<![CDATA[This study aims to examine the effects of digital payment, social media, and financial literacy on the excessive purchasing behavior of Generation Z, as well as to investigate self-control as a moderating variable. This study employed a quantitative approach using a questionnaire distributed to Generation Z respondents. Respondents were selected using purposive sampling with a non-probability sampling technique. A total of 212 respondents were determined using the Slovin formula. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS. The findings indicate that digital payment, social media, and financial literacy significantly affect consumptive behavior. Self-control does not moderate the effects of digital payment and social media on consumptive behavior. However, self-control significantly moderates the relationship between financial literacy and consumptive behavior. These findings highlight the importance of strengthening financial literacy and self-control among Generation Z to encourage more responsible purchasing behavior and reduce excessive consumption in the digital era.]]>
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