Do financial knowledge, financial risk tolerance, and uncertainty regarding future long-term care need influence long-term care insurance ownership by baby boomers?

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dc.contributor.author Anderson, NaRita G.
dc.date.accessioned 2019-02-14T15:11:20Z
dc.date.available 2019-02-14T15:11:20Z
dc.date.issued 2019-05-01
dc.identifier.uri http://hdl.handle.net/2097/39422
dc.description.abstract Using constructs derived from expected utility theory and data from the RAND American Life Panel 2012 Well Being 186 and 193 surveys, this study explored the extent to which financial knowledge, financial risk tolerance, and the uncertainty regarding the future need for long-term care were associated with long-term care insurance (LTCI) ownership by baby boomers (N = 1,152). Although extensive studies have been conducted regarding long-term care (LTC) issues facing baby boomers in the United States (U.S.), no studies have been found that investigate whether or not these specific factors were predictive of LTCI ownership by baby boomers. Regression analysis was used to estimate the relationship between the dependent and the independent variables in this study. Consistent with the hypotheses of this study, LTCI knowledge was statistically significantly associated with LTCI ownership by baby boomers. Subjective financial knowledge regarding LTCI had the greatest influence on LTCI ownership. An examination of items used to measure uncertainty regarding the future need of LTC indicated that merely thinking about needing LTC at some point in the future positively influenced LTCI ownership. Baby boomers with higher household income were also more likely to own LTCI. Results of this study may contribute to the existing literature on LTCI ownership among baby boomers. As the need for, and cost of, LTC are expected to increase as the U.S. population ages, study results may also provide information for financial advisors and other stakeholders to better engage baby boomers in ways that promote comprehensive risk management decision making in retirement planning. More specifically, study results may provide stakeholders with information to better understand factors that influence LTCI ownership by baby boomers. en_US
dc.language.iso en_US en_US
dc.subject baby boomers en_US
dc.subject long-term care insurance en_US
dc.subject risk tolerance en_US
dc.subject financial knowledge en_US
dc.title Do financial knowledge, financial risk tolerance, and uncertainty regarding future long-term care need influence long-term care insurance ownership by baby boomers? en_US
dc.type Dissertation en_US
dc.description.degree Doctor of Philosophy en_US
dc.description.level Doctoral en_US
dc.description.department Department of Human Ecology-Personal Financial Planning en_US
dc.description.advisor Dorothy Durband en_US
dc.description.advisor D. Elizabeth Kiss en_US
dc.date.published 2019 en_US
dc.date.graduationmonth May en_US


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