Impulsive buying behavior as the main driver of college students' intention to use buy now, pay later (BNPL) services
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Dewi Khornida Marheni(1*)
Department of Management, Faculty of Business and Management, Universitas Internasional Batam
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Felix Fajar Natanael Panjaitan(2)
Department of Management, Faculty of Business and Management, Universitas Internasional Batam
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Yulfiswandi Yulfiswandi(3)
Department of Management, Faculty of Business and Management, Universitas Internasional Batam
(*) Corresponding Author
Abstract
This study examines the influence of financial parenting and impulse buying behavior on the intention to use Buy Now, Pay Later (BNPL) services among university students, with financial self-efficacy serving as a mediating variable. As BNPL services continue to gain popularity among younger consumers, understanding the behavioural and financial factors that drive adoption has become increasingly important for promoting responsible financial decision-making. Employing a quantitative research approach, data were collected from student respondents and analyzed to assess the direct and indirect relationships among the variables. The findings reveal that financial parenting does not significantly influence either financial self-efficacy or the intention to use BNPL services. Similarly, financial self-efficacy was found to have no significant effect on BNPL usage intention and did not mediate the relationship between financial parenting and BNPL adoption. In contrast, impulse buying behavior exerts a positive and significant influence on the intention to use BNPL, indicating that spontaneous purchasing tendencies are a primary driver of deferred-payment service adoption among students. These findings suggest that psychological and behavioural factors may play a more influential role than financial socialization or self-confidence in financial management when shaping BNPL usage intentions. The study contributes to the growing literature on consumer finance, financial technology adoption, and youth financial behaviour by highlighting the importance of addressing impulsive consumption tendencies through targeted financial education and responsible spending initiatives to reduce future financial vulnerability.
Keywords: Buy Now Pay Later (BNPL); Financial Parenting; Financial Self-Efficacy;Impulsive Buying; Intention to Use BNPL
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References
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Montford, W., & Goldsmith, R. E. (2016). How gender and financial self‐efficacy influence investment risk taking. International Journal of Consumer Studies, 40(1), 101–106.
Noor, N., Batool, I., & Arshad, H. M. (2020). Financial literacy, financial self-efficacy and financial account ownership behavior in Pakistan. Cogent Economics and Finance, 8(1), 1–17. https://doi.org/10.1080/23322039.2020.1806479
Noor, N., Batool, I., Arshad, H. M., Noor, N., Batool, I., & Arshad, H. M. (2020). Cogent Economics & Finance Financial literacy , financial self-efficacy and financial account ownership behavior in Pakistan Financial literacy , financial self-efficacy and financial account ownership behavior in Pakistan. Cogent Economics & Finance, 8(1). https://doi.org/10.1080/23322039.2020.1806479
Norvilitis, J., Merwin, M. M., Osberg, T., Roehling, P. V., & Young, P. (2006). Personality Factors, Money Attitudes, Financial Knowledge, and Credit‐Card Debt in College Students. Journal of Applied Social Psychology, 36(6), 1395–1413. https://doi.org/10.1111/j.0021-9029.2006.00065.x
Pinto, M. B., Mansfield, P., & Parente, D. (2024). Relationship of Credit Attitude and Debt to Self-Esteem and Locus of Control in College-Age Consumers. Psychological Reports, 94(3), 1405–1418. https://doi.org/10.2466/PR0.94.3.1405-1418
Relja, R. (2024). Understanding the Psychological Determinants of Buy-Now-Pay-Later (BNPL) in the UK: A User Perspective. https://doi.org/10.1108/IJBM-07-2022-0324
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Rook, D. W., & Fisher, R. J. (1995). Normative Influences on Impulsive Buying Behavior. Journal of Consumer Research, 22(3), 305–313. https://doi.org/10.1086/209452
Schomburgk, L., & Hoffmann, A. (2023). How mindfulness reduces BNPL usage and how that relates to. 57(2), 325–359. https://doi.org/10.1108/EJM-11-2021-0923
Shim, S., Serido, J., Tang, C., & Card, N. (2015). Socialization processes and pathways to healthy financial development for emerging young adults. Journal of Applied Developmental Psychology, 38(5), 29–38.
https://doi.org/10.1016/j.appdev.2015.01.002
Sitepu, G. A., & Fadila, A. (2024). Analisis Pemanfaatan Layanan Paylater Di Era Keuangan Digital Oleh Generasi Z. Journal of Young Entrepreneurs, 3(1), 57–70.
