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OCLC
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ABSTRACT
This study aims to empirically test the interrelationship of Paylater use which is suspected to be influenced by
hedonic conformity and family financial education, as moderated by financial risk tolerance and self-control among
students. This study applies the Theory of Planned Behavior (TPB) by modifying the determinant variables as
determinants of Paylater usage behavior. By applying the purposive sampling method, 117 undergraduate and
postgraduate students were selected as respondents. The findings revealed that hedonic conformity has a positive
effect on the use of Paylater, while family financial education has a negative effect on the use of Paylater.
Furthermore, financial risk tolerance has been shown to moderate the hedonic conformity pathway on the use of
Paylater, but self-control has not been demonstrated to moderate the effect of family financial education on the
usage of Paylater.
Research Article
PAYLATER USAGE BEHAVIOR AMONG UNIVERSITY STUDENTS: A
MODIFICATION OF THE THEORY OF PLANNED BEHAVIOR
Submission Date:
November 06, 2024,
Accepted Date:
November 20, 2024,
Published Date:
December 07, 2024
Crossref doi:
https://doi.org/10.37547/ijmef/Volume04Issue12-03
Yeterina Widi Nugrahanti
Faculty of Economics and Business, Universitas Kristen Satya Wacana. Indonesia
Maria Rio Rita
Faculty of Economics and Business, Universitas Kristen Satya Wacana. Indonesia
Mitha Dwi Restuti
Faculty of Economics and Business, Universitas Kristen Satya Wacana. Indonesia
Andrew T. Thren
Faculty of Humanities, Universitas Bina Nusantara. Indonesia
Journal
Website:
https://theusajournals.c
om/index.php/ijmef
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 04 Issue 12-2024
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International Journal Of Management And Economics Fundamental
(ISSN
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VOLUME
04
ISSUE
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AGES
:
15-37
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
KEYWORDS
Theory of planned behavior, paylater, hedonic conformity, family financial education, financial risk tolerance, self-
control.
INTRODUCTION
A lifestyle that prioritizes practicality and efficiency
encourages an increased use of e-commerce in society
(Gao et al., 2022), including in Indonesia. In 2020, e-
commerce users in Indonesia reached 138.09 million,
then increased by 15% to 158.65 in 2021, followed by an
increase of 13% to 178.94 million users in 2022 (Statista
Research Departement, 2024). E-commerce service
features are equipped with various facilities to
simplify consumer transactions, one of which is the
Paylater facility. The results of a Katadata Insight
Center survey in 2023 showed that there was a
significant increase in the use of Paylater services in e-
commerce, namely from 28.2% in 2022 to 45.9% in 2023
(Lavinda, 2023).
However, ironically, Paylater is not only accessed by
people who already have a steady income, but it is
also used by university students, most of whom do
not yet have a steady income (Maulida et al., 2023;
Yulianto & Wijaya, 2023). University students use the
service because they believe it is easier to make
purchases without having complicated requirements
when experiencing liquidity constraints (Yasmin &
Asmandani, 2023). Therefore, it is not surprising that
problems eventually arise with installment payments
which threaten their financial well-being (Dhahana &
Ulpah, 2023; Prijadi et al., 2022), and even risk the
users’ reputations when they want to apply for jobs or
scholarships in the future (Pratika et al., 2021).
As reported from data from the Financial Services
Authority (OJK) in 2023, the number of Paylater non-
performing loans has reached 7.61%, where the
majority of non-performing loan cases occurred in
users under the age of 19 who did not have an
income, with an average non-performing loan ratio of
IDR 2.8 million per person (www.bbcnews.com, 2023).
This phenomenon actually depicts good financial
inclusion, but if it is not accompanied by adequate
financial literacy and financial capabilities, it risks
eroding the financial and psychological well-being of
Paylater service users in the future (Lusardi &
Streeter, 2023). Therefore, it is interesting to examine
what factors contribute to the use of Paylater among
students, so that this problem can be minimized.
There are several theories that explain how a behavior
can be formed based on the factors that influence it.
One theory that is often used in studies that predict
human behavior is the Theory of Planned Behavior
(TPB). TPB has been used in previous studies to
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predict financial intentions and behavior, for example
in retirement planning (Kumaraguru & Geetha, 2021),
investment decisions (Warsame & Ireri, 2016),
financing decisions (Ibrahim et al., 2017), and product
purchases (Tarigan et al., 2021). TPB is a development
of the Theory of Reasoned Action (TRA) which
explains that a person’s behavior is determined by
one’s attitudes and subjective norms (Ajzen &
Fishbein, 1980). TRA was developed by adding a
determinant of behavior, which is perceived
behavioral control. TPB clarifies that humans tend to
behave in specific ways according to their intentions
and perceptions of control which come from three
components, namely their attitudes, subjective
norms, and perceptions of behavioral control (Ajzen,
1991).
