Insurance Literacy in Australia: Not Knowing the Value of Personal Insurance

ASIC. (2011) Report 229 National financial literacy strategy, March, (http://download.asic.gov.au/media/1343576/rep229-national-financial-literacy-strategy.pdf) ASIC . ( 2011 ) Report 229 National financial literacy strategy , March , ( http://download.asic.gov.au/media/1343576/rep229-national-financial-literacy-strategy.pdf ) Search in Google Scholar

ANZ. (2003) ANZ Survey of Adult financial literacy in Australia. Melbourne, The social research centre, retrieved from (http://www.financialliteracy.gov.au/media/465156/anz-survey-of-adult-financial-literacy-2003.pdf) ANZ . ( 2003 ) ANZ Survey of Adult financial literacy in Australia . Melbourne , The social research centre , retrieved from ( http://www.financialliteracy.gov.au/media/465156/anz-survey-of-adult-financial-literacy-2003.pdf ) Search in Google Scholar

ANZ. (2005) ANZ Survey of Adult financial literacy in Australia. Melbourne, The social research centre, retrieved from (http://www.financialliteracy.gov.au/media/465174/anz-survey-of-financial-literacy-in-australia-nov-2005.pdf) ANZ . ( 2005 ) ANZ Survey of Adult financial literacy in Australia . Melbourne , The social research centre , retrieved from ( http://www.financialliteracy.gov.au/media/465174/anz-survey-of-financial-literacy-in-australia-nov-2005.pdf ) Search in Google Scholar

ANZ. (2008) ANZ Survey of Adult financial literacy in Australia, The social research centre, Melbourne, retrieved from (http://www.anz.com/documents/au/aboutanz/an_5654_adult_fin_lit_ report_08_web_report_full.pdf) ANZ . ( 2008 ) ANZ Survey of Adult financial literacy in Australia , The social research centre , Melbourne , retrieved from ( http://www.anz.com/documents/au/aboutanz/an_5654_adult_fin_lit_report_08_web_report_full.pdf ) Search in Google Scholar

ANZ. (2011) ANZ Survey of Adult financial literacy in Australia, The social research centre, Melbourne, retrieved from (http://www.financialliteracy.gov.au/media/465153/2011-adult-financial-literacy-full.pdf.pdf) ANZ . ( 2011 ) ANZ Survey of Adult financial literacy in Australia , The social research centre , Melbourne , retrieved from ( http://www.financialliteracy.gov.au/media/465153/2011-adult-financial-literacy-full.pdf.pdf ) Search in Google Scholar

ANZ. (2015) ANZ Survey of Adult Financial Literacy in Australia, The social research centre, Melbourne, retrieved from (https://www.anz.com/resources/5/4/54720a2d-a540-49f0-b0a7-62f1ffb922e6/adult-financial-literacy-survey-summary.pdf?MOD=AJPERES) ANZ . ( 2015 ) ANZ Survey of Adult Financial Literacy in Australia , The social research centre , Melbourne , retrieved from ( https://www.anz.com/resources/5/4/54720a2d-a540-49f0-b0a7-62f1ffb922e6/adult-financial-literacy-survey-summary.pdf?MOD=AJPERES ) Search in Google Scholar

Bambrick, M. (Assistant Commissioner Superannuation) (2014) Media Release: ‘Update from the ATO on recent compliance activity, areas of concern with SMSFs and ATO’s future priorities’, Australian Taxation Office, Canberra. Bambrick M. (Assistant Commissioner Superannuation) ( 2014 ) Media Release: ‘Update from the ATO on recent compliance activity, areas of concern with SMSFs and ATO’s future priorities’ , Australian Taxation Office , Canberra . Search in Google Scholar

Brimble, M.A. and Blue, L. (2015) ‘A holistic approach to financial literacy education,’ Journal of Finance and Risk Perspectives, 4:3, pp. 34–47. Brimble M.A. Blue L. ( 2015 ) ‘ A holistic approach to financial literacy education ,’ Journal of Finance and Risk Perspectives , 4 : 3 , pp. 34 – 47 . Search in Google Scholar

Capuano, A. and Ramsay, I. (2011) What causes suboptimal financial behaviour? An exploration of financial literacy, social influences and behavioural economics, Research report, The University of Melbourne. Capuano A. Ramsay I. ( 2011 ) What causes suboptimal financial behaviour? An exploration of financial literacy, social influences and behavioural economics , Research report, The University of Melbourne . Search in Google Scholar

Deposit Power/Real Estate Institute of Australia. (2007) Home Loan Affordability Report, (available at https://reia.asn.au). Deposit Power/Real Estate Institute of Australia . ( 2007 ) Home Loan Affordability Report , (available at https://reia.asn.au ). Search in Google Scholar

