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Examining Antecedents of Health Insurance Literacy: The Role of Locus of Control, Cognitive Style, and Financial Knowledge

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  • Genevieve Elizabeth O'Connor
  • Sertan Kabadayi

Abstract

Today's consumer is expected to make health‐care decisions that have serious implications for their welfare. However, a major barrier to these decisions is a basic lack of understanding of health insurance. A critical first step is to examine drivers of health insurance literacy and in turn offer interventions that can have a positive impact on consumer welfare. This article explores the relationship between relevant consumer psychographics, financial knowledge, and demographics with health insurance literacy. Results indicate that while demographics play a role, the degree to which consumers believe a situation or event is under their own control (i.e., locus of control), how they process information (i.e., cognitive style), and consumer's financial confidence (i.e., subjective knowledge) is a critical indicator of their health insurance literacy. Cluster analysis reveals three “faces” of health insurance literacy.

Suggested Citation

  • Genevieve Elizabeth O'Connor & Sertan Kabadayi, 2020. "Examining Antecedents of Health Insurance Literacy: The Role of Locus of Control, Cognitive Style, and Financial Knowledge," Journal of Consumer Affairs, Wiley Blackwell, vol. 54(1), pages 227-260, March.
    • Handle: RePEc:bla:jconsa:v:54:y:2020:i:1:p:227-260
    DOI: 10.1111/joca.12266
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    Cited by:

    1. Muhammed Bilgehan Aytaç, 2024. "Fatalism and donation intention: who is more in control of their own life?," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 21(2), pages 295-311, June.
    2. Petro G. Nzowa & Felix A. Nandonde & Somo M. L. Seimu, 2022. "Moderation effects of co-operative institutions’ capabilities on the relationship between health insurance literacy and participation in health insurance among co-operative members in Tanzania," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 49(4), pages 381-394, December.
    3. Hooman Estelami & Nicole N. Estelami, 2024. "The differential impact of cognitive style on the relationship between financial education and financial literacy," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(2), pages 242-256, June.
    4. Nelson Borges Amaral & Bin Chang & Rachel Burns, 2022. "Understanding consumer stockpiling: Insights provided during the COVID‐19 pandemic," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(1), pages 211-236, March.

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