Financial Literacy. Its effects on micro-insurance uptake

TABLE OF CONTENTS

ABSTRACT

DEDICATION

ACKNOWLEDGEMENTS

TABLE OF CONTENTS

LIST OF TABLES

LIST OF FIGURES

LIST OF APPENDICES

LIST OF ABBREVIATIONS

CHAPTER ONE INTRODUCTION
1.0 Background and Introduction
1.1 Statement of the Problem
1.2 Study Objectives
1.2.1 General Objective
1.2.2 Specific Objectives
1.3 Research Questions
1.4 Significance of the Study
1.5 Delimitation of the Study
1.6 Operational Definitions
1.7 Limitations

CHAPTER TWO: LITERATURE REVIEW
2.0 Introduction
2.1 Empirical Review
2.2 Importance of Financial Literacy to MSME's
2.3 Dimensions of Financial Literacy
2.3.1 Financial Knowledge
2.3.2 Financial Attitude
2.3.4 Financial Behavior
2.4 Theoretical Framework
2.5 Conceptual Framework

CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Study Population
3.4 Sample Population
3.5 Sampling Technique
3.6 Data Collection Instruments
3.7 Data Analysis
3.8 Validity and Reliability
3.9 Ethical Consideration

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA
4.1 Introduction
4.2 Demographic Analysis
4.2.1 Gender Distribution
4.2.1 Distribution of respondents by age group
4.2.3 Marital Status Distribution
4.2.4 Level of Education
4.3 Financial Literacy
4.3.1 Micro-insurance Awareness
4.3.2 Level of engagement
4.4 Risks Analysis in micro-business traders
4.4.1 Public Health Risk
4.4.2 Security Risk
4.2.7.3 Business Interruption Risk

CHAPTER FIVE: CONCLUSION AND RECOMMENDATIONS
5.1 Introduction
5.2 Conclusion
5.2.1 Financial Literacy
5.2.2 Risk Analysis and Response Mechanisms
5.2.2.1 Business Interruption Risk
5.2.2.2 Security Risk
5.2.2.3 Public Health Risk
5.3 Recommendations
5.4 Suggestions for further research

REFERENCES

APPENDICES

ABSTRACT

This research study aimed at establishing whether Financial Literacy has any influence on the uptake of micro-insurance by the informal sector, and ZANAMACA was used as a case study for this as they primarily deal with the informal sector and also much necessity for this study was evident because there is little documented literature in this subject area. The objectives of this study were to assess the levels of Financial Literacy inherent in micro-business traders, identify risks that micro-business traders are faced with and also to understand the mechanisms these micro-business traders have adopted to deal with those risks. An explorative design was used in the research design, with both qualitative and quantitative approaches being used. The study had a target population of 192, 844 market traders in Lusaka, of whose sample was 16, 991 market traders purposively confined to Lusaka Central zone because most insurance companies that had expressed interest in offering micro-insurance are concentrated in this zone. Primary data collection was done through the administration of questionnaires and interviews, while secondary data was collected through the aspect of document analysis. In order to collect data, non-probability sampling methods were under-taken, in which purposive and convenience sampling were assumed.

It was established that 67% of the participants in the focus area were predominantly women who were mostly between the age range of 26 - 50 and 55% of the very sample population were married. It was also determined that 66% of them had primary education, 19% having attained secondary education, 12% having no education and 3% having had tertiary education. The research also highlights that 58% had some basic awareness of the availability of insurance and yet only 25% of the total respondents had actual insurance policies, which were attributed to ZANAMACA's sensitization efforts. The researcher determined the major risks faced by the market traders as being public health risk, security risk and business interruption risk.

The research revealed an inadequate level of financial literacy among micro-traders which in­turn leads to the low uptake of micro-insurance products. This was characterized by minimal financial knowledge which consequently leads to making poor judgments about purchasing micro-insurance products. Recommendations included the need to bridge the gap between insurers and the informal sector through employing multi-linguistic insurance professionals, restructuring of insurance awareness campaign programmes to make them more effective and the need for key market players to heavily invest in Research and development.

DEDICATION

This dissertation is dedicated to my late mother, C. M., who had a strong burning desire for me to attain an education and did everything possible for me to materialize this vision. Your constant reminders for me to place a high value on education have built in me a culture of excellence that has not only had a positive influence on my own life, but also those around me and for this i am eternally grateful to you.

ACKNOWLEDGEMENTS

I would like to express my deepest gratitude to all those that assisted me in the preparation and completion of this dissertation, and most especially to my lecturers, who not only gave me academic assistance but also opened me up to taking up the opportunity of researching on and understanding a phenomenon that has been hardly researched on in the country.

