International Research & Citation Index
IRCI Article ID: IRCI-AR-0000001611

Analysis of the Determinants of People's Tendency to Go into Debt Mediated by Materialism and Moderated by Financial Literacy

Authors:
Rita FrianaFriana, RitaEtty GurendrawatiGurendrawati, EttyUmi WidyastutiWidyastuti, Umi

Journal: International Journal of Economics, Management and Accounting

Publication: 2025-11-30 · Vol. 3 No. 6 · pp. 448–468

DOI: 10.47353/ijema.v3i6.359

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Abstract
The increasingly massive development of digital financial services has increased ease of access to credit, but on the other hand, has triggered an increased tendency to incur debt among certain groups, including teachers. This study aims to analyze the determinants of people's tendency to incur debt by examining the role of materialism as a mediating variable and financial literacy as a moderating variable. This study used a quantitative approach with a cross-sectional design. The study population was teachers in Indonesia, with a sample of 416 respondents obtained through convenience sampling techniques and data collection using online questionnaires. Data analysis was performed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with the help of SmartPLS 4.0. The results showed that indebtedness attitudes have a significant positive effect on consumer debt (β = 0.139; p < 0.05). In addition, impulsivity (β = 0.306; p < 0.001) and debt attitudes (β = 0.464; p < 0.001) had a significant positive effect on materialism, while self-esteem had no significant effect and economic vulnerability had a significant negative effect on materialism (β = −0.248; p < 0.001). Materialism had a significant positive effect on consumer debt (β = 0.232; p < 0.001) and was shown to partially mediate the effect of debt attitudes on consumer debt. In addition, financial literacy significantly moderated the relationship between debt attitudes and consumer debt. The R² value of 0.613 indicates that the model has strong explanatory power for materialism, while the R² of 0.201 indicates moderate explanatory power for consumer debt.


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Authors
Rita Friana
Affiliation: , Jakarta State University, Indonesia Author Origin : Indonesia
Friana, Rita
Etty Gurendrawati
Affiliation: , Jakarta State University, Indonesia Author Origin : Indonesia
Gurendrawati, Etty
Umi Widyastuti
Affiliation: , Jakarta State University, Indonesia Author Origin : Indonesia
Widyastuti, Umi