Previous studies examining the determinants of an
individual’s intentions and behavior have used the
variables in the original version of the TPB model
(Ajzen, 1991), including attitude, subjective norms, and
perceived behavioral control. Meanwhile, the
development of the theory and the scope of research
allows for the modification of other measurements
and the addition of other variables in determining a
person’s intentions and behavior (Ali et al., 2017;
Cooke et al., 2007; Oteng-Peprah et al., 2020). This
paper aims to accommodate the development of TPB
by using other proxy variables according to the
context of the object being studied. However, the
intention variable was not observed in this study,
because several findings failed to prove the role of
intention on certain behaviors (Norberg et al., 2007;
Sutton, 1998). A person can act without having to
initiate a specific intention (Fishbein et al., 2003) but is
influenced by other factors such as behavioral
routines and heuristic effects in the decision-making
process (Norberg et al., 2007; Ouellette & Wood,
1998).
According to TPB, an individual’s specific behavior is
influenced by internal and external factors. One of the
internal factors is attitude, which is defined as an
individual’s positive or negative feelings towards the
behavior one performs (McIvor & Paton, 2007). In this
study, an individual’s evaluation of Paylater usage
behavior can be proxied by the financial risk tolerance
variable. When someone has a wider risk acceptance
range, they tend to choose to use debt and are willing
to bear the credit interest from this service (Yulianto
& Wijaya, 2023), including the risk of debt default (Li,
2023). The next internal factor is perceived behavioral
control, which indicates the degree to which a person
feels that whether or not a behavior is performed is
within his or her control (Krueger & Carsrud, 1993). A
person’s control in taking an action is often influenced
by one’s past/ childhood experiences in the family.
Family financial education gained during childhood
can be a strong consideration for someone in deciding
whether or not to use Paylater. In accordance with
the theory of social learning where someone learns by
imitating events in the family environment, one’s
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learning starts from the family (Pahlevi & Nasrhullah,
2020). Another proxy for perceived behavioral control
is self-control. When someone has a good foundation
of family financial education and is supported by high
self-control, the individual will tend to reduce debt
behavior (Stromback et al., 2017). In this case, self-
control strengthens the negative effects of family
financial education on the use of Paylater.
Apart from the two internal factors above, the
motivation for a person’s behavior is caused by
external factors, namely subjective norms, which
express an individual’s beliefs about how they will be
viewed by their reference group if they carry out a
certain behavior (Al-Swidi et al., 2014). In this study,
one of the external influences that is suspected of
contributing to someone using Paylater is hedonic
conformity. Hedonic conformity is the tendency of an
individual’s attitude and behavior to adjust to their
reference group to make pleasure or enjoyment the
goal of life and to fulfill prestige (Oktafikasari &
Mahmud, 2017). Technological advances that are
realized in digital-based debt services increasingly
facilitate this hedonistic behavior, especially when
reinforced by the financial risk tolerance that it has.
The interactions between external factors in the form
of hedonic conformity and internal factors, namely
financial risk tolerance, will strengthen the influence
of hedonic conformity on the use of Paylater.
Based on the study conducted by the researcher,
there is no known proxies for attitude, subjective
norms, and perceived behavioral control as proposed
in this study. First, the use of the financial risk
tolerance variable as a representation of an attitude
that acts as a moderator in the hedonic conformity
path towards the use of Paylater has not been found;
second, the placement of self-control as a proxy for
perceived behavioral control that can moderate the
influence of family financial education on the use of
Paylater has also not been done in previous studies.
The findings of this study are expected to expand the
application of TPB in the field of personal financial
management, especially in the behavior of Paylater
usage among students.
Based on the background described above, there are
several research questions proposed in this study: a)
Does hedonic conformity have a positive effect on the
use of Paylater?; b) Does family financial education
have a positive effect on the use of Paylater?; c) Does
financial risk tolerance strengthen the effect of
hedonic conformity on the use of Paylater?; and d)
Does self-control strengthen the negative effect of
family financial education on the use of Paylater?.