The completion of this dissertation would not have been possible without the input and assistance of the staff at ZANAMACA, as they were kind enough to provide me with statistical data as well as a realistic overview of the status quo of the participants I was to interview, thereby giving me the advantage of strategic planning.

I would also like to thank my sister, M. C. M., for the constant financial and moral support throughout my pursuit of this degree as there were times I felt uncertain of ever completing my degree, indeed all this would not have been possible without you. And not forgetting my supervisor, Mr H. N., as his guidance proved to be of much help.

LIST OF FIGURES

Figure 2.1 Conceptual Framework

Figure 4.1 Gender Distribution

Figure 4.2 Distribution of Respondents by Age group

Figure 4.3 Marital Status Distribution

Figure 4.4 Level of Education

Figure 4.5 Micro-insurance Awareness

Figure 4.6 Level of Engagement

Figure 4.7 Risks faced

LIST OF APPENDICES

Appendix i: Letter of Introduction

Appendix ii: Letter of Permission

Appendix iii: Questionnaire

LIST OF ABBREVIATIONS

Abbildung in dieser Leseprobe nicht enthalten

CHAPTER ONE

1.0 Background and Introduction

In these contemporary times, various changes have been occurring in world economic systems that have both directly and indirectly affected individuals, organizations and governments of all classes. These economic changes have consequently led to inevitable outcomes such as increases in the rate of unemployment in the formal sector, financial stress in pensions systems, a decrease in investment opportunities, decreased indulgence by the government in social welfare programmes as a result of allocating funds to other sensitive sectors, etc. all these factors and many more have therefore brought about implications of individuals, organizations and governments being more shrewd in how they manage their finances and this prudence in the management of finances is what is referred to as Financial Literacy. The Programme for International Student Assessment (2015) defined Financial Literacy as, “the knowledge and understanding of financial concepts and risks, and the skills, motivation, confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve the financial well-being of individuals and society, and to enable participation in economic life”.

With the above definition, it can be assumed that for one to be financially literate they must have knowledge of the various financial products on the market, knowledge of different economic variables that relate to finances, knowledge of basic arithmetic calculations and interpretation to assist with efficient decision-making relating to their finances. Seeing that this is very much expected to be prevalent in the formal sector, much interest is generated and focused on assessing the levels of Financial Literacy in those operating in the informal sector of Zambia, with the Zambia National Market traders Credit Association (ZANAMACA) being the case study in this research report. Much emphasis is stressed on the informal sector in this study because the informal sector accounts for about 90% of the labor force according to the International Growth Centre (2012) and most of these informal workers being employed either in the streets, agricultural sector, or even as market traders as alluded by War on Want (2007), therefore the outcome of this study being of primary importance to various stakeholders within the financial sector.

According to the International Association of Insurance Supervisors (2007), micro-insurance was defined as “insurance that is accessed by or available to the low income population, provided by a variety of entities but run in accordance with generally accepted insurance practices”. It can be seen from this definition that this type of insurance targets the low income fragment of the informal sector, which according to Shah (2012) form the bulk of the informal sector and are characterized by low production, low levels of education, low rate of financial inclusion due to lacking access to finance and credit facilities, high labor intensive methods of operation due to having little to no access to modern technology, etc.

Micro businesses are part of the integrated informal market (MSMEs) that account for 97% of all businesses in Zambia and “9 out of 10 of these are said to operate in the informal sector” as stipulated by the Financial Sector Deepening Zambia (2017). Despite insurance being recognized as a globally accepted requirement for any business to thrive, there has been a low uptake of insurance policies by Micro businesses due to many direct and indirect factors. Chishala and Musawa (2018) outlined that some of the factors that contribute to the low uptake of insurance policies by Micro Businesses include the cost of insurance policies, lack of knowledge of insurance, lack of confidence in insurance companies, lack of insurance products for Micro Businesses and government policy of insurance for these same enterprises. Manje (2005) further confirms this by stating, “Negative perception and product dissatisfaction contribute immensely to the reduced uptake of micro insurance policies”. Other underlying factors such as low general levels of income and ineffective sensitization strategies by key market players such as regulators, can also be viewed as influential factors in the purchasing of insurance products by the informal population and it is for this reason that this study was conducted to ascertain how Financial Literacy plays a role in the uptake of micro-insurance products.