Tang, N., & Peter, P. C. (2015). Financial knowledge acquisition among the young: The role of financial education, financial experience, and parents’ financial experience. Financial Services Review, 24, 119–137. https://doi.org/10.61190/fsr.v24i2.3237
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User Acceptance of Information Technology: Toward a Unified View. MIS Quarterly: Management Information Systems, 27(3), 425–478. https://doi.org/10.2307/30036540
Vosylis, R., Sorgente, A., Serido, J., Lanz, M., & Raižienė, S. (2023). Becoming Financially Self-Sufficient: Developing a Need-Supportive and Need-Thwarting Scale for Financial Parenting of Emerging Adults. Journal of Personality Assessment, 1–12. https://doi.org/10.1080/00223891.2022.2075268
https://doi.org/10.1051/e3sconf/202457106005
Aisjah, S. (2024). Intention to use buy-now-pay-later payment system among university students: a combination of financial parenting, financial self-efficacy, and social media intensity. Cogent Social Sciences, 10(1), 2306705.
https://doi.org/10.1080/23311886.2024.2306705
Ajzen, I. (1991). The Theory of Planned Behavior.
Amin, H., Rahman, A. R. A., Jr, S. L. S., & Hwa, A. M. C. (2011). Determinants of customers’ intention to use Islamic personal financing: The case of Malaysian Islamic banks. Journal of Islamic Accounting and Business Research, 2(1), 22–42. https://doi.org/10.1108/17590811111129490
Aprilianty, F., & K, M. R. (2022). The Impact Buy Now Pay Later Feature Towards Online Buying Decision in E-Commerce Indonesia. International Journal of Business and Technology Management, 4(3), 155162.
https://doi.org/10.55057/ijbtm.2022.4.3.13
Bakar, R., Fauziyah, N., & Rahmat, A. (2025). Do Consumers Perceive Impulsive Buying and Pain of Payment? E-Commerce Transactions Using Pay Later, E-Wallet, and Cash-On-Delivery. Gadjah Mada International Journal of Business, 27(1), 31–59. https://doi.org/10.22146/gamaijb.81568
Bandura, A. (1991). Social cognitive theory of self-regulation. Organizational Behavior and Human Decision Processes, 50(2), 248–287.
Farrell, L., Fry, T. R. L., & Risse, L. (2015). The significance of financial self-efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology. https://doi.org/10.1016/j.joep.2015.07.001
Farrell, L., Fry, T. R. L., & Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology, 54, 85–99.
Fook, L. A., & McNeill, L. (2020). Click to Buy: The Impact of Retail Credit on Over-Consumption in the Online Environment. Sustainability (Switzerland), 12(7322), 1–15. https://doi.org/10.3390/SU12187322
Gerrans, P., Baur, D. G., & Lavagna-Slater, S. (2022). Fintech and responsibility: Buy-now-pay-later arrangements. Australian Journal of Management, 47(3), 474–502.
Gudmunson, C. G., & Danes, S. M. (2011). Family Financial Socialization: Theory and Critical Review. Journal of Family and Economic Issues, 32(4), 644–667. https://doi.org/10.1007/s10834-011-9275-y
Gupta, G., & Verma, A. (2019). Social Media Usage Intensity: Impact Assessment on Buyers’ Behavioural Traits. FIIB Business Review, 8(4).
https://doi.org/10.1177/2319714519843689
Hair Jr, J., Sarstedt, M., Hopkins, L., & G. Kuppelwieser, V. (2014). Partial least squares structural equation modeling (PLS-SEM) an emerging tool in business research. European Business Review, 26(2), 106–121.
Hair, J. F. (2014). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). SAGE Publications. https://books.google.co.id/books?id=IFiarYXE1PoC
Kusairi, S., Ahmad, N., & Kae, T. J. (2020). The Linkages of Financial Self-Efficacy and Financial Decision Behaviour: Learning from Female Lecturers in East Coast Malaysia. International Journal of Organizational Leadership, 9, 273–287. https://doi.org/10.33844/ijol.2020.60511
Lunt, P. K., & Livingstone, S. M. (2013). Mass consumption and personal identity. In Open University Press. https://doi.org/10.1016/0167-4870(93)90047-o
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Mahdzan, N. S., Zainudin, R., Sukor, M. E. A., Zainir, F., & Ahmad, W. M. W. (2019). Determinants of Subjective Financial Well-Being Across Three Different Household Income Groups in Malaysia. In Social Indicators Research (Vol. 146, Issue 3). Springer Netherlands. https://doi.org/10.1007/s11205-019-02138-4
Montford, W., & Goldsmith, R. E. (2015). How gender and financial self-efficacy influence investment risk taking. International Journal of Consumer Studies, 40(1), 101–106. https://doi.org/https://doi.org/10.1111/ijcs.12219
Montford, W., & Goldsmith, R. E. (2016). How gender and financial self‐efficacy influence investment risk taking. International Journal of Consumer Studies, 40(1), 101–106.
