The Effect of Financial Awareness and Hedonistic Lifestyle on The Debt-Taking Behavior of Uinsu Students Through Peer-To-Peer (P2p) Lending Platforms

Siti Ghadizah Nur Sitorus (State Islamic University of North Sumatra)
Kusmilawaty
Muhammad Lathief Ilhamy Nasution

Al-Kharaj: Journal of Islamic Economic and Business
Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi

This study seeks to examine the impact of financial literacy and a hedonistic lifestyle on the borrowing behavior of UINSU students through Peer-to-Peer (P2P) lending platforms. A quantitative research approach was applied, involving students from the Faculty of Islamic Economics and Business (FEBI) at UINSU who had utilized P2P lending services, selected using purposive sampling. Data were gathered through a Likert-scale questionnaire and analyzed using multiple linear regression with SPSS 25. The findings reveal that financial literacy, when examined individually, does not significantly influence borrowing behavior, while a hedonistic lifestyle has a positive and significant influence on borrowing behavior. These findings indicate that a hedonistic lifestyle is a dominant factor in driving students’ debt taking behavior through P2P lending platforms; therefore, strengthening financial literacy and self control is necessary to minimize the risk of consumer debt among students