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Relative income and attitudes towards long-term care financing

Costa-i-Font, Joan, Garcia-Gonzalez, Anna and Font-Vilalta, Montserrat (2008) Relative income and attitudes towards long-term care financing. Geneva Papers on Risk and Insurance, 33 (4). pp. 673-693. ISSN 1018-5895

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Abstract

Understanding economic motivations underlying attitudes towards long-term care (LTC) financing alternatives is important for both public and private insurance design. This paper empirically explores for the first time, using survey data, the empirical validity of individual absolute and relative income (affluence) as explaining attitudes towards the financing of LTC in Spain in 2002, after controlling for professional, institutional and personal characteristics. We find that more affluent individuals prove to be less likely to support state responsibility for LTC after controlling for other institutional determinants and are less enthusiastic about social insurance. While attitudes towards state responsibility are negatively associated with relative income, attitudes towards social insurance and other funding alternatives are found to be driven by absolute income. Finally, evidence suggests that income-related attitudes appear to concentrate in the age group close to retirement who arguably have already saved for old age needs.

Item Type: Article
Official URL: http://www.palgrave-journals.com/gpp/index.html
Additional Information: © 2008 The International Association for the Study of Insurance Economics
Library of Congress subject classification: H Social Sciences > HN Social history and conditions. Social problems. Social reform
R Medicine > RA Public aspects of medicine
Sets: Departments > Social Policy
Departments > European Institute
Research centres and groups > LSE Health
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 23 Nov 2009 14:50
URL: http://eprints.lse.ac.uk/25871/

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