Feinman, J. M. (2010) ‘Delay, Deny, Defend: why insurance companies don’t pay claims and what you can do about it,’ Penguin Group. Feinman J. M. ( 2010 ) ‘ Delay, Deny, Defend: why insurance companies don’t pay claims and what you can do about it ,’ Penguin Group . Search in Google Scholar

Gerrans, P., Clark-Murphy, M. and Truscott, K. (2009) ‘Financial literacy and superannuation awareness of indigenous Australians: Pilot study results’, Journal of Social Issues, 44:4, pp. 417–439. Gerrans P. Clark-Murphy M. Truscott K. ( 2009 ) ‘ Financial literacy and superannuation awareness of indigenous Australians: Pilot study results ’, Journal of Social Issues , 44 : 4 , pp. 417 – 439 . Search in Google Scholar

Guest, K. and Wilke, E. (2012) Australian Master Financial Planning Guide, 15th Edition, CCH Australia Limited. Guest K. Wilke E. ( 2012 ) Australian Master Financial Planning Guide , 15th Edition, CCH Australia Limited . Search in Google Scholar

Hogarth, J.M. (2002) ‘Financial literacy and family and consumer sciences’, Journal of Family and Consumer Sciences, 94, pp. 15–28. Hogarth J.M. ( 2002 ) ‘ Financial literacy and family and consumer sciences ’, Journal of Family and Consumer Sciences , 94 , pp. 15 – 28 . Search in Google Scholar

IFSA. (Investment and Financial Services Association, now Financial Services Council) (2005) Investigating the issue of underinsurance in Australia, Research conducted by TNS, Media release by IFSA. IFSA. (Investment and Financial Services Association, now Financial Services Council) ( 2005 ) Investigating the issue of underinsurance in Australia , Research conducted by TNS, Media release by IFSA . Search in Google Scholar

IFSA. (Investment and Financial Services Association, now Financial Services Council) (2010) First-time ever figures: over one in five working age parents will die, become seriously ill or injured, new research shows, Research conducted by National Centre for Social and Economic Modelling (NATSEM) at the University of Canberra for Lifewise and media release by IFSA. IFSA. (Investment and Financial Services Association, now Financial Services Council) ( 2010 ) First-time ever figures: over one in five working age parents will die, become seriously ill or injured, new research shows, Research conducted by National Centre for Social and Economic Modelling (NATSEM) at the University of Canberra for Lifewise and media release by IFSA . Search in Google Scholar

Insurance Council of Australia (2013) ‘The Understand Insurance Research Report’, October, http://underinsurance.com.au/assets/pdf/FINAL%20Understand%20Insurance%20Research%20Report.pdf (accessed April 2016) Insurance Council of Australia ( 2013 ) ‘ The Understand Insurance Research Report ’, October , http://underinsurance.com.au/assets/pdf/FINAL%20Understand%20Insurance%20Research%20Report.pdf (accessed April 2016 ) Search in Google Scholar

Kahneman, D. (2003) ‘A perspective on Judgement and Choice: Mapping Bounded Rationality’, American Psychologist, 58, pp. 697–720. Kahneman D. ( 2003 ) ‘ A perspective on Judgement and Choice: Mapping Bounded Rationality ’, American Psychologist , 58 , pp. 697 – 720 . Search in Google Scholar

Kahneman, D. and Tversky, A. (1979) ‘Prospect theory: an analysis of decision under risk’, Econometrica, 47, pp. 263–291. Kahneman D. Tversky A. ( 1979 ) ‘ Prospect theory: an analysis of decision under risk ’, Econometrica , 47 , pp. 263 – 291 . Search in Google Scholar

Kahneman, D. and Tversky, A. (1984) ‘Choice, Values and Frames’, American Psychologist, 39:4, pp. 341–350. Kahneman D. Tversky A. ( 1984 ) ‘ Choice, Values and Frames ’, American Psychologist , 39 : 4 , pp. 341 – 350 . Search in Google Scholar

Kelly and Vu (2010) ‘The economic cost of underinsurance for a typical family’, Journal of Financial Advice, 3:3, pp. 1–5. Kelly Vu ( 2010 ) ‘ The economic cost of underinsurance for a typical family ’, Journal of Financial Advice , 3 : 3 , pp. 1 – 5 . Search in Google Scholar

Kunreuther, H. (1978) Disaster Insurance Protection: Public Policy Lessons, Wiley Interscience, Hoboken, N.J. Kunreuther H. ( 1978 ) Disaster Insurance Protection: Public Policy Lessons , Wiley Interscience , Hoboken, N.J . Search in Google Scholar