LITERATURE
REVIEW
AND
HYPOTHESIS
DEVELOPMENT
Theory of Planned Behavior (TPB)
The Theory of Planned Behavior was developed by
Ajzen (Ajzen, 1991). It describes a person’s intention
to perform a certain behavior. Intention is an
indication of how hard a person is willing to try
various efforts to perform the behavior (Ajzen &
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Driver, 1992). Intention to behave is determined by (a)
attitude, which is the belief that the behavior will
produce a desired or undesired outcome, (b)
subjective norm, which is the belief that the behavior
is desired by others and a person is motivated to do it,
and (c) perceived control behavior, which is an
individual’s belief about the ease of performing the
behavior becomes important when the behavior is not
entirely of one’s own volition (Ajzen, 2005). In this
study, the researcher modified TPB to test the
determinants of Paylater usage behavior by applying
proxy variables that are different from the original
theory and other theories, namely financial risk
tolerance, hedonic conformity, and family financial
education.
Paylater Usage
Paylater is a means of financing to obtain goods and
services that people can buy now and pay later.
Paylater is an alternative payment method that
adopts an online installment system without requiring
a credit card with a repayment due date of less than
or even more than a year (Salamah, 2022). Currently,
Paylater is widely adopted by e-commerce in
Indonesia, starting from entertainment companies,
ticket and hotel bookings, marketplaces, to online
transportation service providers (Prastiwi & Fitria,
2021).
Hedonic Conformity
Conformity is a type of social influence in which
individuals change their attitudes and behavior to
conform to existing social/group norms, due to
pressure from the group (Tannur & Roswiyani, 2021).
Conformity occurs when a number of people in a
group say or do something, and there is a tendency
for members to say and do the same thing. A person
conforms to his/her reference group because the
individual wants to get recognition from the group
(Capuano & Chekroun, 2024). Hedonism is a view that
prioritizes the pleasures of life in order to adapt one’s
attitudes and behavior to those of one’s group
(Kurniaputri & Fatwa (2022); Oktafikasari & Mahmud
(2017).
Family Financial Education
The first education for children is the family, including
knowledge about finances. By providing financial
management education from the family, children will
learn several positive lessons related to spending,
saving, and investing money correctly (Lusardi &
Streeter, 2023). Parents are the main socialization
agents of financial knowledge and provide direct role
models in financial management. This will form a
pattern of financial management for children that will
be applied when they already have an income (Bucciol
et al., 2022).
Self-control
Self-control is defined as a person’s ability to stop bad
habits, resist temptation, and overcome first impulses
(Stromback et al., 2017). Self-control is the ability to
organize, guide, regulate, and direct forms of
behavior that can lead to positive consequences,
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including in dealing with conditions in the surrounding
environment (Lopez et al., 2024). Self-control is
inherent in an individual and can be used when the
individual is faced with purchasing and debt decisions.
Financial Risk Tolerance
Financial risk tolerance is the maximum amount of
uncertainty a person is willing to accept when making
financial decisions (Grable & Joo, 2004). It refers to
the extent to which a person is willing to accept
investment risk (Ainia & Lutfi, 2019). Financial risk
tolerance will be applied in the assessment of
investment, debt, and other financial decisions. When
associated with investor preferences in taking and
accepting risks, investors can be divided into three
types, namely: (a) a risk seeker/ risk lover is a type of
investor who dares to take risks; (b) a risk neutral
person or investor is one who is neutral in taking risks;
and (c) a risk averter/ risk avoider is one who does not
dare to take risks and even tends to avoid them (Cioca
& Popescu, 2019).
Hedonic Conformity and Paylater Usage
Hedonic conformity can occur in university students
who generally have a community in their social life,
and they are exposed to many examples of luxurious
lifestyles through social media. This is reinforced by
the influence of a community that also pursues the
pleasures of life and has a tendency to make
continuous purchases, have a luxurious lifestyle, and
buy branded products (Oktafikasari & Mahmud, 2017).
University students who enter the group will try to be
accepted into the group by imitating the attitudes and
behavior of the group members(Moorthy et al., 2019).
In other words, students who are in the hedonic
group will also behave by prioritizing the pleasures of
life in order to be accepted in their group. Activities
seeking pleasure are generally done with friends so
that someone tries to be the center of attention and
appear more prominent with what they have (Giuntoli
et al., 2021). Hedonic conformity can make individuals
become consumerist and impulsive people who end
up in debt (Besharat et al., 2015). This impulsive
buying behavior and hedonic conformity are usually
experienced by students who do not yet have stable
financial capabilities but force themselves to fulfill
their lifestyles (Maharani et al., 2024). This can make
someone do various actions to meet their lifestyle
needs, such as borrowing money or making purchases
of goods using debt (Paylater).
