Mohamad, Nurul Afidah and Tan, Chi Hau and Seow, Ai Na and Looi, Sing Yan and Mohd Yusoff, Syarah Syahira and Awang, Halimah (2025) Financing the future of elderly care: understanding public acceptance of social insurance for long-term care. International Journal of Innovative Research and Scientific Studies, 8 (5). pp. 1736-1746. ISSN 2617-6548
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Abstract
With traditional family-based old-age care declining due to shrinking family structures, formal financial protection for the aging population is increasingly crucial. This is especially given the high cost of long-term care. Acknowledging the limitations of private insurance and tax-based systems, this study explores the potential of social insurance in Malaysia by examining factors influencing its public acceptance. Data collected from a total of 450 respondents were analyzed using SPSS for descriptive statistics and SmartPLS for hypothesis testing. The findings revealed that knowledge-based factors such as financial literacy and financial awareness do not exhibit a significant influence on financial attitude. In contrast, psychological factors such as precautionary motives and trust demonstrate a significant and positive influence on financial attitude. Furthermore, attitude emerges as a significant mediating variable that bridges the relationship between precautionary motives and acceptance, as well as between trust and acceptance. In a nutshell, this study contributes to the existing literature on long-term care financing from the lens of consumer behavior and offers valuable insights for policymaking in navigating the nation’s aging population.
| Item Type: | Article (Journal) |
|---|---|
| Uncontrolled Keywords: | Ageing population, Community development, Elderly, financing, Long-term care, Social insurance. |
| Subjects: | BPH Islamic Economics BPH Islamic Economics > BPH830.3 Social systems. Urban groups. Cities and towns. Sustainable urban development |
| Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): | Institute of Islamic Banking & Finance (IIiBF) |
| Depositing User: | DR Syarah Syahira Mohd Yusoff |
| Date Deposited: | 31 Dec 2025 15:51 |
| Last Modified: | 31 Dec 2025 15:51 |
| Queue Number: | 2025-12-Q1241 |
| URI: | http://irep.iium.edu.my/id/eprint/126331 |
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