh Literasi Keuangan dan Financial Self-Efficacy terhadap Risky Credit Behaviour dalam Penggunaan PayLater
Keywords:
Generasi milenial, financial self-efficacy, Literasi keuangan, pay later, risky credit behaviour
Abstract
This study aims to determine the effect of Financial Literacy and Financial self efficacy on Risky credit behaviour in the usage of pay later feature. In addition, this study also aims to determine the mediating effect of Financial self-efficacy between financial literacy and risky credit behaviour. The population of this study is Indonesia Millenials and the sample of this study is residents born between 1990-2000 who have used pay later in the last 1 year. The data analysis was performed using Partial Least Square method. The results of the study indicate that objective financial literacy and subjective financial literacy have positive and significant effects on Financial self-efficacy, Financial self efficacy has negatif significant effects on risky credit behaviour, objective financial literacy and subjective financial literacy have negatif significant effects on risky credit behaviour, and Financial self-efficacy mediates the effects of subjective financial literacy and objective financial literacy on risky credit behavior.
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Sotiropoulos, V., & d’Astous, A. (2013). Attitudinal, Self-Efficacy, and Social Norms Determinants of Young Consumers’ Propensity to Overspend on Credit Cards. Journal of Consumer Policy, 36(2), 179–196. https://doi.org/10.1007/s10603-013-9223-3
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Wang, L., Lu, W., & Malhotra, N. K. (2011). Demographics, attitude, personality and credit card features correlate with credit card debt: A view from China. Journal of Economic Psychology, 32(1), 179–193. https://doi.org/10.1016/j.joep.2010.11.006
Xiao, J. J., Tang, C., Serido, J., & Shim, S. (2011). Antecedents and Consequences of Risky Credit Behavior among College Students: Application and Extension of the Theory of Planned Behavior. Journal of Public Policy & Marketing, 30(2), 239–245. https://doi.org/10.1509/jppm.30.2.239
Xiao, J. J., Ahn, S. Y., Serido, J., & Shim, S. (2014). Earlier financial literacy and later financial behaviour of college students: Financial literacy and financial behaviour. International Journal of Consumer Studies, 38(6), 593–601. https://doi.org/10.1111/ijcs.12122
Zainudin, R., Mahdzan, N. S., & Yeap, M.-Y. (2019). Determinants of credit card misuse among Gen Y consumers in urban Malaysia. International Journal of Bank Marketing, 37(5), 1350–1370. https://doi.org/10.1108/IJBM-08-2018-0215
Allgood, S., & Walstad, W. (2011). The Effects of Perceived and Actual Financial Knowledge on Credit Card Behavior. Networks Financial Institute
Amatucci, F. M., & Crawley, D. C. (2011). Financial self‐efficacy among women entrepreneurs. International Journal of Gender and Entrepreneurship, 3(1), 23–37. https://doi.org/10.1108/17566261111114962
Ajzen, I. (2002). Residual Effects of Past on Later Behavior: Habituation and Reasoned Action Perspectives. Personality and Social Psychology Review, 6(2), 107–122. https://doi.org/10.1207/S15327957PSPR0602_02
Badan Pusat Statistik. (2020). Hasil sensus penduduk 2020. https://demakkab.bps.go.id/news/2021/01/21/67/hasil-sensus-penduduk-2020.html
Baihaqqy, M. R. I., ., D., ., N., & Sari, M. (2020). The Correlation between Education Level and Understanding of Financial Literacy and its Effect on Investment Decisions in Capital Markets. Journal of Education and E-Learning Research, 7(3), 306–313. https://doi.org/10.20448/journal.509.2020.73.306.313
Brillio. (2018). Delapan Fakta Millennials Pengguna Kartu Kredit. https://www.brilio.net/fulus/ternyata-ini-faktor-anak-muda-memilih-menggunakan-kartu-kredit-1801296.html
Białowąs, S. (n.d.). Subjective vs. Objective assessment of financial literacy – do beliefs meet reality? Financial Markets, 29, 10.
Cassar, G., Friedman, H.L., (2009). Does self-efficacy affect entrepreneurial investment? Strateg. Entrep. J. 3, 241–260.
Cude, B. J., Chatterjee, S., & Tavosi, J. (2020). Financial Knowledge, Personality Traits, and Risky Borrowing Behaviors in Iranian Households. Sustainability, 12(18), 7608. https://doi.org/10.3390/su12187608
Demi̇Rhan, D., Babacan, Ö., & Ardoğan, A. R. (2018). RELATIONSHIP BETWEEN FINANCIAL LITERACY AND FINANCIAL SELF- EFFICACY: A RESEARCH ON UNIVERSITY STUDENTS. 17.
