Development of the Doom Spending Scale for Generation Z in Indonesia

Nabila Cahyaningrum; Sigit Hendrawan Wicaksono; Siti Jaro’ah; Akmala Susilowati; Ahmad Hafizd Fahrul Ihsan; A’imatul Mustafidah; Kuni Saffana

doi:10.26740/jptt.v17n02.p143-155

Authors

Nabila Cahyaningrum Department of Psychology, State University of Surabaya
Sigit Hendrawan Wicaksono Department of Psychology, State University of Surabaya https://orcid.org/0009-0002-7825-6973
Siti Jaro’ah Department of Psychology, State University of Surabaya
Akmala Susilowati Department of Education, State University of Surabaya
Ahmad Hafizd Fahrul Ihsan Department of Education, State University of Surabaya
A’imatul Mustafidah Department of Economics & Business, State University of Surabaya
Kuni Saffana Department of Psychology, University of Vienna

DOI:

https://doi.org/10.26740/jptt.v17n02.p143-155

Keywords:

Consumber behavior, doom spending, EFA, future anxiety

Abstract

Background: The phenomenon of doom spending has become increasingly
prevalent among Generation Z as a response to emotional stress and uncertainty
about the future, characterized by excessive consumer behavior and impulsive
use of digital financial services. Objective: This study aims to develop and
examine the validity and reliability of the doom spending scale based on the
conceptual framework of financial behavior and consumer psychology. Method:
This research employed a quantitative approach with an accidental sampling
technique involving 220 Generation Z participants in Indonesia. Data were
analyzed using exploratory factor analysis (EFA) and Cronbach’s Alpha
reliability test. Results: The EFA results revealed that the doom spending scale
consists of three main dimensions self-control, future anxiety, and lack of
financial consideration with a total of 18 valid items. The Cronbach’s Alpha
coefficient of 0.889 indicates a high level of internal consistency. Conclusion:
The developed doom spending scale is valid and reliable for measuring the
tendency toward excessive spending behavior driven by emotional distress
among Generation Z and can be applied in future financial psychology research
and intervention programs.

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