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Chetioui, Y., Benlafqih, H., & Lebdaoui, H. (2020). How fashion influencers contribute to consumers' purchase intention. Journal of Fashion Marketing and Management, 24(3), 361–380. https://doi.org/10.1108/JFMM-08-2019-0157 DOI: https://doi.org/10.1108/JFMM-08-2019-0157
Chetioui, Y., Lebdaoui, H., & Chetioui, H. (2021). Factors influencing consumer attitudes toward online shopping: the mediating effect of trust. EuroMed Journal of Business, 16(4), 544–563. https://doi.org/10.1108/EMJB-05-2020-0046 DOI: https://doi.org/10.1108/EMJB-05-2020-0046
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Mahdzan, NS, Zainudin, R., & Shaari, MS (2023). The influence of religious belief and psychological factors on borrowing behavior among Malaysian public sector employees. Asia-Pacific Journal of Business Administration, 15(3), 361–385. https://doi.org/10.1108/APJBA-10-2020-0362 DOI: https://doi.org/10.1108/APJBA-10-2020-0362
O'Guinn, T. C., & Faber, R. J. (1987). Compulsive Buying: A Phenomenological Exploration. Journal of Consumer Research, 16(2), 147. https://doi.org/10.1086/209204 DOI: https://doi.org/10.1086/209204
Ottaviani, C., & Vandone, D. (2011). Impulsivity and household indebtedness: Evidence from real life. Journal of Economic Psychology, 32(5), 754–761. https://doi.org/10.1016/j.joep.2011.05.002 DOI: https://doi.org/10.1016/j.joep.2011.05.002
Pettit, N. C., & Sivanathan, N. (2011). The plastic trap: Self-threat drives credit usage and consumption status. Social Psychological and Personality Science, 2(2), 146–153. https://doi.org/10.1177/1948550610385138 DOI: https://doi.org/10.1177/1948550610385138
Pieters, R. (2013). Bidirectional dynamics of materialism and loneliness: Not just a vicious cycle. Journal of Consumer Research, 40(4), 615–631. https://doi.org/10.1086/671564 DOI: https://doi.org/10.1086/671564
Richins, M. L. (2004). The material values scale: Measurement properties and development of a short form. Journal of Consumer Research, 31(1), 209–219. DOI: https://doi.org/10.1086/383436
Richins, M. L., & Dawson, S. (1992). Consumer Values Orientation for Consumerism. Journal of Consumer Research, 19(December), 303–316. DOI: https://doi.org/10.1086/209304
Richins, M. L., & Rudmin, F. W. (1994). Materialism and economic psychology. Journal of Economic Psychology, 15(2), 217–231. https://doi.org/10.1016/0167-4870(94)90001-9 DOI: https://doi.org/10.1016/0167-4870(94)90001-9
Rook, D. W., & Fisher, R. J. (1995). Normative Influences on Impulsive Buying Behavior. Journal of Consumer Research, 22(3), 305. https://doi.org/10.1086/209452 DOI: https://doi.org/10.1086/209452
Salampasis, D., & Mention, A.L. (2018). FinTech: Harnessing Innovation for Financial Inclusion. Handbook of Blockchain, Digital Finance, and Inclusion, 2, 451–461. https://doi.org/10.1016/B978-0-12-812282-2.00018-8 DOI: https://doi.org/10.1016/B978-0-12-812282-2.00018-8
Segev, S., Shoham, A., & Gavish, Y. (2015). A closer look into the materialism construct: the antecedents and consequences of materialism and its three facets. Journal of Consumer Marketing, 32(2), 85–98. https://doi.org/10.1108/JCM-07-2014-1082 DOI: https://doi.org/10.1108/JCM-07-2014-1082
Sharma, L., Markon, K. E., & Clark, L. A. (2014). Toward a theory of distinct types of “impulsive” behaviors: A meta-analysis of self-report and behavioral measures. Psychological Bulletin, 140(2), 374–408. https://doi.org/10.1037/a0034418 DOI: https://doi.org/10.1037/a0034418
Zhao, X., Lynch, J. G., & Chen, Q. (2010). Reconsidering Baron and Kenny: Myths and truths about mediation analysis. Journal of Consumer Research, 37(2), 197–206. https://doi.org/10.1086/651257 DOI: https://doi.org/10.1086/651257
Abid, A., Hassan, MS, & Al-Amri, MS (2024). Unveiling the dark side of fintech: How digital accessibility influences impulsive borrowing behavior. Journal of Financial Services Marketing, 29(1), 45–62.
Ajzen, I. (2011). The theory of planned behavior: Reactions and reflections. Psychology and Health, 26(9), 1113–1127. https://doi.org/10.1080/08870446.2011.613995
Anderloni, L., Bacchiocchi, E., & Vandone, D. (2012). Household financial vulnerability: An empirical analysis. Research in Economics, 66(3), 284–296. https://doi.org/10.1016/j.rie.2012.03.001
