Penggunaan PayLater Mahasiswa Universitas Swasta di Kota Semarang: Peran Financial Self-Efficacy dalam Mediasi Pengaruh Literasi Keuangan terhadap Risky Credit Behaviour

Based on 2025 data, the use of “PayLater” services reached 31% and showed an upward trend among college students. This study aims to analyze the influence of objective and subjective financial literacy on risky credit behaviour, with financial self-efficacy as a mediating variable, among Generation Z students at private universities in Semarang. This study employs the Theory of Planned Behavior (TPB). The methodology used is a quantitative approach with SEM-PLS analysis on 180 respondents selected via purposive sampling. The results indicate that objective financial literacy has a positive effect on risky credit behaviour, while subjective financial literacy and financial self-efficacy have a significant negative effect. Furthermore, objective and subjective financial literacy have a positive influence on financial self-efficacy, and financial self-efficacy mediates the relationship between objective and subjective financial literacy and risky credit behaviour. Therefore, students are advised to improve their financial planning and self-control, and future research should include variables such as consumptive behavior, social influence, and digital financial literacy to yield more comprehensive results.