H1: Hedonic conformity has a positive influence on the
use of Paylater among university students.
Family Financial Education and Paylater Usage
The family financial education will be internalized in
the child’s attitude when the child already has an
income and then manages it (Bucciol et al., 2022),
including one’s financial condition in old age. Parents’
simple attitude in financial management, the habit of
financial planning and saving, will shape children’s
habits in the future. With good financial planning and
management, children will tend to plan when buying
goods and avoid debt because they tend to prioritize
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basic needs over satisfying consumptive desires. In
accordance with Ahzab et al. (2023), Rohim et al.
(2022) discovered that someone who receives
financial education from one’s family has better
financial management and lower debt levels.
H2: Family financial education has a negative effect on
the use of Paylater among university students.
The Effect of Hedonic Conformity on Paylater Usage
with the Moderation of Financial Risk Tolerance
The greater a person’s risk tolerance is, the more the
person is willing to accept greater risks. When
students have a community that prioritizes the
pleasures of life or a hedonistic lifestyle, they will
follow the group norms or engage in a hedonistic
lifestyle in order to gain recognition from their group
(Moorthy et al., 2019).Among university students who
do not yet have fixed incomes, hedonic conformity
will actually increase the tendency to use Paylater
when accompanied by a high tolerance for financial
risk (Li, 2023; Minh 2020).
H3: Financial risk tolerance strengthens the positive
effect of hedonic conformity on Paylater usage
among university students.
The Effect of Family Financial Education on Paylater
Usage with the Moderation of Self-Control
In daily interactions in the family, parents provide real
examples and act as role models in financial
management such as having a simple attitude,
planning, investing, and saving (Bucciol et al., 2022),
which will form a pattern in a person to avoid debt,
especially for consumptive items. Internal factors such
as self-control also affect individual behavior related
to debt. An individual with strong self-control will be
able to resist the temptation of impulsive behavior, so
that the person will tend to avoid debt especially
consumptive debt (Atchziger et al., 2015; Lopez et al.,
2024). Thus, the negative influence of family financial
education on the use of Paylater will be stronger with
good self-control.
H4: Self-control strengthens the negative effect of
family financial education on Paylater usage among
university students.
Figure 1 below is a visualization of the conceptual framework of this research.
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FIGURE 1. Conceptual Framework
Source: Designed by the Researcher
METHOD
Population and Sample
This study used an explanatory quantitative approach
to test the hypotheses proposed by the researcher. A
total of 117 undergraduate and postgraduate students
of the Faculty of Economics and Business (FEB) of
Universitas Kristen Satya Wacana (UKSW) in Salatiga
were taken as the population. Although Salatiga is a
small city in the Semarang area, Central Java Province,
but the behavior of its people also shows the
widespread use of Paylater as found in big cities.
According to (Hair et al., 2014), the minimum number
of samples required for a model consisting of ≤ 5
variables is 100. The student data that was retrieved
for the sample was obtained from the student
database in each study program of FEB UKSW. There
were 3 undergraduate study programs and 4
postgraduate
study
programs.
The
online
questionnaires were distributed via students’ emails,
and only the respondents who met the criteria set by
the researcher were used as samples for this study. By
using the purposive sampling method, students who
had “ever used” and/or “currently use” Paylater were
selected as samples. This sampling method was
chosen because it provided the best information from
the sample in accordance with the research
objectives, even when some important aspects could
not be ignored (Rai & Thapa, 2015).
Primary data was utilized in this study and obtained
from online surveys to undergraduate – doctorate
degree level students of FEB UKSW by having the
surveys distributed via email to all the students. The
data obtained contained the respondents’ answers to
each question that represented all the latent
variables, as well as the respondents’ personal data.
Research Variables
This study consisted of four latent variables, namely
three exogenous variables (hedonic conformity,
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family financial education, and self-control), one
moderating variable (financial risk tolerance), and one
endogenous
variable
(Paylater
usage).
The
operational definitions of the research variables and
their indicators are explained in Table 1 below.
TABLE 1. Operational Definitions of the Research Variables
Variable
Operational Definition
Indicator
Hedonic
Conformity
(HC)
The tendency to adjust a
person’s
attitudes
and
behavior to those of his/her
reference group with the aim
of achieving pleasure or
enjoyment in life.
