The Influence of Financial Literacy and Digital Payment Use on Generation Z’s Consumptive Behavior: Evidence from Kopi Kenangan in Surabaya

Alwiyah Alwiyah; Devinta Nur Arumsari

doi:10.59431/ijer.v6i3.977

Quick Links

Journal

Home: Journal Home
Current: Current Issue
Archives: All Issues
News: Announcements
Search: Search Articles

About

About: About Journal
Team: Editorial Team
Reviewers: Reviewer Team
Indexing: Indexed In

For Authors

Guidelines: Author Guidelines
Submit: Submit Article
Fees: Publication Fees

Policies

Ethics: Publication Ethics
Review: Reviewer Guide
Access: Open Access
Contact: Contact Us

6281260272238
alam.amiki@gmail.com
Mon - Sat: 08:00 - 15:00

Articles

PDF

Articles

The Influence of Financial Literacy and Digital Payment Use on Generation Z’s Consumptive Behavior: Evidence from Kopi Kenangan in Surabaya

Alwiyah Alwiyah, Devinta Nur Arumsari

View Author Affiliations

Alwiyah Alwiyah: Universitas Pembangunan Nasional "Veteran" Jawa Timur, Indonesia
Devinta Nur Arumsari: Universitas Pembangunan Nasional "Veteran" Jawa Timur, Indonesia

DOI:

https://doi.org/10.59431/ijer.v6i3.977

Published:

September 28, 2026

Pages:

1395-1406

0

Views

0

Downloads

Article Metrics

Abstract

Indonesia's financial literacy index has risen sharply, yet Generation Z—the largest user segment of digital financial services—still shows an uneven capacity to translate this progress into prudent spending, even as digital payment instruments such as QRIS and e-wallets increasingly reduce the psychological friction traditionally associated with spending cash. This study examines the effect of financial literacy and digital payment usage on the consumptive behavior of Generation Z users of the Kopi Kenangan application in Surabaya. Using a quantitative explanatory approach, data from 100 respondents obtained through purposive sampling were analyzed using Partial Least Square Structural Equation Modeling (PLS-SEM). The results show that financial literacy has a significant positive effect on consumptive behavior, contrary to the negative effect initially hypothesized. This pattern suggests that financially literate individuals may overestimate their own capacity for self-control, an overconfidence effect that leaves them vulnerable to low-friction, gamified digital purchase triggers such as flash sales and tiered loyalty rewards. Digital payment usage, by contrast, shows a positive but statistically non-significant effect, indicating that payment convenience alone does not directly drive consumptive spending. Together, the two predictors explain only a small proportion of the variance in consumptive behavior, pointing to lifestyle, social-media influence, and self-control as more dominant factors warranting further study. These findings imply that digital platforms should consider responsible design features, such as spending-awareness nudges, rather than assuming that financial education alone will curb impulsive consumption among digitally native consumers.

Keywords

Financial Literacy; Digital Payment; Consumptive Behavior; Generation Z

Author Biographies

Alwiyah Alwiyah

Universitas Pembangunan Nasional "Veteran" Jawa Timur

Study Program of Entrepreneurship, Faculty of Economics and Business, Universitas Pembangunan Nasional "Veteran" Jawa Timur, Indonesia.

Devinta Nur Arumsari

Universitas Pembangunan Nasional "Veteran" Jawa Timur

Study Program of Entrepreneurship, Faculty of Economics and Business, Universitas Pembangunan Nasional "Veteran" Jawa Timur, Indonesia.

Article Identifiers

Article Title: The Influence of Financial Literacy and Digital Payment Use on Generation Z’s Consumptive Behavior: Evidence from Kopi Kenangan in Surabaya
DOI: 10.59431/ijer.v6i3.977
Publication Date: 2026-09-28

Journal: Indonesian Journal Economic Review (IJER)
Volume: 6
Issue: 3
Pages: 1395-1406

