Financial literacy, financial advisors, and information sources on demand for life insurance

Chaonan Lin, Yu Jen Hsiao, Cheng Yung Yeh

Research output: Contribution to journalArticle

8 Citations (Scopus)

Abstract

A logistic regression model was used to investigate the effects of financial literacy, financial advisors, and information sources on life insurance participation. Our empirical findings suggest that people with high financial literacy are more likely to purchase life insurance and that consultations with financial advisors and conversations with family members and friends are both positively associated with the demand for life insurance. Participant characteristics, such as age, gender, marital status, working status, and personal income, are also major factors affecting the demand for life insurance. Moreover, the Taiwan Financial Supervisory Commission education program can increase the demand for life insurance.

Original languageEnglish
Pages (from-to)218-237
Number of pages20
JournalPacific Basin Finance Journal
Volume43
DOIs
Publication statusPublished - Jun 1 2017

    Fingerprint

Keywords

  • Financial advisor
  • Financial literacy
  • Life insurance

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

Cite this