THE ROLE OF MATERIALISM, BNPL USAGE, AND DIGITAL FINANCIAL LITERACY IN FORMING FINANCIAL WELL-BEING THROUGH IMPULSIVE BUYING 36 28

Abstract

This study examines the influence of materialism, Buy Now Pay Later usage, and digital financial literacy on financial well-being, with impulsive buying as a mediating variable. The research focuses on BNPL users in Indonesia, with 195 respondents collected through an online questionnaire using convenience sampling. A quantitative approach is applied, and data are analyzed using Partial Least Squares Structural Equation Modeling to test direct and indirect relationships. The results show that materialism and BNPL usage significantly increase impulsive buying, while digital financial literacy has no significant effect. Impulsive buying significantly influences financial well-being in a positive direction, reflecting short-term perceived satisfaction. Mediation analysis shows that impulsive buying mediates the relationship between materialism and BNPL usage on financial well-being, but not for digital financial literacy. These findings indicate that psychological factors and financial access play a more dominant role in shaping consumption behavior than financial knowledge.