1.1 Statement of the Problem

This study sought to assess the influence of Financial Literacy on the purchasing of micro insurance policies. According to IAZ (2016), “about 42% of the adult population have no clue as to what insurance is and what type of insurance products are being offered by the financial market, 11.2% of the same population do not know where to purchase their insurance cover from, 5.2% have a vague understanding of what insurance really is, 14.5% have no insurance arrangements because they feel they cannot afford to pay the premiums and only about 2.8% are actually insured”. These findings already imply that over 70% of the adult population have issues with having access to diverse insurance products and seeing that the informal population forms the bulk of the adult working population, one can ultimately derive that there are underlying factors that must be contributing to the poor reception of insurance products by the general public and therefore having an adverse effect on the purchasing of micro-insurance products.

Inadequacy of tertiary education among the majority of the adult population working in the informal sector has greatly contributed to the immense levels of low Financial Literacy residing in the same population and as a consequence, there has been low uptake of Micro-insurance products. Mugala (2017) outlined, “it is challenging for a common Marketeer to fully comprehend the significance of insuring their goods against risks as most of them lack education”. Chituwo (2016) attests to this by stating that, “the major challenge is that of people not having insurance awareness and this is characterized by lack of education”. The Labour Force Survey Report of 2017 stated that the tertiary net enrolment rate was at 7% of the population in 2010. This gives a hint that most of the population do not have access to tertiary education and will consequently be unaware about the importance of insurance.

Another limiting factor in the purchasing of micro-insurance products is that of lacking in the understanding of the various types of risks that are inherent in various types of micro­businesses, and this can be perceived by the inadequacy of the risk management systems that are instituted as well as the non-existence of such mechanisms. ZANAMACA highlights that, “Most markets in the country were not built with risk and management factors in mind”. With such kind of erroneous provisions, those found operating in like structures continue in their daily transactions and see no reason to purchase any micro-insurance product as they don't see risk management as an important factor.

With such challenges being experienced, this serves as the basis for conducting this research using an explorative approach.

1.2 Study Objectives

1.2.1 General Objective:

To ascertain the influence of Financial Literacy on the uptake of micro- insurance products in Zambia.

1.2.2 Specific Objectives:

(i) To understand the levels of Financial Literacy by micro-business traders.
(ii) To identify risks micro-business traders are faced with that have not been insured.
(iii) To understand mechanisms that these micro-business traders have instituted to deal with risks.
1.3 Research Questions
(i) What are the levels of Financial Literacy in micro-business traders?
(ii) What risks do these micro-business traders face?
(iii) What mechanisms have these micro-business traders instituted to deal with the risks?

1.4 Significance of the Study

With the world taking a shift towards Financial Literacy and various stakeholders considering the same as high priority, the timing of this study and the actual study itself will add valuable information to the current body of financial knowledge in this area. Some of the key beneficiaries of this study include insurance companies in that they will use this information to modify their products to the unique needs of the Micro Businesses and achieve competitiveness, Regulators in that they will have access to valuable information that can help them effectively strategize in increasing financial inclusion in the informal sector and Subsequent researchers in that they can use this study as a guide and build on further knowledge in similar areas of research. With the Covid-19 pandemic affecting all sectors of the economy, the timing of this study will prove to be of fundamental significance to the collective stakeholders, especially those falling within the informal sector.

1.5 Delimitation of the Study

This study was confined to Lusaka with Lusaka Market Zone being the core area of concentration, targeting only those micro-business traders operating informally.

1.6 Operational Definitions

For the purposes of this research study, this following terms were defined according to the context in which they were used throughout this study:

(i) Financial Literacy: The possession of knowledge and skills that enable one to make informed and effective financial decisions.
(ii) Informal Sector: According to the Labour Force Survey Report (2017), the informal sector was defined as all production units that are not registered with a tax or a licensing authority.
(iii) Insurance: Twaambo (2018) defines it as simply being a promise of compensation for specific potential future losses in exchange for a periodic payment.
(iv) Micro Business: This research will adopt the OECD (2005) definition of Micro Businesses which is, “businesses with 0-9 employees.
(v) Risk: it's uncertainty about the future or the probability of loss occurring or exposure to loss.

1.7 LIMITATIONS

Even as this study sought to analyze the inherent levels of Financial Literacy among micro­business traders operating in Lusaka Central Market Zone, the following barriers were experienced in the process: Language barrier, limited time, difficulties in setting up appointments and siphoning relevant information from the micro-business operators.

CHAPTER TWO

LITERATURE REVIEW

2.0 Introduction

This chapter will discuss what other scholars have contributed in relation to how Financial Literacy influences the uptake of micro-insurance products in the informal sector as this is not only a local area of concern, but one that is constantly gaining much consideration globally as well. Seeing that Micro Businesses are significant contributors of the country's Gross Domestic Product, a contribution of over 70% as indicated by ZambiaInvest (2017), it is imperative that diversified views of how Financial Literacy influences the uptake of micro-insurance by the country's backbone of business are reviewed with much emphasis placed on the informal sector's aspect of it.

