Influence of Secondary and Tertiary Literacy on Life Insurance Consumption: Case of Selected ASEAN Countries

Hui-Shan Lee (), Kevin-Lock-Teng Low (), Shyue-Chuan Chong () and Bik-Kai Sia ()
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Hui-Shan Lee: Universiti Tunku Abdul Rahman (UTAR)
Kevin-Lock-Teng Low: Universiti Tunku Abdul Rahman (UTAR)
Shyue-Chuan Chong: Universiti Tunku Abdul Rahman (UTAR)
Bik-Kai Sia: Universiti Tunku Abdul Rahman (UTAR)

The Geneva Papers on Risk and Insurance - Issues and Practice, 2018, vol. 43, issue 1, No 1, 15 pages

Abstract: Abstract Life insurance as a financial tool is essential to both individuals and the economy for the promotion of long-term savings, the reinvestment of funds, risk management and the development of capital markets to support economic growth. The determinants of life insurance consumption from the economic and demographic perspectives were examined in the ASEAN context. The influence of secondary and tertiary education on the demand for life insurance was investigated to highlight the importance of introducing insurance knowledge in the education syllabus in order to improve the economy in the future with better income and social returns, supported by the life insurance market. This will ensure a sound risk management strategy among individuals, firms and countries as a whole and will align with the ASEAN Economic Community blueprint aimed at improving the living standards of the community.

Keywords: life insurance; risk management; income; youth dependency; tertiary education (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (3)

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DOI: 10.1057/s41288-017-0050-7

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