Financial Anxiety, Doom Spending, and Financial Well-Being Among Paylater Users: The Moderating Role of Financial Literacy

Abstract

This study examines the relationships among financial anxiety, doom spending, financial literacy, and financial well-being among PayLater users in Indonesia. A quantitative cross-sectional design was employed, utilizing purposive sampling, to collect data from 50 active PayLater users. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results indicate that financial anxiety negatively affects financial well-being and positively influences doom spending. Financial literacy has a positive and significant effect on financial well-being. However, doom spending does not mediate the relationship between financial anxiety and financial well-being, while financial literacy does not moderate this relationship. Interestingly, doom spending positively affects financial well-being, suggesting that spending may provide short-term psychological benefits despite potential long-term financial risks. These findings highlight the complex interplay between emotional responses, financial behavior, and financial well-being among PayLater users.