2.1 Empirical Review

There's been a diverse number of studies that have been done by several researchers in relation to how Financial Literacy has an influence on Micro Businesses, which in turn can be seen to have a direct impact on how these entities handle micro-insurance uptake. Sucuahi (2013) looked at the determinants of Financial Literacy of micro-entrepreneurs in Davao city, of which he used budgeting, personal finance, record-keeping and Savings, as tools for measuring the levels of Financial Literacy inherent in Micro-entrepreneurs. This study concluded that the bulk of the micro-entrepreneurs were not financially literate and this was attributed to a lack of financial education, outdated methods of record-keeping, poor judgment in obtaining financing for their businesses.

Gupta and Kaur (2014) also reviewed the level of Financial Literacy among Micro Entrepreneurs in Kangra District of India and used as Financial Literacy measuring variables, the familiarity with Financial Institutions, record keeping of funds by Micro entrepreneurs and Loan and credit products awareness. The analysis and conclusion of this study revealed that micro-entrepreneurs in that district possessed low financial skills which was as a result of poor record-keeping, deplorable cash management, inappropriate savings practices and low awareness with regard to various financial products and instruments.

Another research was conducted by Kwasi, Kwadwo and Yeboah (2016) in which they looked at the effect of Financial Literacy on willingness to pay for micro-insurance by the informal commercial market business operators in Ghana. It was determined that Financial Literacy had a positive effect on the quantum the commercial market business operators were willing to pay for Micro-Insurance, thereby increasing its uptake by the informal sector. This study made a recommendation by emphasizing a strong and perpetual approach on Financial Education programmes that would in turn increase both Financial Knowledge and participation in Micro­insurance purchase.

2.2 Importance of Financial Literacy to MSMEs

- Financial Literacy facilitates prudent management of risks in that financial strategies are put into establishment to shield the business entity from incurring heavy losses from potential risks. A good example of this is the institution of insurance mechanisms tailored to meet the precise risks associated with the business type.
- Enables business enterprises to have monetary liquidity through instituting savings mechanisms which eventually give businesses access to spending funds whenever immediate spending needs, emergencies and real time business opportunities arise.
- It gives businesses opportunities to increase their internal pool of funds and hence enabling them to avoid the expensive route of seeking external financing such as loans. Rwamwenge (2015) states that, “banks are pessimistic when it comes to giving out loans to start-up businesses and small businesses as they do not want to invest their money in risky business ventures that do not guarantee assured returns”. In addition to this, banks will request for documentations such as Business plans, Credit History, Collateral, all of which would prove tedious to Micro Businesses, hence Financial Literacy equips these entities with other alternatives of sourcing funds.
- As mentioned earlier, Micro, Small and Medium Enterprises (MSMEs) are significant contributors to the Gross Domestic Products (GDP) of both developed and developing countries and considering they are mostly operated by individuals, it is only prudent that those who operate them are well vested in Financial Literacy if they are to be consistent major contributors. Rashid and Alshami (2017) state that, “most countries consider MSMEs as the main actors for national and regional development in the economic field in terms of job creation, promoting exports, producing outputs and entrepreneurship encouragement”.

2.3 Dimensions of Financial Literacy

To appreciate the liaison Financial Literacy has on the uptake of micro-insurance products, it is imperative that we understand precisely what we mean by Financial Literacy by getting diverse views of other researchers. Kirch, Vieira & Potrich (2015) had reasoned that, “the terminology Financial Literacy is mostly used synonymously with Financial Education and yet these two constructs are conceptually different, which may lead to difficulties as Financial Literacy goes beyond Financial Education”. A major challenge that this poses is that there are people who have been exposed to some form(s) of financial education yet they still struggle to manage their finances prudently. It is because of this misnomer that Huston (2010) reasons that “Financial Literacy should be understood in the context of one having financial knowledge as well as them knowing how to use that Financial Education in managing their finances pragmatically”. According to the earlier definition given by the Organization for Economic Co-operation and Development (OECD), Financial Literacy can basically be apportioned into three dimensions, namely; Financial Knowledge, Financial Behavior and Financial Attitude.

