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Research on financial literacy seeks to determine whether costly financial mistakes can be avoided. Decisions all consumers face are whether to purchase health insurance, purchase prescriptions, pursue recommended medical testing, and seek medical help for related problems by comparing perceived costs and benefits. Using data from the National Financial Capability Study, this paper provides evidence that financial literacy is a significant determinant in health insurance demand that also reduces the probability of less desirable health-related financial behaviors.
Kyle Kopplin (Fri,) studied this question.
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