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Financing the future of elderly care: Understanding public acceptance of social insurance for long-term care

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Listed:
  • Nurul Afidah Mohamad
  • Chi Hau, Tan
  • Ai Na, Seow
  • Sing Yan, Looi
  • Syarah Syahira Mohd Yusoff
  • Halimah Awang

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.

Suggested Citation

  • Nurul Afidah Mohamad & Chi Hau, Tan & Ai Na, Seow & Sing Yan, Looi & Syarah Syahira Mohd Yusoff & Halimah Awang, 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, Innovative Research Publishing, vol. 8(5), pages 1736-1746.
    • Handle: RePEc:aac:ijirss:v:8:y:2025:i:5:p:1736-1746:id:9269
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