2.3.1 Financial Knowledge

Marsh (2006) defined Financial Knowledge as, “being what individuals know towards personal financial problems, measured by their level of knowledge related to various personal financial concepts”. She further stipulated that this type of knowledge can be acquired formally through formal high school education, lectures, seminars, etc or can be obtained informally such as through parents, companions and the work environment. Seeing that Micro Businesses are run by individuals, the level of Financial Knowledge they possess will have an impact on the competitive advantage of the business enterprise in that they will have knowledge about various financial problems and this may inspire the uptake of insurance.

2.3.2 Financial Attitude

Xiao (2008) defined Financial Attitude as being “the ability to examine a financial instrument and make judgments on the benefits of each instrument selection for long term interests”. He states that financial attitude reflects on how human behavior is relevant to Financial Management. The financial attitude of Micro entrepreneurs will be seen in their savings patterns, setting up of realistic and achievable financial goals that will influence the enterprises' expenditure priorities.

2.3.3 Financial Behavior

Iramania and Kholilah (2013) defined Financial Behavior as “one's ability to regulate planning, budgeting, checking, managing, controlling, searching and storing daily funds”. Deacon and Firebaugh (1988) described Financial Behavior as “a set of mannerisms performed regarding the planning, implementing and evaluating involved in the areas of cash, credit, investments, insurance, insurance and retirement and real estate planning”. Van Praag (2003) states that, “the importance of financial decisions is evident from the higher failure rate among small firms because of their weak financial management”.

2.4 Theoretical Framework

(a) Consumer Myopia Theory: Mooreland (2015) describes financial myopia as, “more of short-sightedness than near sightedness in that the major problem is not that investors lack the ability to perceive things from a distance, but they choose to focus on short­term outcomes which can prove costly”. Considering that most Micro Entrepreneurs are fixated on how much they can maximize their profits, the taking up of insurance and other financial products may be seen to be a luxurious expense. Chishala and Musawa (2018) in their survey found out that Micro business owners, especially those run by family members, viewed insurance as being expensive and that they were discouraged by the fact that at the end of the policy they wouldn't get a percentage of their money back if their businesses suffered no loss. Seeing that they do not experience these risks happening most of the time, this mentality makes them consider insurance to be a waste of financial resources that would affect their profitability. Al-Shami (2019) says, “Micro Business managers with a positive mentality tend to take risks, dare to start and are proactive compared to conservative managers”.
(b) Financial Self-Efficacy Theory: Forbes and Kara (2010) refer to Financial Self-Efficacy as “being one's belief about their capability of organizing and executing courses of action to achieve one's ultimate financial goals”. Bearing in mind that there are many insurance companies offering insurance products and that these insurance products have many variations, Micro Entrepreneurs may make uninformed decisions considering they are not thoroughly knowledgeable of how these products work exactly. Kathleen Kan et al. (2015) states that, “the combination of a daunting array of insurance options, complex personal needs to consider (eg, provider choice, formularies, affordability) and barriers to understanding coverage options (limited financial literacy) may diminish an individual’s self-efficacy regarding their insurance coverage decisions”. Kadous et al. (2014) says, “investors with higher level of confidence in trading behaviour hold on to losing investment longer than those who with lower trading confidence”. With the common negative perception most Micro Business operators have concerning insurance, it’s apparent to see that financial self­efficacy is a determinant in the uptake of Micro-insurance.
(c) Resource Based Theory: According to Jurevicius (2013), Resource-Based Theory was defined as, “a model that sees resources as key to superior firm performance”. Jurevicius states that “it’s important to distinguish strategic resources from other resources in that competitors can easily acquire them and hence an MSME cannot maintain competitive advantage”. Mengo (2017) stipulates that “insurance is a strategic resource in that it helps businesses continue to move despite any tragedies it may face”. In the event of a chain catastrophic loss event such as the fire that broke out at city market which disrupted over 2000 businesses, an insurance arrangement would protect the Micro-Business from the financial strain of reinstating it and make it more competitive in its area of operation.

2.5 Conceptual Framework

When the levels of Financial Literacy are deemed to be high, the uptake of micro-insurance policies is also more likely to increase. Similarly, when the impact of the risks faced by micro-businesses is high, the uptake of micro-insurance is also likely to increase and vice- versa. When the risk mechanisms employed by the micro-businesses are ineffective, the uptake of micro-insurance is likely to increase.

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CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Introduction

In this chapter, the researcher discussed the methodology that was used when carrying out the study. According to (Remenyi et al. 1998), “Research Methodology shows the logic of development of the process used to generate theory that is procedural framework within which the research is conducted”. Within this chapter will be contained the research design, the sample population, study population, sampling techniques, data collection instruments, data analysis, reliability and validity, and the ethical considerations that were considered.

