Extending financial literacy to insurance literacy: a survey approach

Xi Lin, Aaron Bruhn and Jananie William

Accounting and Finance, 2019, vol. 59, issue S1, 685-713

Abstract: We extend behavioural research in investment and retirement savings to insurance, by investigating factors that may influence individuals’ insurance decision making. These factors include financial literacy, specialist insurance education and some behavioural biases. Based on a definition of insurance literacy that requires both having, and applying insurance knowledge, we find from a survey of postgraduate students that financial literacy does not necessarily translate to insurance literacy, whereas more specialised education can improve insurance literacy. Results also indicate specialist education potentially reduces susceptibility to anchoring effects.

Date: 2019
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