This
study investigates
factors associated
with purchasing
disability income
insurance in the United
States, emphasizing consumer confidence, perceived financial knowledge, and human capital.
The research contextualizes disability income insurance as pivotal to financial
stability, addressing the shortfall
in personal safety nets and economic equilibrium. The prevalence of
disabilities from common illnesses necessitates a thorough understanding of
insurance mechanisms.
Methods:
Using the
2022 Survey
of Consumer
Finance data,
the study
employs logistic
regression to evaluate the relationship between
consumer confidence, financial knowledge, human
capital, and
sociodemographic
characteristics.
The methodology
intricately controls
for
age, employment status, marital status, and race, ensuring nuanced analysis.
Results:
Significant
differences across
racial groups
were identified.
Asian participants exhibited
the most substantial reluctance towards insurance, whereas a positive
correlation between financial
knowledge and insurance
acquisition was
found among
Black individuals.
Generational analysis
indicated varied perceptions, with a marked
decrease in insurance propensity among older White
and Latino generations.
Discussion: The study emphasizes the importance of financial education that caters to various
communities. It highlights the significance of cultural and
societal norms in financial decision-making, especially among different racial groups. The study
also spotlights the role
of human capital
in accessing insurance, calling for policy interventions that cater to the population’s unique needs.
In conclusion,
this analysis affirms
the significance
of consumer
confidence in
financial decisions and advocates for culturally responsive financial education and policy-making.
It also identifies critical areas for enhancing the reach and efficacy of
disability income insurance to foster economic resilience and well-being.
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