(Adapted from Oktafikasari & Mahmud, 2017)
Follow trends
Influence of social information (positioning
information and groups as primary sources of
thought)
Social pressure to be accepted in a group
Group recognition
Family
Financial
Education
(FFE)
Having an understanding that
parents instill in children
about the value of money,
attitudes, and behavior in
managing
one’s
personal
finances.
(Adapted from Syuliswati, 2020)
Teaching to be accustomed to saving
The child is trusted to manage one’s own
finances
The parents encourage their children to discuss
family financial problems
Assist with household chores to earn additional
pocket money
Self-control
(SC)
A person’s ability to stop bad
habits and resist impulses.
(Adapted from Strömbäck et al., 2017).
The habit of saving
Consider risks and advantages before taking an
action
Have a long-term focus in making decisions
Can resist temptations of discount shopping
Financial
An individual’s willingness to
(Adapted from Cordell, 2001)
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Variable
Operational Definition
Indicator
Risk
Tolerance
(FRT)
accept uncertainty and costs in
financial decision making.
I prefer to shop with credit than cash
I am willing to bear additional costs when
shopping online (for instance: shipping costs,
transfer fees, and interest fees)
I do not mind paying more for goods in online
stores than for those in offline stores
I prefer to purchase goods through credit to
secure my cash liquidity now
Paylater
Usage
(PU)
The utilization of a digital-
based
consumer
financing
service.
(Adapted Rahima & Cahyadi, 2022)
Length of usage
Intensity
Credit time period
Late payments
Based on the indicators of each variable above, the
researcher compiled a research instrument using a
closed question model by providing answer options
for the respondents. The answer options were given
in a Likert scale of 6 (six) scores, with the
consideration of avoiding the chance of a social bias
by having the instrument compiled on an even scale
(Garland, 1991). There may be a tendency of
respondents to avoid giving scores that are too low or
too high, so that they will give a middle score,
because the middle value is considered a safe value
for respondents.
ANALYSIS TECHNIQUE
This study used the PLS-SEM method to process the
primary data, because it is considered more suitable
for research aimed at predicting, exploring, or
developing theories; it used a measurement
philosophy in the form of total variance (composite-
based) with reflective and formative model
measurement specifications; it could be used for small
samples (<100) or large samples (>100); and it was not
sensitive to data distribution requirements (Hair et al.,
2017).
The regression equation to be tested in this study was
formulated as follows:
Paylater Usage = α + β1 Hedonic Conformity + β2
Family Financial Education + β3 Financial Risk
Tolerance + β4 Self-Control + β5 Hedonic
Conformity*Financial Risk Tolerance + β6 Family
Financial Education*Self-Control + ε …. (1)
ANALYSIS AND DISCUSSION
Respondents’ Profile
This study obtained 117 students who used Paylater as
respondents. The demographic characteristics of the
respondents are described in Table 2 below.
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TABLE 2. Respondents’ Profile
Demographic Characteristics
Total (%)
Gender:
Male
Female
Total
56 (48%)
61 (52%)
117 (100%)
Age:
≤ 20 years old
21 – 25 years old
26 – 44 years old
Total
32 (27%)
74 (63%)
11 (10%)
117 (100%)
Education Level:
Undergraduate
Postgraduate
Total
96 (82%)
21 (18%)
117 (100%)
Status:
Unemployed
Employed (including part-time)
Total
77 (66%)
40 (34%)
117 (100%)
Ethnic Group:
Outside of Java
Javanese
Chinese
Total
27 (23%)
72 (62%)
18 (15%)
117 (100%)
Paylater Application Used:
GoPay Paylater
Shopee Paylater
11 (10%)
52 (44%)
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Other
Total
54 (46%)
117 (100%)
Source: Processed primary data (2024)
In terms of gender, most of the respondents were
female (52%). When viewed from the age range, 63%
of respondents were between 21-25 years old. This
age range is in line with the level of education of the
respondents where most were undergraduate
students (82%). Most of the respondents were also
unemployed (66%). This is very possible because most
of the respondents in this study were undergraduate
students who were still focused on pursuing their
education. Furthermore, when viewed from ethnicity,
62% of the respondents were Javanese, 23% outside
Java, and 15% Chinese. The types of Paylater used by
most of the respondents were Shopee Paylater (44%)
and GoPay Paylater (10%). Besides that, the
respondents also used Akulaku Paylater, Kredivo
Paylater, Traveloka Paylater, Home Credit, Tokopedia,
Visa, and Mastercard. The student respondents use
Paylater considering the completeness of the
features, the interest rates charged, the ease of use,
the number of discounts offers, the variety of credit
terms, and the ease of obtaining credit.
