A study entitled “Factors Affecting Filipinos’ Perception of Purchasing Life Insurance: An Integration of the Theory of Planned Behavior” investigated behavioral and generational factors influencing Filipinos’ decisions to purchase life insurance through the lens of the Theory of Planned Behavior framework.
The authors of this study were BS Industrial Engineering students Thea Andrea G. Abner, Psalmantha C. Galotera, Marianne D. C. Lobederio, and Department of Industrial Engineering academic staff and Laboratory Supervisor Engr. Yoshiki B. Kurata, PhD, CIE, Assoc. ASEAN Engr.
Life insurance was recognized as a vital financial protection and risk management tool, as it assuages financial risks related to unexpected occurrences.
In their study, the team found that structural equation modeling determined that media (M) affects generational cohort (GC); external influences (EI), personal experience and knowledge (PKE), and financial health (FH) affected social norms (SN); FH and GC affected attitude towards behavior (AB); and SN as well as AB affected perceived behavioral control (PBC), which have a statistically significant outcome on the perception on purchasing life insurance (PL).
Moreover, they found that Generation Z, the large portion of their 514 respondents, revealed that they encountered life insurance information more in the media.
The study was published in the Proceedings of the 22nd Congress of the International Ergonomics Association (IEA 2024) under the Springer Series in Design and Innovation (SSDI, Volume 41), a globally recognized publication series that collects innovation, design, and human-centered research.
Read the abstract here: https://link.springer.com/chapter/10.1007/978-981-96-9330-6_70