Effect of financial literacy on willingness to pay for micro-insurance by commercial market business operators in Ghana

Augustine Kwadwo Yeboah and Camara Kwasi Obeng

MPRA Paper from University Library of Munich, Germany

Abstract: This study investigated the effect of financial literacy on willingness to pay for micro-insurance among informal commercial market business operators in Ghana. Heckman’s Two-Step Estimation Technique is used to examine data on 612 informal commercial market business operators from selected major urban market centres in Ghana. The results indicate that financial literacy increases the amount willing to pay for micro-insurance. Other determinants of willingness to pay for micro-insurance include marital status, dependents, savings, trust, premium payment mode and income. The study recommends that microfinance institutions should strengthen financial education to increase the uptake of micro-insurance.

Keywords: Financial literacy; Willingness to pay; Microfinance; Micro-insurance; commercial market business operators, Ghana (search for similar items in EconPapers)
JEL-codes: G0 (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-ias, nep-mfd and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/70135/1/MPRA_paper_70135.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:70135

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().