Pesatnya perkembangan teknologi finansial mendorong kemunculan layanan pinjaman online yang kini marak digunakan oleh generasi Z dan milenial di Indonesia. Kemudahan akses, proses cepat, dan tanpa agunan menjadi daya tarik utama, namun di balik itu tersimpan risiko finansial yang cukup tinggi. Penelitian ini bertujuan untuk mengetahui pengaruh literasi keuangan, gaya hidup, dan risiko gagal bayar terhadap keputusan menggunakan pinjaman online di kalangan generasi Z dan milenial di Kecamatan Kuningan. Metode penelitian yang digunakan adalah kuantitatif dengan pendekatan survei melalui penyebaran kuesioner kepada 260 responden. Teknik analisis data menggunakan regresi linear berganda untuk menguji hubungan antar variabel. Hasil penelitian menunjukkan bahwa secara simultan literasi keuangan, gaya hidup, dan risiko gagal bayar berpengaruh signifikan terhadap keputusan menggunakan pinjaman online. Secara parsial, literasi keuangan yang dibagi ketiga dimensi (Pengetahuan Keuangan, Perilaku Keuangan, Sikap Keuangan) memiliki pengaruh positif signifikan, sementara Gaya Hidup dan Risiko Gagal Bayar berpengaruh negatif namun signifikan terhadap keputusan tersebut. Penelitian ini menegaskan pentingnya peningkatan literasi keuangan di kalangan generasi muda serta perlunya pengendalian gaya hidup agar tidak memicu penggunaan pinjaman online yang berlebihan. Selain itu, kesadaran akan risiko gagal bayar perlu ditanamkan agar generasi Z dan milenial lebih bijak dalam mengambil keputusan finansial di era digital.
Kata Kunci : Literasi Keuangan, Gaya Hidup, Risiko Gagal Bayar, Pinjaman Online, Keputusan Financial

The rapid development of financial technology has encouraged the emergence of online loan services, which are now widely used by Generation Z and millennials in Indonesia. Ease of access, fast process, and no collateral are the main attractions, but a fairly high financial risk lies behind that. This study aims to determine the effect of financial literacy, lifestyle, and risk of default on the decision to use online loans among Generation Z and millennials in Kuningan District. The research method used was quantitative, with a survey approach, and questionnaires were distributed to 260 respondents. The data analysis technique uses multiple linear regression to test the relationship between variables. The results of the study show that simultaneously, financial literacy, lifestyle, and risk of default have a significant effect on the decision to use online loans. Partially, financial literacy is divided into three dimensions (financial knowledge, financial behavior, and financial attitude) and has a significant positive effect.
In contrast, Lifestyle and Risk of Default negatively but significantly affect the decision. This study emphasizes the importance of increasing financial literacy among the younger generation and the need to control lifestyle so as not to trigger excessive use of online loans. In addition, awareness of the risk of default needs to be instilled so that Generation Z and millennials are wiser in making financial decisions in the digital era.
Keywords: Financial Literacy, Lifestyle, Default Risk, Online Loans, Financial Decisions