Indri Murniawaty

The study explores the moderating role of peer conformity on the relationship between self-concept, economic literacy, and e-money adoption with the consumptive behavior of university students, specifically those receiving the KIP Kuliah scholarship in Indonesia. Data were collected through an online survey of 328 students and analyzed using Moderated Regression Analysis (MRA). The results indicated that the relationship between self-concept and consumptive behavior, as well as e-money adoption and consumptive behavior, was significantly strengthened by peer conformity. However, the effect of economic literacy on consumptive behavior was not moderated by peer conformity. These findings suggest that while self-concept and e-money adoption are influenced by peer conformity, economic literacy operates independently of peer conformity. The importance of fostering economic literacy and a critical self-concept among students to mitigate the effects of peer pressure on consumption was highlighted in this research. The findings reveal that peer conformity strengthens the effect of self-concept and e-money adoption on consumptive behavior, but does not moderate the impact of economic literacy. The research highlights the need for fostering economic literacy and critical self-concept to reduce the influence of peer conformity on student consumption decisions. Further research should expand the scope beyond KIP Kuliah students to include a broader student population.