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- Title
Extending financial literacy to insurance literacy: a survey approach.
- Authors
Lin, Xi; Bruhn, Aaron; William, Jananie
- 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.
- Subjects
FINANCIAL literacy; INSURANCE; BEHAVIORAL assessment; DECISION making in investments; ACTUARIES
- Publication
Accounting & Finance, 2019, Vol 59, p685
- ISSN
0810-5391
- Publication type
Article
- DOI
10.1111/acfi.12353