Noor, N., Batool, I., & Arshad, H. M. (2020). Financial literacy, financial self-efficacy and financial account ownership behavior in Pakistan. Cogent Economics and Finance, 8(1), 1–17. https://doi.org/10.1080/23322039.2020.1806479
Noor, N., Batool, I., Arshad, H. M., Noor, N., Batool, I., & Arshad, H. M. (2020). Cogent Economics & Finance Financial literacy , financial self-efficacy and financial account ownership behavior in Pakistan Financial literacy , financial self-efficacy and financial account ownership behavior in Pakistan. Cogent Economics & Finance, 8(1). https://doi.org/10.1080/23322039.2020.1806479
Norvilitis, J., Merwin, M. M., Osberg, T., Roehling, P. V., & Young, P. (2006). Personality Factors, Money Attitudes, Financial Knowledge, and Credit‐Card Debt in College Students. Journal of Applied Social Psychology, 36(6), 1395–1413. https://doi.org/10.1111/j.0021-9029.2006.00065.x
Pinto, M. B., Mansfield, P., & Parente, D. (2024). Relationship of Credit Attitude and Debt to Self-Esteem and Locus of Control in College-Age Consumers. Psychological Reports, 94(3), 1405–1418. https://doi.org/10.2466/PR0.94.3.1405-1418
Relja, R. (2024). Understanding the Psychological Determinants of Buy-Now-Pay-Later (BNPL) in the UK: A User Perspective. https://doi.org/10.1108/IJBM-07-2022-0324
Relja, R., Ward, P., & Zhao, A. L. (2024). Understanding the psychological determinants of buy-now-pay-later (BNPL) in the UK: a user perspective. International Journal of Bank Marketing, 1–51. https://doi.org/10.1108/IJBM-07-2022-0324
Rook, D. W., & Fisher, R. J. (1995). Normative Influences on Impulsive Buying Behavior. Journal of Consumer Research, 22(3), 305–313. https://doi.org/10.1086/209452
Schomburgk, L., & Hoffmann, A. (2023). How mindfulness reduces BNPL usage and how that relates to. 57(2), 325–359. https://doi.org/10.1108/EJM-11-2021-0923
Shim, S., Serido, J., Tang, C., & Card, N. (2015). Socialization processes and pathways to healthy financial development for emerging young adults. Journal of Applied Developmental Psychology, 38(5), 29–38.
https://doi.org/10.1016/j.appdev.2015.01.002
Sitepu, G. A., & Fadila, A. (2024). Analisis Pemanfaatan Layanan Paylater Di Era Keuangan Digital Oleh Generasi Z. Journal of Young Entrepreneurs, 3(1), 57–70.
Tang, N., & Peter, P. C. (2015). Financial knowledge acquisition among the young: The role of financial education, financial experience, and parents’ financial experience. Financial Services Review, 24, 119–137. https://doi.org/10.61190/fsr.v24i2.3237
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User Acceptance of Information Technology: Toward a Unified View. MIS Quarterly: Management Information Systems, 27(3), 425–478. https://doi.org/10.2307/30036540
Vosylis, R., Sorgente, A., Serido, J., Lanz, M., & Raižienė, S. (2023). Becoming Financially Self-Sufficient: Developing a Need-Supportive and Need-Thwarting Scale for Financial Parenting of Emerging Adults. Journal of Personality Assessment, 1–12. https://doi.org/10.1080/00223891.2022.2075268
Published
2026-07-03
How to Cite
Marheni, D., Panjaitan, F., & Yulfiswandi, Y. (2026). Impulsive buying behavior as the main driver of college students’ intention to use buy now, pay later (BNPL) services. Journal of Management : Small and Medium Enterprises (SMEs), 19(2), 837-855. https://doi.org/10.35508/jom.v19i2.24842
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Articles
