Children educational policy purchase decision among consumers in Lagos, Nigeria: awareness, trust and socio-economic status as influencing factors
Keywords:
Intention to purchase; socio-economic status; trust; knowledge/ awareness of educational insurance policies
Abstract
This study examines the influence of socio-economic status, trust in the insurance company, and knowledge/awareness of insurance products on the intention to purchase children's educational insurance policies. The research design for this study is a cross-sectional design. Three hundred participants were selected using a convience sampling technique. Data was collected via Standardised instruments and analysed using t-test for independent samples, Pearson correlation and multiple regression analysis at 0.05 level of significance (p<.05). The results demonstrated that Customers' socio-economic status, trust in the insurance company, attitude towards children's educational insurance policies, knowledge/awareness influenced and predicted intention to purchase children educational insurance policies. Given that knowledge, socio-economic status, trust and attitude are strongly linked to behaviour, marketers of insurance services targeting Nigerians must incorporating fundamental psychological reactions to these products into their marketing campaigns in order for people to embrace insurance products and their associated benefits.
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References
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Adewole, D. A., Adebayo, A. M., Udeh, E. I., Shaahu, V. N., & Dairo, M. D. (2015). Payment for Health Care and Perception of the National Health Insurance Scheme in a Rural Area in Southwest Nigeria. The American journal of tropical medicine and hygiene, 93(3), 648–654. https://doi.org/10.4269/ajtmh.14-0245.
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Bearden, W. O., Netemeyer, R. G., & Teel, J. E. (1989). Measurement of Consumer Susceptibility to Interpersonal Influence. Journal of Consumer Research, 15(March), 473-481. http://dx.doi.org/10.1086/209186.
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KPMG (2009). Banking industry customer satisfaction survey. KPMG professional services: Nigeria
Ladhari, R. (2009). Service quality, emotional satisfaction, and behavioural intentions: A study industry. Managing Service Quality, 19 ( 3), 308-331
Maiyaki, A.A. & Mohd. Mokhtar, S.S. (2012) Determinants of customer behavioural responses in the Nigerian retail banks: Structural equation modeling approach. African Journal of Business Management, 6(4), 1652-1659,
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OECD (2020), Advancing the Digital Financial Inclusion of Youth, www.oecd.org/daf/fin/advancing-the-digital-financial-inclusion-of-youth.htm
OECD. (2007). Awareness and education on risk and insurance revised analytical and comparative report. Paris: Retrieved from http://www.oecd.org/finance/insurance/38962007.pdf
Olanrewaju, O. A., & Oladipupo, A. O. (2018). Insurance Purchase: Price, Product, Promotion and Consumers Attitude Perspectives. Business and Management Horizons, 6(1), 44. doi:10.5296/bmh.v6i1.12944.
Omar, E.O., & Owusu-Frimpong, N. (2007). Life Insurance in Nigeria: An Application of the Theory of Reasoned Action to Consumers’ Attitudes and Purchase Intention. The Service Industries Journal, 27(7), 963–976. doi:10.1080/02642060701570891
Rai, B. (2019) The Effect of Demographic Factors on Consumer Purchase Intention in Buying Television Set in Kathmandu Valley: An Empirical Study. PRAVAHA, 25 (1) 23 – 32.
Sulaiman, S.M., Dandago, A. A., Muhammad, M. A. & Sabiu, T. T. (2020). Determinants of Takaful Patronage Among Entrepreneurs in Sabon Gari Market, Kano State, Nigeria. Journal of Accounting Research, Organization and Economics, 3 (3), 2020: 238-253. http://www.jurnal.unsyiah.ac.id/JAROE
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Weedige, S.S., Ouyang, H., Gao, Y., & Liu, Y. (2019). Decision Making in Personal Insurance: Impact of Insurance Literacy. Sustainability, 11(23), 6795. doi:10.3390/su11236795.