Framework for the Development of Financial Literacy Baseline Surveys: A First International Comparative Analysis (OECD Working Papers on Finance, Insurance and Private Pensions No. 1; OECD Working Papers on Finance, Insurance and Private Pensions, Vol. 1). (2009). https://doi.org/10.1787/5kmddpz7m9zq-en
Goldman Sachs. (2015). Millennials Coming of Age. https://www.goldmansachs.com/insights/archive/millennials/
Insider Intelligence. (2021). The Buy Now, Pay Later Report. https://www.insiderintelligence.com/insights/buy-now-pay-later-ecommerce-financing-consumer-credit.
Indonesian e-Commerce Consumer Behavior Report 2021. (2021). Kata Data Insight Center, Kredivo.
Limbu, Y. B. (2017). Credit card knowledge, social motivation, and credit card misuse among college students: Examining the information-motivation-behavioral skills model. International Journal of Bank Marketing, 35(5), 842–856. https://doi.org/10.1108/IJBM-04-2016-0045
Liu, L., & Zhang, H. (2021). Financial literacy, self-efficacy and risky credit behavior among college students: Evidence from online consumer credit. Journal of Behavioral and Experimental Finance, 32, 100569. https://doi.org/10.1016/j.jbef.2021.100569
Lind, T., Ahmed, A., Skagerlund, K., Strömbäck, C., Västfjäll, D., & Tinghög, G. (2020). Competence, Confidence, and Gender: The Role of Objective and Subjective Financial Knowledge in Household Finance. Journal of Family and Economic Issues, 41(4), 626–638. https://doi.org/10.1007/s10834-020-09678-9
Lyons, A. C. (2008). Risky Credit Card Behavior of College Students. In J. J. Xiao (Ed.), Handbook of Consumer Finance Research (pp. 185–207). Springer New York. https://doi.org/10.1007/978-0-387-75734-6_11
Livingstone, S.M., Lunt, P.K., (1992). Predicting personal debt and debt repayment: Psychological, social and economic determinants. J. Econ. Psych. 13, 111–134.
Naumovska, L. (2017). Marketing Communication Strategies for Generation Y – Millennials. Business Management and Strategy, 8(1), 123. https://doi.org/10.5296/bms.v8i1.10260
Newcomb. (2021, August 9). Why millennials and gen-Zs are jumping on the buy now, pay later trend. CNBC. https://www.cnbc.com/2021/08/07/why-millennials-and-gen-zs-are-jumping-on-the-buy-now-pay-later-trend.html
Otoritas Jasa Keuangan. Statistik Fintech Agustus 2021. (2021). Retrieved February 5, 2022, from https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Statistik-Fintech-Lending-Periode-Agustus-2021.aspx
OCBC NISP. (2021). Financial Fitness Index 2021. https://ruangmenyala.com/financialfitnesscentre/detail/ocbc-nisp-financial-fitness-index-2021.
Palan, K. M., Morrow, P. C., Trapp, A., & Blackburn, V. (2011). Compulsive Buying Behavior in College Students: The Mediating Role of Credit Card Misuse. Journal of Marketing Theory and Practice, 19(1), 81–96. https://doi.org/10.2753/MTP1069-6679190105
Robb, C. A. (2017). College student financial stress: Are the kids alright? Journal of Family and Economic Issues, 38(4), 1–14. https://doi.org/10.1007/s10834-017-9527- 6
Sotiropoulos, V., & d’Astous, A. (2013). Attitudinal, Self-Efficacy, and Social Norms Determinants of Young Consumers’ Propensity to Overspend on Credit Cards. Journal of Consumer Policy, 36(2), 179–196. https://doi.org/10.1007/s10603-013-9223-3
Sugiyono. (2013). Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Wang, L., Lu, W., & Malhotra, N. K. (2011). Demographics, attitude, personality and credit card features correlate with credit card debt: A view from China. Journal of Economic Psychology, 32(1), 179–193. https://doi.org/10.1016/j.joep.2010.11.006
Xiao, J. J., Tang, C., Serido, J., & Shim, S. (2011). Antecedents and Consequences of Risky Credit Behavior among College Students: Application and Extension of the Theory of Planned Behavior. Journal of Public Policy & Marketing, 30(2), 239–245. https://doi.org/10.1509/jppm.30.2.239
Xiao, J. J., Ahn, S. Y., Serido, J., & Shim, S. (2014). Earlier financial literacy and later financial behaviour of college students: Financial literacy and financial behaviour. International Journal of Consumer Studies, 38(6), 593–601. https://doi.org/10.1111/ijcs.12122
Zainudin, R., Mahdzan, N. S., & Yeap, M.-Y. (2019). Determinants of credit card misuse among Gen Y consumers in urban Malaysia. International Journal of Bank Marketing, 37(5), 1350–1370. https://doi.org/10.1108/IJBM-08-2018-0215
Published
2023-05-31
How to Cite
Surya, N., & Evelyn, E. (2023). Pengaruh Literasi Keuangan dan Financial Self-Efficacy terhadap Risky Credit Behaviour dalam Penggunaan PayLater . Jurnal Manajemen Dan Keuangan, 12(1), 37 - 60. https://doi.org/10.33059/jmk.v12i1.5825
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