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Articles

Vol 1 No 1 (2026): May

Factors Influencing Consumptive Behaviour of Generation Z Students in the Digital Payment Era

Telah diserahkan
February 6, 2026
Diterbitkan
2026-05-18

Abstrak

Abstract
Purpose – The present study investigates the effects of cashless payments, financial literacy, Fear of Missing Out (FOMO), and payment pain on the consumption behaviour of Generation Z students in the digital era.
Methodology – A quantitative research design was adopted, employing a survey methodology. Questionnaires were distributed to 100 active students at Cokroaminoto University in Yogyakarta who use digital payment services. Respondents were selected through Purposive sampling was employed. Data analysis utilised Structural Equation Modelling with Partial Least Squares (SEM-PLS).
Findings – The findings suggest that neither cashless payment methods nor financial literacy significantly influence consumptive behaviour. Conversely, FOMO and the pain of payment demonstrate a significant positive effect. These findings suggest that psychological and social factors exert greater influence than rational considerations in determining students’ consumption behavior.
Implications – This study emphasizes the importance of psychological factors, including self-control and consumption awareness, within financial contexts literacy programs to foster more responsible financial behavior.
Originality – This research combines digital and psychological frameworks to analyse the consumptive behaviour of Generation Z students within higher education.

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