Yusuf, T.O. Gbadamosi, , A. & Hamadu, D. (2009). Attitudes of Nigerians towards insurance services: an empirical study. African Journal of Accounting, Economics, Finance and Banking Research, 4 (4), 34-46.
Adewole, D. A., Adebayo, A. M., Udeh, E. I., Shaahu, V. N., & Dairo, M. D. (2015). Payment for Health Care and Perception of the National Health Insurance Scheme in a Rural Area in Southwest Nigeria. The American journal of tropical medicine and hygiene, 93(3), 648–654. https://doi.org/10.4269/ajtmh.14-0245.
Alaka, S.N., Ajemunigbohun, S.S. & Balogun, M. T. (2021) Assessments of Socio-Economic and Demographic Factors Influencing Insurance Buying Behaviour among Small and Medium-Sized Enterprises in Lagos, Nigeria. Annals of Spiru Haret University Economic Series, 21(4), 405-422.
Anietie, R. Uba,T.L. & Odou, R.S. M. (2019) Insurance Policy Integration for Curbing Educational Waste in Public Secondary Schools in Rivers State. International Journal of Research and Innovation in Social Science (IJRISS), 3(9), 51-55.
Badru, F.A., (2013). Socio-Cultural Factors Affecting Insurance Patronage in Lagos State, Nigeria: An Exploration Study. Hemispheres. Studies on Cultures and Societies, 28, 43–57.
Bailey, A. A. (2005). Consumer Awareness and Use of Product Review Websites. Journal of Interactive Advertising, 6(1), 68–81. doi:10.1080/15252019.2005.1072.
Bearden, W. O., Netemeyer, R. G., & Teel, J. E. (1989). Measurement of Consumer Susceptibility to Interpersonal Influence. Journal of Consumer Research, 15(March), 473-481. http://dx.doi.org/10.1086/209186.
Central Bank of Nigeria (2009). Annual Report & Financial Statements for the Year Ended 31st December 2008.Central Bank of Nigeria: Abuja
Chukwulozie, O.E. (2006) Life Insurance as Source of Long-Term in Nigeria, Regulate Perspective. C. B. N Bullion, 30, (1), 20-31.
Cronin, J.J. Jr., Brady M.K. & Hult, T. M. (2000). Assessing the Effects of Quality, Value and Customer Satisfaction on Behavioural Intentions in Service Environments. Journal of Retailing, 76(2), 193 – 218
Delgado-Ballester, Elena, José L. Munuera-Alemán, & Maria J. Yagüe-Guillén (2003), Development and Validation of a Brand Trust Scale. International Journal of Market Research, 45, 35–53.
Delgado-Ballester, Elena, José L. Munuera-Alemán, and Maria J. Yagüe-Guillén (2003), Development and Validation of a Brand Trust Scale.International Journal of Market Research, 45, 35–53.
Dias, D., Garand, D. & Swiderek, D. (2013) Towards inclusive insurance in Nigeria: an analysis of the market and regulations. Eschborn,
Dragos, S. L., Mare, C., Dragota, I.-M., Dragos, C. M., & Muresan, G. M. (2017). The nexus between the demand for life insurance and institutional factors in Europe: new evidence from a panel data approach. Economic Research-Ekonomska Istraživanja, 30(1), 1477–1496. doi:10.1080/1331677x.2017.1325764
Edu, B.E. & Orok-Duke, O.E & Ekott, G.A. (2009, October 28). Life Insurance Policy in Developing Countries (An Indepth Discussion in the Nigerian Context). Retieved from SSRN: https://ssrn.com/abstract=1495700 or http://dx.doi.org/10.2139/ssrn.1495700
FBNInsurance Limited (2021.). All You Need To Know About Getting An Education Insurance In Nigeria. Retrieved from https://www.fbninsurance.com/all-you-need-to-know-about-getting-an-education-insurance-in-nigeria/.