Validity and Reliability Testing 1
The results of the validity and reliability tests on the
research instrument (Table 3) show that there are two
indicator items, namely FFE2 and FRT2, which have
loading factors below 0.7, so these two indicators
were removed from the next testing process because
they were not valid (Hair et al., 2017). In addition, the
results of the reliability test indicate that all variables
have an AVE score > 0.5, so that they can be declared
reliable. The internal consistency reliability is also met
with CR > 0.7, and there is no multicollinearity as
indicated by the full collinearity of VIF <10 (Hair et al.,
2017).
TABLE 3. First Validity and Reliability Testing
Construct
Item
Loading
Factor
Average
Variance
Extracted
(AVE)
Composite
Reliability
Coefficient
(CR)
Cronbach’s
Alpha
Full
Collinearity
of VIF
Hedonic
Conformity
(HC)
HC1
HC2
HC3
HC4
0.861
0.897
0.902
0.875
0.781
0.934
0.906
2.518
2.967
3.243
2.815
Family
Financial
Education (FFE)
FFE1
FFE2
FFE3
FFE4
0.920
0.684
*
0.776
0.713
0.606
0.859
0.825
1.552
1.518
2.444
2.390
Financial
Risk
Tolerance (FRT)
FRT1
FRT2
FRT3
0.921
0.315
*
0.833
0.602
0.845
0.760
3.076
1.303
2.266
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Construct
Item
Loading
Factor
Average
Variance
Extracted
(AVE)
Composite
Reliability
Coefficient
(CR)
Cronbach’s
Alpha
Full
Collinearity
of VIF
FRT4 0.877
2.463
Self-control (SC)
SC1
SC2
SC3
SC4
0.783
0.877
0.844
0.724
0.655
0.883
0.823
1.683
2.478
2.256
1.519
Paylater Usage (PU)
PU1
PU2
PU3
PU4
0.847
0.896
0.830
0.873
0.743
0.920
0.885
2.353
2.607
2.051
2.503
Explanation: * indicator deleted because the outer loading factor < 0.70
Source: Processed primary data (2024)
Descriptive Statistics
The descriptive statistics of each variable indicator are explained in Table 4. The average respondent has a hedonic
conformity of 3.03, family financial education of 4.22, financial risk tolerance of 3.41, and self-control of 4.23. The
average of the four variables is in the moderate category. In addition, the average use of Paylater is 2.56 and is in the
low category.
TABLE 4. Descriptive Statistics of Each Construct
Construct & Indicator
Average per
Indicator
Construct
Average
Category
Hedonic Conformity:
HC1
HC2
HC3
HC4
3.19
3.43
2.78
2.72
3.03
Moderate
Family Financial
Education:
FFE1
FFE3
FFE4
4.72
3.95
4.22
Moderate
Financial Risk Tolerance:
FRT1
FRT3
FRT4
3.50
3.06
3.67
3.41
Moderate
Self-control:
SC1
SC2
SC3
SC4
4.10
4.49
4.45
3.88
4.23
Moderate
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Paylater Usage:
PU1
PU2
PU3
PU4
2.50
2.81
2.68
2.23
2.56
Low
Explanation: Average scores 1.00-2.67: low perception; >2.67-4.34: moderate perception; >4.34-6.00: high
perception
Source: Processed primary data (2024)
Validity and Reliability Testing 2
Before conducting the hypothesis testing, the validity, reliability, and goodness-of-fit of model 2 were tested first.
Table 5 illustrates the results of the discriminant validity testing using the Fornell-Larcker value (square root of AVE)
for each construct, where the value must be greater than the correlation value between other constructs. Based on
Table 5, it can be seen that all indicators can be said to have good discriminant validity.
TABLE 5. Fornell-Larcker Criterion
Construct
Hedonic
Conformity
Family
Financial
Education
Financial
Risk
Tolerance
Self-
control
Paylater
Usage
Hedonic Conformity
0.884
Family Financial Education
-0.318
0.811
Financial Risk Tolerance
0.662
-0.148
0.880
Self-control
-0.374
0.526
0.809
0.809
Paylater Usage
0.619
-0.317
0.576
-0.382
0.862
Source: Processed primary data (2024)
Next, Table 6 depicts the results of the second convergent validity and reliability test after removing the PKK2 and
TRK2 indicators. The results of the convergent validity test illustrate that the outer loading value for all indicators is >
0.7 and is in the range of 0.701 to 0.955. Likewise, if the AVE value for all constructs is > 0.5, then it can be concluded
that all indicators have met the convergent validity criteria. Furthermore, for the results of the reliability test, it is
also known that all constructs have met the reliability requirements as indicated by the Cronbach’s alpha value >
0.70, composite reliability (CR) > 0.80, and VIF < 10.