3.2 Research Design

Ghosh (1992) defines research design as “the arrangement of circumstances for the collection and analysis of data which aims to combine relevance to the research purpose with economy in procedure”. On the other hand, Chand (2000) describes Research Design as “a procedure by which a researcher will be in a position to comprehend the structure of the research and the numerous steps to be taken in the process of research”. In this research, the researcher used an Exploratory Design in which both qualitative and quantitative contexts were adopted. The logic for using an Exploratory study is compelled by the fact that this is a subject that requires both qualitative and quantitative views.

3.3 Study Population

Study Population was defined by Bartlett et al. (2001) as, “the final group of participants from which data is collected by surveying either all its members or a sample drawn from it”. With reference to statistics of markets zones in Lusaka province provided by ZANAMACA, the total population for this study was 192, 844 and consisted of all thirteen (13) market zones in Lusaka, namely; Kanyama, Chawama, Kabwata, Mandevu, Chongwe, Sibuyunji, Rufunsa, Matero, Lusaka Central, Munali, Chirundu, Kafue and Luangwa Zones. On the other hand, the researcher purposively sampled Lusaka Central Zone with a population of 16, 991 as provided by ZANAMACA and this region was selected because most insurance companies with interest in the micro-traders are concentrated in this zone, thereby giving this research data that is both paramount and valid to understanding the influence of financial literacy on the uptake of micro­insurance.

3.4 Sample Population

Cooper and Schindler (2006) defined Sampling as “the practice of choosing some elements from a population to represent that population”. Therefore this involved a procedure of selecting a fragment of the population that will represent an entire population of people who exhibit the same characteristics, in order to arrive at an accurate conclusion. Using an internet based sample calculator from SurveyMonkey.com, a sample population of 149 was arrived at respectively, using a confidence level of 95% and margin of error of 8%. The formular is indicated below:

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The z-score is the number of standard deviations a given proportion is away from the mean.

3.5 Sampling Technique

This study used both Purposive and Convenience sampling techniques, which are both of a non-probability sampling nature, to obtain a diversified pool of information. Robinson (2014) defines Purposive sampling as “the intentional selection of informants based on their ability to elucidate a specific theme, concept or phenomenon”. Foley (2018) stipulates that “Purposive sampling is useful for the researcher when they want to access a particular subset of people, as all participants of a study are selected because they fit a particular profile”. On the other hand, Convenient sampling is the most commonly used method of non-probability sampling strategy and was defined by Bornstein et al., (2013) as “a sampling strategy where participants are selected in an ad hoc fashion based on their accessibility and/or proximity to the research”.

The researcher purposively picked Lusaka and conveniently picked the Lusaka Central Zone.

3.6 Data Collection Instruments

This research study used two data collection methods, namely: Primary data and Secondary data collections. With regard to Primary data collection, it was termed by Ajayi (2017) as being “the first hand data collected by the researcher from first hand sources”. Thus, the researcher was able to siphon primary data through structured-interviews with the respondents, which was coupled with mixed questionnaire administrations (comprising of both open-ended and closed ended questions).

On the other hand, the North Central University Library (2020) described Secondary data as “data or details that are originally presented from another source”. Therefore, for the secondary data the researcher reviewed journals, e-books and ariticles.

3.7 Data Analysis

Imanuel (2020) defines Data Analysis as “the process of inspecting, cleaning, transforming and modelling data with the objective of discovering useful information, arriving at conclusions, and supporting the decision-making processes”. Grant (2020) specifies that “Data Analysis is important because it can be used to evaluate data with statistical to discover useful information whose results can be used to make informed decisions”. Ghosh (1992) also adds that “any data without proper Data Analysis remains a meaningless heap of information”. It was for this reason that the data in this research was analyzed and presented in a mixed format with the qualitative trait providing narratives of the respondents, while the quantitative aspect was presented and analyzed through the use of graphical presentations in excel. The Secondary data was also analyzed through reviewing the journals, e-books and articles.

3.8 Validity and Reliability

Roberts and Helena (2006) highlight the importance of reliability and validity by stating that “they are instruments of communicating the rigor of research processes and the fidelity of research findings, as they will assist in avoiding the misleading of those who use it”. They further on went to define reliability as “how far a particular test, procedure or tool, such as questionnaire, will produce similar results in different circumstances, assuming nothing else has changed”. To warrant the reliability of this study, a pilot test was conducted on those market traders in the places of study, that are not registered with ZANAMACA. This had an aftermath effect of improving the strength of the questionnaires before conducting the actual research.