Fofie, G. A. (2016). What influence Customer Patronage of Insurance Policies: An Empirical Assessment of Socio-Economic and Demographic Determinants of Insurance Patronage in Ghana. International Review of Management and Marketing, 6(1), 81–88. Retrieved from https://www.econjournals.com/index.php/irmm/article/view/721
Ibok, I.N. (2012), Socio-economic and demographic determinants of health insurance consumption. Canadian Social Science, 8(5), 58-64. DOI: http://www.dx.doi.org/10.3968/j.css.1923669720120805.1836. Available from: http://www.cscanada.net/index.php/css/article/view/j.css.1923669720120805.1836
Kilduff, K & Nuñez Tabales, J. M. (2017). Country Branding and its effect on the consumer in the global market. Cuadernos de Gestión, 17(1),83-104.
KPMG (2009). Banking industry customer satisfaction survey. KPMG professional services: Nigeria
Ladhari, R. (2009). Service quality, emotional satisfaction, and behavioural intentions: A study industry. Managing Service Quality, 19 ( 3), 308-331
Maiyaki, A.A. & Mohd. Mokhtar, S.S. (2012) Determinants of customer behavioural responses in the Nigerian retail banks: Structural equation modeling approach. African Journal of Business Management, 6(4), 1652-1659,
Nomi, M., & Sabbir, M. M. (2020). Investigating the Factors of Consumers’ Purchase Intention Towards Life Insurance in Bangladesh: An Application of the Theory of Reasoned Action. Asian Academy of Management Journal, 25(2). https://doi.org/10.21315/aamj2020.25.2.6.
OECD (2020), Advancing the Digital Financial Inclusion of Youth, www.oecd.org/daf/fin/advancing-the-digital-financial-inclusion-of-youth.htm
OECD. (2007). Awareness and education on risk and insurance revised analytical and comparative report. Paris: Retrieved from http://www.oecd.org/finance/insurance/38962007.pdf
Olanrewaju, O. A., & Oladipupo, A. O. (2018). Insurance Purchase: Price, Product, Promotion and Consumers Attitude Perspectives. Business and Management Horizons, 6(1), 44. doi:10.5296/bmh.v6i1.12944.
Omar, E.O., & Owusu-Frimpong, N. (2007). Life Insurance in Nigeria: An Application of the Theory of Reasoned Action to Consumers’ Attitudes and Purchase Intention. The Service Industries Journal, 27(7), 963–976. doi:10.1080/02642060701570891
Rai, B. (2019) The Effect of Demographic Factors on Consumer Purchase Intention in Buying Television Set in Kathmandu Valley: An Empirical Study. PRAVAHA, 25 (1) 23 – 32.
Sulaiman, S.M., Dandago, A. A., Muhammad, M. A. & Sabiu, T. T. (2020). Determinants of Takaful Patronage Among Entrepreneurs in Sabon Gari Market, Kano State, Nigeria. Journal of Accounting Research, Organization and Economics, 3 (3), 2020: 238-253. http://www.jurnal.unsyiah.ac.id/JAROE
Tchouatat, T. (2021, August 31). Insurance: Meeting the Challenges Of Africa’s Insurance Market. The AFRICA CEO FORUM. https://www.theafricaceoforum.com/en/ressources/insurance-meeting-the-challenges-of-africas-insurance-market/.
Weedige, S.S., Ouyang, H., Gao, Y., & Liu, Y. (2019). Decision Making in Personal Insurance: Impact of Insurance Literacy. Sustainability, 11(23), 6795. doi:10.3390/su11236795.
Yusuf, T.O. Gbadamosi, , A. & Hamadu, D. (2009). Attitudes of Nigerians towards insurance services: an empirical study. African Journal of Accounting, Economics, Finance and Banking Research, 4 (4), 34-46.
Published
2022-06-29
How to Cite
Ishola, A. A., Kenku, A. A., & Oladimeji-Araoye, M. A. (2022). Children educational policy purchase decision among consumers in Lagos, Nigeria: awareness, trust and socio-economic status as influencing factors. Marketing Management Studies, 2(2), 140-151. https://doi.org/10.24036/mms.v2i2.303
Section
Articles
