Behavioral reasoning theory perspectives on voluntary social insurance: The roles of collectivism and long-term orientation

Voluntary social insurance is part of Vietnam's social security system, aimed at stabilizing the lives of laborers, ensuring their safety and lifelong quality of life. To motivate workers to engage in voluntary social insurance, it is necessary to have a thorough comprehension of the fundamental factors that influence their behavioral intentions. Accordingly, this current study expands the framework of behavioral reasoning theory to assess consumers' intentions to purchase social insurance. The authors suggest an expanded behavioral reasoning model that includes the cultural values of consumers, specifically collectivism and long-term orientation. The proposed model underwent testing through the utilization of structural equation modeling with a sample size of 518 individuals who expressed interest in voluntary social insurance in Vietnam. The findings of this study indicate that behavioral reasoning theory is suitable for explaining intentions to purchase voluntary social insurance, where behavioral intentions are influenced by “reasons for,” “reasons against,” and consumers' attitudes. Furthermore, the cultural values of consumers have an important effect on shaping their perceptions and attitudes towards voluntary social insurance. Therefore, this study has significant ramifications for individuals responsible for making decisions and creating policies who are interested in obtaining a more profound comprehension of consumer intentions about voluntary social insurance.