References

Abdullah, et al. (2022). Perilaku konsumtif dan literasi keuangan pada mahasiswa. Jurnal Ekonomi dan Bisnis.
Agustin, H., & Abidin, Z. (2022). Sistem pembayaran digital: Konsep dan implementasi. Jurnal Keuangan Digital Indonesia.
Aisyah, Widagdo, & Warsono. (2023). Pengaruh penggunaan e-wallet terhadap financial management behavior mahasiswa. Business Innovation Management and Entrepreneurship Journal (BIMANTARA).
Andriani, et al. (2023). Indikator penggunaan pembayaran digital pada mahasiswa. Jurnal Manajemen dan Kewirausahaan, 11(2), 45–58.
Anggraini, R., & Santhoso, F. H. (2019). Hubungan antara gaya hidup hedonis dengan perilaku konsumtif pada remaja. Gadjah Mada Journal of Psychology, 4(2), 131–140.
Azsahrah, Jasman, Asriany, & Ardhana. (2023). Pengaruh literasi keuangan terhadap perilaku konsumtif Generasi Z.
Baker, H. K., Kumar, S., Goyal, N., & Gaur, V. (2019). How financial literacy and demographic variables relate to behavioural biases. Managerial Finance, 45(1), 124–146.
Chin, W. W. (1998). The partial least squares approach to structural equation modeling. In G. A. Marcoulides (Ed.), Modern methods for business research (pp. 295–336). Lawrence Erlbaum Associates.
Creswell, J. W. (2018). Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.). SAGE Publications.
Efriyanto, S., & Anggun, L. (2025). The influence of financial literacy and cashless payment on consumptive behavior of Generation Z in Jakarta. International Journal of Current Science Research and Review, 8(7), 1–13.
Elliyana, E., Kurnia, A., & Ismayanti, D. (2024). The impact of financial literacy on the consumptive behavior of Generation Z Paylater users: A study on e-commerce platforms. Journal of Production, Operations Management and Economics, 4(6), 77–87.
Fadila, N., Goso, G., Hamid, R. S., & Ukkas, I. (2022). Pengaruh literasi keuangan, financial technology, persepsi risiko, dan locus of control terhadap keputusan investasi pengusaha muda. Owner: Riset dan Jurnal Akuntansi, 6(2), 1633–1643. https://doi.org/10.33395/owner.v6i2.789.
Faraz, N., & Anjum, A. (2025). Spendception: The psychological impact of digital payments on consumer purchase behavior and impulse buying. Behavioral Sciences, 15(3), Article 387. https://doi.org/10.3390/bs15030387.
Fattah, M. F. A., & Indriayu, M. (2018). Pengaruh literasi keuangan dan pengendalian diri terhadap perilaku konsumtif siswa. Jurnal Pendidikan Ekonomi, 11(2), 135–141.
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26 (10th ed.). Badan Penerbit Universitas Diponegoro.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). SAGE Publications.
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report results of PLS-SEM. European Business Review, 31(1), 2–24.
Hariyani, D., & Prasetio, T. (2024). Financial literacy and e-wallet usage in controlling Gen Z's consumerist behavior. Jurnal Ekonomi Digital, 9(1), 55–70.
Haryana, D. (2020). Literasi keuangan dan pengaruhnya terhadap keputusan investasi masyarakat. Jurnal Akuntansi dan Keuangan, 8(1), 33–47.
Hayati, et al. (2023). Jenis-jenis digital payment dan penggunaannya di Indonesia. Jurnal Ekonomi Digital, 4(1), 22–34.
Herdinata, C., & Pranaatasari, A. (2020). Indikator literasi keuangan dalam pengambilan keputusan finansial. Jurnal Manajemen Keuangan, 9(2), 88–102.
Hoffmann, T., & Anwar, S. (2024). The influence of culture on the lure of choice, mental accounting, and overconfidence. Behavioral Sciences, 14(3), 1–15.
Ishlakhatus Sa’idah, N., Wibowo, H., & Kartika, S. (2025). Emotional, social, and social media factors in Generation Z's consumption decisions. Jurnal Psikologi Konsumen, 7(1), 23–38.
Jakpat. (2025). Survei metode pembayaran digital masyarakat Indonesia. Jakpat Mobile Survey Platform.
Kopi Kenangan. (2024, January). Program Kenangan VIP: Sistem loyalty berjenjang. Kopi Kenangan Official.
Korompis, S., Ramadhan, M., & Setiawan, F. (2024). Characteristics of Generation Z and their impact on digital consumption patterns. Jurnal Ilmu Sosial dan Budaya, 15(3), 99–115.
Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson Education.
Marginingsih, R. (2021). Peran literasi keuangan dalam meningkatkan kesejahteraan finansial individu. Jurnal Ekonomi dan Manajemen, 12(1), 45–56.
Mintarti, S. (2016). Literasi keuangan: Konsep dan pengukurannya.
Moehadi, Hartiningsih, Firmansyah, & Wicaksono. (2023). Pengaruh persepsi kemudahan penggunaan e-wallet terhadap perilaku konsumtif generasi muda. Jurnal Dimensi.
Mursita, N. E., Sebayang, K. D. A., & Wibowo, A. (2024). Pengaruh literasi keuangan dan penggunaan digital payment terhadap perilaku konsumtif pada Generasi Z di Jakarta. EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi, 3(5).