On the other hand, Price (2020) defined validity as “the extent to which the scores from a measure represent the variable they are intended to”. In this research, the primary data collected from the random interviews held with various participants through hybrid questionnaires and this data was then compiled directly after the interviews. The validity of these results were discussed and reviewed with the researcher's supervisor. The secondary data was collected from scholarly sources and thereby refining the credibility of this study.

3.9 Ethical Consideration

Kombo and Tromp (2006) ascertain that ethical consideration must encompass cardinal elements such as gaining consent from any subject(s) used in the research, elucidating the research in advance to the participants and seeing to it that they participate out of their own accord, maintaining professionalism and confidentiality as well as taking all reasonable measures to protect the participants. Before undertaking this research, the researcher sought consent from all participants and an introductory letter was obtained from the Academic office at the University of Lusaka. Thereafter, a copy of the same letter was presented to Lusaka City Council, who subsequently gave the researcher permission to carry out the study on the various market traders in the assigned areas. ZANAMACA was also given a copy of the researcher's introductory letter and hence they were able to give the research more strategic guidance on the research.

With regards to the respondents, consent from them was sought in person on their willingness to participate in the study and they were made aware that every information siphoned from them would be solely for academic purposes and that their participation was of a voluntary basis; they would be free to withdraw from the participation if they chose to do so at any point in the research. It was for this reason that the researcher used the principle of privacy that entails that the respondents would not be forced to give out any information they did not want to give out willingly. Also the principle of Confidentiality was made possible by the researcher opting not to obtain the respondent's names but instead would assign them Initials of which would be attached to their individual questionnaires.

CHAPTER FOUR

PRESENTATION AND ANALYSIS OF DATA

4.1 Introduction

This chapter contains the findings of the study on Financial Literacy’s influence on the uptake of micro-insurance, with ZANAMACA being the case study, and addresses the research questions.

4.2 Demographic Analysis

Under this section are the demographic particulars of the sample population of the Market Traders in Lusaka Central, 96 respondents, and this information was captured through the administration of questionnaires.

4.2.1 Gender Distribution

Table 4.1

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Source: Author

Table 1 and Figure 2 demonstrate the gender distribution of the 149 respondents that were contacted by the researcher through questionnaire administration. Out of these 149 respondents, the demographics show that 61 of them were male and this accounted for 40.9% of the total distribution, while 88 of them were female and this accounted for 59.1% of the total distribution, which gives a summation of 100%. During this study, the researcher found himself reaching out to more women than men and the explanation behind this is that the type of trade engaged in is one that is dominated by women, not only in Lusaka but in other provinces too. This phenomenon is not new as previous researchers had encountered similar trends. A study report compiled by the Centre for Trade, Policy and Development (2019) confirms this by stating, “Women account for 90% of the traders in Lusaka and over 60% in Kitwe”. Now considering that trading in market places is an informal sector activity, this gives a transparent indication that financial decisions made by women have a significant influence on the uptake of micro-insurance products.

4.2.2 Distribution of Respondents by Age Group

Figure 4.2

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Source: Author

The largest distribution was skewed towards the 36 - 50 age group of respondents, of whom were 56 in number and accounted for 38% of the total distribution, and this was justified by the fact that this set of respondents believed it's more convenient and profitable to run their own businesses than delegate it to others. This was seconded by the 26 - 35 age group who were 44 in number (30%), 29 respondents were above 50 years and represented 19%, and the least group was comprised of the 18 - 25 age group having 20 respondents (13%). The distribution of the various age-ranges according to the data provided by the questionnaire indicated a rather young age group collectively ranging from 26 - 40 years. Therefore there was an assumption that the likelihood of taking up various micro-insurance products on the market was high in this age-group, however the researcher found the inverse to be true as this was influenced by negative perceptions, immediate spending needs, and other factors.

4.2.3 Marital Status Distribution

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Source: Author

The marital status distribution was allocated as follows; 30 were single and were represented by 20% of the total distribution, 82 were married and accounted for 55% of the distribution, widowed people were 26 in number thereby denoting 18% and finally the divorced were 11 in number and represented an 7%. Being of a married status indicated that they were conversant and had a degree of control on the financial decisions made in their households. The taking up of micro-insurance products will unquestionably be affected by the marriage status of the micro-traders as a substantial proportion of the returns is used to carter various family needs such as paying of school fees, rentals, purchasing of food supplies, etc. In one of the interviews the researcher had, the respondent highlighted that one of her greatest fears was how she would generate money to carter for her children's school fees during this Covid 19 pandemic, as most of her major clients were University student's whose institutions were temporarily closed as directed by the Government.