TABLE 6. Second Validity and Reliability Testing
Construct
Item
Loading
Factor
Average
Variance
Extracted
(AVE)
Composite
Reliability
Coefficient
(CR)
Cronbach’
s Alpha
Full
Collinearity
of VIF
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Hedonic Conformity
HC1
HC2
HC3
HC4
0.861
0.897
0.902
0.875
0.781
0.934
0.906
2.518
2.967
3.243
2.815
Family
Financial
Education
FFE1
FFE3
FFE4
0.955
0.773
0.701
0.656
0.850
0.813
1.493
2.431
2.166
Financial Risk Tolerance TRK1
TRK3
TRK4
0.934
0.815
0.866
0.774
0.845
0.854
2.923
1.774
2.459
Self-control
SC1
SC2
SC3
SC4
0.783
0.877
0.844
0.724
0.655
0.911
0.823
1.683
2.478
2.256
1.519
Paylater Usage
PU1
PU2
PU3
PU4
0.847
0.896
0.831
0.873
0.743
0.920
0.885
2.353
2.607
2.051
2.503
Source: Processed primary data (2024)
Furthermore, Table 7 presents the results of the goodness-of-fit test. The Standardized Root Mean Square Residual
(SRMR) has a value of 0.087. Meanwhile, the R2 value of 0.510 is greater than 0.1 and the Q2 value of 0.339 is also
greater than 0. Thus, the model can be stated as fit.
TABLE 7. Goodness-of-Fit Testing
Criteria
Measurement
Limitation
Reference
Standardized
Root
Mean Square Residual
(SRMR)
0.076
SRMR < 0.10
(Kock, 2017)
R-Square (R
2
)
of Paylater Usage
0.510
R
2
> 0.10
(Falk & Miller, 1992)
Q-Square (Q
2
)
of Paylater Usage
0.339
Q
2
> 0
(Hair et al., 2011)
Source: Processed primary data (2024)
Hypothesis Testing
The results of the hypothesis testing are explained in Table 8 and Figure 2.
TABLE 8. Hypothesis Testing Results
Regression Path Original Sample
P-value
Conclusion
HC
PU
0.260
0.009**
H1 is supported
FFE
PU
-0.163
0.063*
H2 is supported
HC*FRT
PU
0.226
0.005***
H3 is supported
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FFE*SC
PU
-0.030
0.689
H4 is rejected
Note: *, **, *** are significant at alpha levels of 10%, 5%, and 1%.
Source: Processed primary data (2024)
The coefficient of influence of hedonic conformity on the use of Paylater is 0.260 and the p-value <0.01, so that H1 is
accepted. Thus, it can be stated that hedonic conformity has a positive effect on the use of Paylater. The coefficient
of influence of family financial education on the use of Paylater is -0.163 and the p-value <0.05, so that it is proven
that family financial education has a negative effect on the use of Paylater (H2 is accepted). The testing of financial
risk tolerance as a moderator between hedonic conformity and the use of Paylater produced a coefficient of 0.226
and is significant (p-value <0.01), so that H3 is accepted. Consequently, it is demonstrated that financial risk
tolerance strengthens the influence of hedonic conformity on the use of Paylater. Furthermore, the testing results
of the self-control variable as a moderator between family financial education and the use of Paylater depict a p-
value >0.05, so that H4 is rejected. Hence, it can be stated that self-control does not moderate the influence of
family financial education on the use of Paylater.
FIGURE 2. Output of Full Model Testing
DISCUSSION
Hedonistic conformity has been demonstrated to
have a positive effect on the use of Paylater. The life
of a student who is constantly influenced by one’s
surrounding community will affect his/her lifestyle and
financial behavior. When the community prioritizes
pursuing the pleasures of life, making continuous
purchases, and a luxurious lifestyle, then the student
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will follow suit in order to gain recognition from the
group (Moorthy et al., 2019). The lack of a stable
income and financial capabilities will encourage
students to use debt to fulfill their lifestyles (Shulha et
al., 2023), including debt in the form of Paylater. This
is supported by the ease of getting access to Paylater,
the varying credit terms, and the many discounts
offered. The results of this study are in line with
research by Besharat et al. (2015), who revealed that a
hedonic lifestyle increases the use of debt.