Naufalia, R. (2022). Peran digital payment dalam transformasi perilaku konsumsi masyarakat urban. Jurnal Keuangan dan Bisnis Digital, 3(1), 15–28.
Nur, A., & Malihah, L. (2023). Pengaruh kemudahan penggunaan digital payment terhadap perilaku konsumtif mahasiswa. Jurnal Manajemen dan Bisnis, 7(2), 101–115.
Oktaviani, M., Oktaria, M., Alexandro, R., Eriawaty, & Rahman. (2023). Pengaruh literasi keuangan terhadap perilaku konsumtif Generasi Z pada mahasiswa. Jurnal Ekonomi dan Pendidikan, 10(1), 55–68.
Pangestu, & Karneli. (2023). Pengaruh literasi keuangan terhadap perilaku konsumtif Generasi Z.
Pujia, D. P., Hidayat, C. E., Kamela, H., Susilowati, & Suhartono. (2024). Pengaruh literasi keuangan dan penggunaan digital payment terhadap perilaku konsumtif dengan gaya hidup sebagai variabel moderasi pada mahasiswa FEB Universitas Tangerang Raya. Jurnal Manajemen dan Kewirausahaan, 12(3), 210–225.
Qomariyah, A., Qibtiyah, G. A., & Bemby, F. A. W. (2022). Financial literacy, impulsive buying behavior, and the Z-Gen. Review of Integrative Business and Economics Research, 11, 164–178.
Rahmawati, T., Nurjanah, S., & Sariwulan, R. T. (2023). Pengaruh economic literacy, penggunaan uang elektronik, dan lifestyle terhadap perilaku konsumtif masyarakat Indonesia. Jurnal Ekonomi dan Bisnis, 14(2), 88–104.
Restike, K. P., Prasasti, D., Fitriani, D. I., & Ciptani, M. K. (2024). Pengaruh literasi keuangan, perilaku pembelian impulsif, dan gaya hidup terhadap penggunaan Shopee Paylater Gen Z. Jurnal Manajemen Bisnis dan Kewirausahaan, 8(4), 305–318.
Rizcha, N. F., & Rijali, N. F. (2024). Pengaruh penggunaan e-commerce Shopee terhadap perilaku konsumtif mahasiswa Sekolah Tinggi Ilmu Administrasi Tabalong. JAPB: Jurnal Administrasi dan Pemerintahan Bisnis, 7(2), 1540–1553.
Rizki, V. D. F., & Prakoso, A. F. (2024). Analisis pengaruh media sosial dan penggunaan e-wallet terhadap perilaku konsumtif fungsionaris Himpunan Mahasiswa Prodi Pendidikan Ekonomi Universitas Negeri Surabaya periode 2023. Journal of Education and Research, 3(1), 1–17. https://doi.org/10.56707/jedarr.v3i1.182.
Sağkaya Güngör, A., & Ozansoy Çadırcı, T. (2022). Understanding digital consumer: A review, synthesis, and future research agenda. International Journal of Consumer Studies, 46(5), 1829–1858. https://doi.org/10.1111/ijcs.12809.
Sanggarwati, B., Yulianti, G., & Singgih, T. S. (2025). Pengaruh literasi keuangan, gaya hidup dan fintech digital payment terhadap perilaku pengelolaan keuangan Generasi Z. Jurnal Manajemen dan Keuangan, 14(1), 77–93.
Sari, N. N., Takidah, E., & Sumiati, A. (2025). Pengaruh literasi keuangan, digital payment, dan self control terhadap perilaku konsumtif mahasiswa Fakultas Ekonomi dan Bisnis Universitas Negeri Jakarta. Jurnal Pendidikan Ekonomi dan Bisnis.
Sarmiento, A. G. M. (2024). Buy now, think later: Financial literacy and impulse buying behavior among college students in City of Malolos. International Journal of Social Science Humanity & Management Research, 3(11), 1452–1459. https://doi.org/10.58806/ijsshmr.2024.v3i11n10.
Solehah, N. (2024). Definisi dan manfaat pembayaran digital dalam transaksi modern. Jurnal Teknologi Finansial, 6(1), 10–22.
Sugiyono. (2023). Metode penelitian kuantitatif, kualitatif, dan R&D (3rd ed.). Alfabeta.
Sukthankar, S., Fernandes, R., Korde, S., Gaonkar, S., & Colaco, A. (2026). Evaluating the impact of financial and behavioural determinants on consumptive behaviour through the mediating role of mental accounting. Discover Psychology, 6, Article 191.
Sumartono. (2002). Terperangkap dalam iklan: Meneropong imbas pesan iklan televisi. Alfabeta.
Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral Decision Making, 12(3), 183–206.
Tribuana, P. (2020). Literasi keuangan dasar dan pengaruhnya terhadap perilaku investasi. Jurnal Keuangan dan Perbankan, 18(3), 201–215.
Triyaningsih, S. L. (2011). Dampak online marketing melalui Facebook terhadap perilaku konsumtif masyarakat. Jurnal Ekonomi dan Kewirausahaan, 11(2), 172–177.
Yahfi, M., Said, M. M., & Trianti, K. (2025). Pain of paying as mediation: An analysis of the influence of digital payments and financial literacy on students' impulse buying behavior. Jurnal Ilmu Manajemen (JIMMU), 10(1), 117–135.

Issue Information

Article Details

Volume:	6
Issue:	3
Year:	2026
Published:	2026-09-28
Pages:	1395-1406
Section:	Articles

View Full Issue

Additional Information

How to Cite

Alwiyah, A., & Arumsari, D. N. (2026). The Influence of Financial Literacy and Digital Payment Use on Generation Z’s Consumptive Behavior: Evidence from Kopi Kenangan in Surabaya. Indonesian Journal Economic Review (IJER), 6(3), 1395-1406. https://doi.org/10.59431/ijer.v6i3.977