Laury, S. and McInnes, M. (2003) ‘The impact of insurance prices on decision making biases: An experimental analysis’, Journal of Risk and Insurance, 70, pp. 219–233. Laury S. McInnes M. ( 2003 ) ‘ The impact of insurance prices on decision making biases: An experimental analysis ’, Journal of Risk and Insurance , 70 , pp. 219 – 233 . Search in Google Scholar

Laury, S. McInnes, M. and Swarthout, J. (2009) Insurance decision for low probability losses, Springer Science + Business Media, LLC. Laury S. McInnes M. Swarthout J. ( 2009 ) Insurance decision for low probability losses , Springer Science + Business Media, LLC . Search in Google Scholar

Lifewise (2012) Underinsurance, a problem in Australia? Accessed 25/02/2013 from Lifewise website, at http://www.lifewise.org.au/about/underinsurance-a-problem-in-australia Lifewise ( 2012 ) Underinsurance, a problem in Australia? Accessed 25/02/2013 from Lifewise website, at http://www.lifewise.org.au/about/underinsurance-a-problem-in-australia Search in Google Scholar

Lindley, D.V. (1985) Making Decisions 2nd edition, John Wiley and Sons. Lindley D.V. ( 1985 ) Making Decisions 2nd edition , John Wiley and Sons . Search in Google Scholar

Lynch, G. (not dated) Sampling, University of Kent. http://www.kent.ac.uk/religionmethods/documents/Sampling.pdf (accessed March 2016). Lynch G. (not dated) Sampling , University of Kent . http://www.kent.ac.uk/religionmethods/documents/Sampling.pdf (accessed March 2016 ). Search in Google Scholar

Mandell, L. (1998) Our vulnerable youth: the financial literacy of American 12th graders, Washington: Jumpstart Coalition for Personal Financial Literacy, available at http://www.jumpstart.org/assets/files/2008SurveyBook.pdf Mandell L. ( 1998 ) Our vulnerable youth: the financial literacy of American 12th graders, Washington: Jumpstart Coalition for Personal Financial Literacy , available at http://www.jumpstart.org/assets/files/2008SurveyBook.pdf Search in Google Scholar

Mandell. L. (2008) The Impact of Financial Education in High School and College on Financial Literacy and Subsequent Financial Decision Making, available at https://www.afcpe.org/assets/pdf/lewis_mandell_linda_schmid_klein.pdf Mandell L. ( 2008 ) The Impact of Financial Education in High School and College on Financial Literacy and Subsequent Financial Decision Making , available at https://www.afcpe.org/assets/pdf/lewis_mandell_linda_schmid_klein.pdf Search in Google Scholar

Maxwell. J.A. (1996) Qualitative research design: An interactive approach, Sage, Thousand oaks, CA. Maxwell J.A. ( 1996 ) Qualitative research design: An interactive approach , Sage , Thousand oaks, CA . Search in Google Scholar

McDaniel, L., Martin, R. and Maines, L. (2002) ‘Evaluating Financial Reporting Quality: The Effects of Financial Expertise vs. Financial Literacy’, The Accounting Review, 77, pp. 139–167. McDaniel L. Martin R. Maines L. ( 2002 ) ‘ Evaluating Financial Reporting Quality: The Effects of Financial Expertise vs. Financial Literacy ’, The Accounting Review , 77 , pp. 139 – 167 . Search in Google Scholar

Mitchel, J. and Holzworth, R. (2005) Behavioural Economics Literature Review and Implications for Financial Services, LIMRA International Inc. Mitchel J. Holzworth R. ( 2005 ) Behavioural Economics Literature Review and Implications for Financial Services , LIMRA International Inc . Search in Google Scholar

Pulis, M. (2010) How can the industry simplify life insurance to make life insurance more attractive to consumers?, IFSA / Deloitte Future Leaders Award. Webpage accessed 27 of May 2013: http://test.fsc.org.au/downloads/file/aboutus/MelaniePulis-StGeorge.pdf Pulis M. ( 2010 ) How can the industry simplify life insurance to make life insurance more attractive to consumers? , IFSA / Deloitte Future Leaders Award . Webpage accessed 27 of May 2013 : http://test.fsc.org.au/downloads/file/aboutus/MelaniePulis-StGeorge.pdf Search in Google Scholar

Rice Warner Actuaries (2015) Underinsurance in Australia 2015, http://ricewarner.com/australias-relentless-underinsurance-gap/ (accessed August 2016). Rice Warner Actuaries ( 2015 ) Underinsurance in Australia 2015 , http://ricewarner.com/australias-relentless-underinsurance-gap/ (accessed August 2016 ). Search in Google Scholar