The results of the hypothesis 2 testing convey that
family financial education has a negative effect on the
use of Paylater. The results of this study are in line
with previous research (Ahzab et al., 2023; Rohim et
al., 2022), who proved that better financial
management and lower debt levels will be possessed
by someone who has received financial education
from one’s family. When a student receives financial
education from the family in the form of direct role
models from one’s parents in financial planning,
saving, and investment, then this pattern will be
carried over into the child’s attitude when he is an
adult and has his own income (Bucciol et al., 2022). A
student who is accustomed to receiving financial
education from his/her family will be accustomed to
doing financial planning, avoiding consumer behavior,
and circumventing debt to meet his/her consumer
needs (Lusardi & Streeter, 2023), including not using
Paylater services.
The results of the hypothesis 3 testing reveal that the
level of financial risk tolerance strengthens the
influence of hedonic conformity on the use of
Paylater. The higher the level of risk tolerance of
students, the more willing the students are to accept
greater risks and uncertainties (Grable & Joo, 2004),
such as the risk in using debt (Li, 2023; Minh, 2020).
The tendency of students to adjust their attitudes to
follow group norms, especially groups that prioritize
the pleasures of life (hedonistic lifestyle) and
consumerism will cause students to try to fulfill their
lifestyles in various ways. The absence of a stable
income will encourage students to “buy now and pay
later” to fulfill their lifestyle desires. This will be
further strengthened by the existence of a high level
of risk tolerance because it allows students to dare to
take risks in failing to pay their Paylater debts.
The results of the hypothesis 4 testing indicate that
self-control does not moderate the influence of family
financial education on the use of Paylater. Although
the respondents have a moderate level of self-control,
the majority of the respondents still use Paylater
services, with an average payment period of less than
six months and installment terms of 1-6 times.
(Tangney et al., 2004)revealed that a lack of self-
control can occur. This failure can occur because (1)
there is a conflict between one’s goals and a
weakened self-control, such as a conflict between
feeling better by shopping with the aim of saving; (2)
difficulty in controlling oneself; and (3) self-control
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which depends on resources such as strength and
energy, and the reduction of these resources will
make self-control less effective. The results of the
study reveal that self-control does not support the
negative effect of family financial education on the
use of Paylater. A student decides not to use Paylater
because of the family financial education that has
been obtained, not because of the student’s inherent
self-control.
CONCLUSION
This study, which reveals the use of Paylater among
university students, attests that hedonic conformity
and family financial education are shown to play a role
as determinants, and financial risk tolerance as a
moderator in using Paylater. These findings support
the Theory of Planned Behavior in predicting financial
behavior, especially student debt behavior by using
different proxy variables from previous research. The
subjective norms represented by the hedonic
conformity variable has a positive effect on Paylater
usage. Meanwhile, perceived behavioral control
proxied by the family financial education variable is
able to deter the use of Paylater. Furthermore, the
attitude reflected by the financial risk tolerance
variable is able to moderate the effect of hedonic
conformity on the use of Paylater by students. This
means that attitude strengthens subjective norms in
determining debt behavior in using Paylater services.
This study offers recommendations for students and
higher education curricula at universities regarding
the importance of including elements of financial
literacy and digital literacy in personal financial
management materials for students, both at
undergraduate and postgraduate levels. This content
is not only intended for students of the Faculty of
Economics and Business, but it can also be applied to
multidisciplinary students considering the widespread
phenomenon of abuse of Paylater services that also
occurs among students in both large and small cities.
Limitations and Suggestions for Future Research
This research on Paylater usage applied constructs
from a financial discipline, while the discussion on
financial technology also contains aspects of
information technology. Therefore, further research
can consider including other multidisciplinary
variables such as digital literacy and/ or individual
behavior towards e-commerce. In addition, the
deductions of these findings are limited to the sample
studied. Therefore, it is necessary to consider
comparing the use of Paylater by university students
in large versus small cities and even for non-student
groups.
In
addition,
the
TPB
modification
implemented in this research was only limited to
testing the determinants of Paylater usage; it has not
revealed the positive or negative consequences that
can arise from the use of Paylater. Therefore, this gap
can be an agenda for future research to be
conducted.
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