PayLater and Consumer Behavior: The Impact of the Buy Now, Pay Later (BNPL) Phenomenon on Financial Literacy and Debt Levels among Generation Z
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Abstract
The Buy Now, Pay Later (BNPL) phenomenon has emerged as a significant trend among Generation Z, providing convenient access to goods and services even when users do not have immediate cash available. This study aims to analyze how the use of this financing service affects financial literacy and the potential accumulation of debt among university students. The research method employed is a systematic literature review of scholarly articles published between 2023 and 2026 in various economics and banking journals.
Based on a review of the literature encompassing both quantitative and qualitative studies, the findings indicate that BNPL usage has a dual impact. On the one hand, it offers flexibility and convenience in financial transactions; on the other hand, for users with inadequate financial literacy, it poses a risk of falling into a cycle of debt due to consumptive behavior and impulsive purchasing. The results further show that self-control and financial knowledge play crucial roles in mitigating the negative effects of BNPL services.
In conclusion, strengthening digital financial literacy among Generation Z is essential to ensure that they can utilize financial technology wisely without compromising their long-term financial stability.
Keywords: Buy Now, Pay Later (BNPL), Generation Z, Financial Literacy, Debt, Consumptive
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