Title: Financial literacy, attitudes and purchase intention of insurance products in South Africa

Authors: Fanisa Ndhlovu; Yvonne Kabeya Saini; Russell Abratt

Addresses: Wits Business School, University of the Witwatersrand, Johannesburg, South Africa ' Wits Business School, University of the Witwatersrand, Johannesburg, South Africa ' School of Business, George Mason University, 4400 University Drive, Fairfax, VA 22030, USA

Abstract: Research findings in many emerging and developing countries indicate that countries with poor levels of financial literacy have negative consequences for financial behaviours. The digital age has made the task of investing and making financial decisions very difficult. The objective of this study is to provide some insights into understanding how financial products are consumed; therefore, it examines the relationship between financial literacy and insurance purchase decisions in South Africa. A survey of insurance customers was undertaken online. The sample size utilised 300 potential insurance consumers within the sampling frame. Structural equation modelling was used to analyse the data. Of the nine hypothesised relationships, the results of this study supported five. It was shown that financial education has a positive impact on financial literacy. These results are discussed in detail and recommendations are made.

Keywords: financial literacy; consumer attitudes; insurance; purchase intention; South Africa.

DOI: 10.1504/IJBEM.2026.150243

International Journal of Business and Emerging Markets, 2026 Vol.18 No.1, pp.1 - 19

Received: 16 Jun 2023
Accepted: 31 Jul 2023
Published online: 05 Dec 2025 *

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