Schagen, S. (1997) The Evaluation of NatWest Face 2 Face with Finance, NFER. Schagen S. ( 1997 ) The Evaluation of NatWest Face 2 Face with Finance , NFER . Search in Google Scholar

Schagen, S. and Lines, A. (1996) Financial Literacy in Adult Life: A Report to the NatWest Group Charitable Trust, National Foundation for Educational Research, Slough, Berkshire. Schagen S. Lines A. ( 1996 ) Financial Literacy in Adult Life: A Report to the NatWest Group Charitable Trust , National Foundation for Educational Research , Slough, Berkshire . Search in Google Scholar

Scriven, D. (2008) Guide to Life Risk protection and Planning, CCH Australia Limited. Scriven D. ( 2008 ) Guide to Life Risk protection and Planning , CCH Australia Limited . Search in Google Scholar

Shanteau, J. (1992) ‘Decision Making Under Risk: Applications to Insurance Purchasing’, in Sherry, J.F. and Sternthal, B. (Eds.) Advances in Consumer Research, Association for Consumer Research, Chicago. Shanteau J. ( 1992 ) ‘ Decision Making Under Risk: Applications to Insurance Purchasing ’, in Sherry J.F. Sternthal B. (Eds.) Advances in Consumer Research , Association for Consumer Research , Chicago . Search in Google Scholar

Simon, H. A. (1955) ‘A behavioural model of rational choice’, Quarterly Journal of Economics, 69, pp. 99–118. Simon H. A. ( 1955 ) ‘ A behavioural model of rational choice ’, Quarterly Journal of Economics , 69 , pp. 99 – 118 . Search in Google Scholar

Teddlie, C. and Yu, F. (2007) Mixed Methods Sampling: A Typology With Examples, Baton Rouge, Louisiana State University. Teddlie C. Yu F. ( 2007 ) Mixed Methods Sampling: A Typology With Examples , Baton Rouge, Louisiana State University . Search in Google Scholar

Trevelyan, R. (2008) Optimism, overconfidence and entrepreneurial activity, School of Organisation and Management, Australian School of Business, Sydney, Australia. Trevelyan R. ( 2008 ) Optimism, overconfidence and entrepreneurial activity , School of Organisation and Management, Australian School of Business , Sydney, Australia . Search in Google Scholar

Tversky, A. and Kahneman, D. (1986) ‘Rational Choice and the Framing of Decisions’ Source’, The Journal of Business, 59:4, pp. S251–S278. Tversky A. Kahneman D. ( 1986 ) ‘ Rational Choice and the Framing of Decisions’ Source ’, The Journal of Business , 59 : 4 , pp. S251 – S278 . Search in Google Scholar

Tversky, A. and Kahneman, D. (1991) ‘Loss aversion in riskless choice: a reference-dependent model’, The Quarterly Journal of Economics, 106, pp. 1039–1061. Tversky A. Kahneman D. ( 1991 ) ‘ Loss aversion in riskless choice: a reference-dependent model ’, The Quarterly Journal of Economics , 106 , pp. 1039 – 1061 . Search in Google Scholar

Tversky, A. and Kahneman, D. (1992) ‘Advances in prospect theory: Cumulative representation of uncertainty’, Journal of Risk and Uncertainty, 5, pp. 297–323. Tversky A. Kahneman D. ( 1992 ) ‘ Advances in prospect theory: Cumulative representation of uncertainty ’, Journal of Risk and Uncertainty , 5 , pp. 297 – 323 . Search in Google Scholar

Wagland, S. P. and Taylor, S. (2009) ‘When it comes to financial literacy, is gender really an issue?’, Australasian Accounting Business and Finance Journal, 3:1, pp. 13–24. Wagland S. P. Taylor S. ( 2009 ) ‘ When it comes to financial literacy, is gender really an issue? ’, Australasian Accounting Business and Finance Journal , 3 : 1 , pp. 13 – 24 . Search in Google Scholar

Walliman, N. (2011) Research methods: the basics, Routledge. Walliman N. ( 2011 ) Research methods: the basics , Routledge . Search in Google Scholar

Worthington, A.C. (2006) ‘Predicting financial literacy in Australia’, Financial Services Review, 15:1, pp. 59–79. Worthington A.C. ( 2006 ) ‘ Predicting financial literacy in Australia ’, Financial Services Review , 15 : 1 , pp. 59 – 79 . Search in Google Scholar

Worthington, A.C. (2008) ‘Knowledge and Perceptions of Superannuation in Australia’, Journal of Consumer Policy, 31, pp. 349–368. Worthington A.C. ( 2008 ) ‘ Knowledge and Perceptions of Superannuation in Australia ’, Journal of Consumer Policy , 31 , pp. 349 – 368 . Search in Google Scholar