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Arli, D., van Esch, P., Bakpayev, M., & Laurence, A. (2022). Buy now, pay later: Why do consumers use it? International Journal of Consumer Studies, 46(4), 1163–1178.
Asli, A. Asmaa. (2022). Determinants of intention towards indebtedness among government servants: Moderating effect of accounting literacy and financial literacy. Https://Etd.Uum.Edu.My/10756/2/S902681_01.Pdf.
Azma, N., Rahman, M., Adeyemi, AA, & Rahman, MK (2019). Propensity toward indebtedness: Evidence from Malaysia. Review of Behavioral Finance, 11(2), 188–200. https://doi.org/10.1108/RBF-05-2017-0046
Chang, L. C., & Arkin, R. M. (2002). Materialism as an Attempt to Cope with Uncertainty. Psychology and Marketing, 19(5), 389–406. https://doi.org/10.1002/mar.10016
Chaplin, L.N., & John, D.R. (2007). Growing up in a material world: Age differences in materialism in children and adolescents. Journal of Consumer Research, 34(4), 480–493. https://doi.org/10.1086/518546
Chetioui, Y., Benlafqih, H., & Lebdaoui, H. (2020). How fashion influencers contribute to consumers' purchase intention. Journal of Fashion Marketing and Management, 24(3), 361–380. https://doi.org/10.1108/JFMM-08-2019-0157
Chetioui, Y., Lebdaoui, H., & Chetioui, H. (2021). Factors influencing consumer attitudes toward online shopping: the mediating effect of trust. EuroMed Journal of Business, 16(4), 544–563. https://doi.org/10.1108/EMJB-05-2020-0046
d'Astous, A., Maltais, J., & Roberge, C. (1990). Compulsive Buying Tendencies of Adolescent Consumers Paper presented at Advances in Consumer Research Conference. In October, Provo, UT.
Dang, J. (2019). financial literacy and access to credit. Financial Literacy and Access to Credit.
Davis-Kean, P. E., & Sandler, H. M. (2001). A meta-analysis of measures of self-esteem for young children: A framework for future measures. Child Development, 72(3), 887–906. https://doi.org/10.1111/1467-8624.00322
De Matos, C. A., Vieira, V., Bonfanti, K., & Mette, F. M. B. (2019). Antecedents of indebtedness for low-income consumers: the mediating role of materialism. Journal of Consumer Marketing, 36(1), 92–101. https://doi.org/10.1108/JCM-09-2017-2352
Duarte, P., Costa e Silva, S., & Ferreira, M. (2024). Materialism and digital credit addiction: The role of impulsivity and financial literacy. International Journal of Bank Marketing, 42(1), 88–110.
Dwinanda, R. (2023). Ironically, the Most Victims of Illegal Loans Are Teachers. https://Ekonomi.Republika.Co.Id/Berita/S4l74v414/Ironis-Korban-Pinjol-Ilegal-Paling-banyak-Adalah-Guru.
Garson, G. D. (2015). Mediation, moderation, and conditional process analysis. Statistical Associates Publishers.
Gentina, E., Shrum, L. J., Lowrey, T. M., Vitell, S. J., & Rose, G. M. (2018). An Integrative Model of the Influence of Parental and Peer Support on Consumer Ethical Beliefs: The Mediating Role of Self-Esteem, Power, and Materialism. Journal of Business Ethics, 150(4), 1173–1186. https://doi.org/10.1007/s10551-016-3137-3
Gesthuizen, M., & Scheepers, P. (2010). Economic Vulnerability among Low-Educated Europeans: Resources, Composition, Labor Market and Welfare State Influences. Acta Sociologica, 53(3), 247–267. https://doi.org/10.1177/0001699310374491
Hidajat, T. (2020). Unethical peer-to-peer lending practices in Indonesia. Journal of Financial Crime, 27(1), 274–282. https://doi.org/10.1108/JFC-02-2019-0028
Isyani, TS, Warokka, A., & Gurendawati, E. (2024). Analysis of Determinants of Propensity to Independence Based on Behavioral Biases, Emotions, Culture, and Materialism Moderated by Religiosity, Financial Literacy and Job Security. 3(5), 1473–1510.
Jayani, DH (2022). 52% of Teachers in Indonesia Have Civil Servant Status. https://Databoks.Katadata.Co.Id/Datapublish/2022/01/12/52-Guru-Di-Indonesia-Berstatus-Pns.
Kasser, T., & Ryan, R. M. (1993). A dark side of the American dream: Correlates of financial success as a central life aspiration. Journal of Personality and Social Psychology, 65(2), 410–422. https://doi.org/10.1037//0022-3514.65.2.410
Lebdaoui, H., & Chetioui, Y. (2021). Antecedents of consumer indebtedness in a majority-Muslim country: Assessing the moderating effects of gender and religiosity using PLS-MGA. Journal of Behavioral and Experimental Finance, 29. https://doi.org/10.1016/j.jbef.2020.100443
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