The Influence of Responsible Financial Behavior on the Financial Well-Being of Paylater Users
DOI:
https://doi.org/10.21512/bbr.v17i2.14189Keywords:
responsible financial behavior, financial literacy, income, savings, financial well-being, PaylaterAbstract
The Paylater phenomenon has become integral to financial technology, transforming consumption patterns, especially among the younger generation. However, this ease of access has also raised concerns regarding risky credit behavior and the importance of responsible financial behavior. This situation suggests that many individuals, particularly the younger generation, may lack a sufficient understanding of sound financial management. The growing use of Paylater services, coupled with low financial literacy, is a serious concern, given the potential risks that can arise when Paylater is misused. The research defines responsible financial behavior using indicators of financial literacy, income, and savings. The main research objective is to analyze how financial literacy, income, and savings, as manifestations of responsible financial behavior, influence the financial well-being of young Paylater users, particularly in the Jakarta (Jabodetabek) area. Around 147 people participate in the online sampling. Using Smart-PLS 4 tools for Structural Equation Modeling (SEM), validity, reliability, and hypothesis testing. The results show that two indicators of responsible financial behavior (financial literacy and savings) positively and significantly impact financial well-being. However, as the third indicator, income does not significantly influence financial well-being. It indicates that better financial literacy and savings habits among young Paylater users are associated with higher financial well-being. It also shows that high income does not determine a person’s financial well-being. Instead, the ability to manage income is related to self-control and responsible financial behavior.
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