4.2.4 Level of Education

Education is an important attribute in that it is a vehicle that can be used to enhance the general levels of financial literacy in individuals. Figure 4.4 apportions the different levels of education possessed by the respondents and was such that 98 of them had attained primary education (66%), 27 had secondary education (19%), 5 had tertiary level training of which 3 had certificates and 2 possessing undergraduate degrees (3%) and 19 of them had no education at all (12%). These statistics generally display a picture of the majority of the sample population only having attained primary education, while the minority was comprised of either the illiterate or those with secondary education training. This poses a serious challenge in that it becomes difficult for the majority of these people to appreciate and have a deeper understanding of the underlying concepts of financial literacy present in micro-insurance such as the aspect of inflation rates affecting investment returns. The researcher gave a scenario to some of the market traders of how they would react if an insurer were to approach them and inform them of an increase in premium in comparison to what they paid the previous insurance term. The majority of the responses were inclined on thinking that the insurer was attempting to make a substantial profit from them. This thereby indicates that the lack of higher education training constituted a barrier to the uptake of micro-insurance products.

Figure 4.4

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4.3 Financial Literacy

4.3.1 Micro-insurance Awareness

This encapsulates how many of the respondents have heard about micro-insurance and how much knowledge they have of the same. The researcher discovered that 86 respondents had heard about insurance and had some basic knowledge of it, this accounted for 58% of the total respondents. On the other hand, 38 (26%) of them had sufficient knowledge about insurance and this can be attributed to ZANAMACA having partnered with Zambia State Insurance Corporation (ZSIC) and hence sensitizing their members on the benefits of taking up one of their tailor-made policies. Lastly, 25 (17%) of them had no knowledge of insurance despite having vaguely heard of it. An overview of this generates much interest in that there is an increased awareness of micro-insurance products being available on the market, but there is no affirmative action by them to obtain these specialized products.

Figure 4.5 MICRO-INSURANCE AWARENESS

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Source: Author

4.3.2 Level of Engagement

This encompasses the market trader's actual purchasing of insurance policies relevant to their personal welfare as well as that of their business. The researcher found that 51 market traders had purchased at least one type of micro-insurance product, and this can be linked to the credit life and funeral insurance policies that ZSIC Life had sold to them through the proxy of ZANAMACA. This accounts for 34% of the total respondents. On the other hand, 98 of the remaining respondents had no form of micro-insurance arrangements as the bulk of them opted for the more traditional savings mechanisms such as Chilimba. This section had a representation of 66% of the total respondents.

4.4 Risk Analysis in micro-business traders

The researcher's review of panel data and in response to open-ended questions. It was observed that the respondents remained ignorant of the following risks as illustrated in figure 4.7:

4.4.1 Public Health Risk

(i) Risk

Despite these traders being subject to paying some form of levy periodically, there was an issue of poor maintenance of the markets by the respective local authorities. This could be seen by the poor states of drainage systems and the deplorable conditions of the toilets which then impose an increased risk of deadly such as cholera or even long-term respiratory problems. The status quo of the surrounding can also be attributed to the poor hygiene mannerisms engaged in by the traders such as the throwing of waste in these drainage systems as well as sweeping of the surroundings and allowing dirt to accumulate behind their trading spaces . Related to this is the issue of closeness of market trading spaces which is likely to enhance the risk of the marketeers contracting the Corona Virus.

(ii) Mechanism

Because of the gravity of the risks faced by the marketeers, they have instituted various risk response mechanisms to deal with their risks. With reference to the public health risk, the marketeers would sweep the surroundings of their spaces of trade to help minimize the risk of contracting diseases that arise from unhygienic surrounding. This signifies that there is need to extend health insurance coverage to them through micro insurance and educate them on the benefits/advantages of the same.

4.4.2 Security Risk

(i) Risk

The traders highlighted the issue of security in that their properties were usually left on their premises after operating hours, hence the risk of their property being stolen was imminent and considering that some of their property (stalls) were constructed from wood, this also increased the risk of fire outbreak.

(ii) Mechanism

The lack of storage provisions within the market places meant that some of them would have to sleep with their properties in enclosed spaces in order to minimize the risk of their properties being stolen. Seeing that they have to eat, cooking in such an environment also increases the risk of fire. This indicates that there is need for specialized micro-insurance products to help the marketeers alleviate this risk, as opposed to a standard theft insurance policy.

4.4.3 Business Interruption Risk

(i) Risk

With the global adverse effects of the Covid-19 pandemic, not even the marketeers in Lusaka central have been spared by the impact thereof. This has led to a number of market traders to make notable losses in their businesses in comparison to the time before Covid-19 had become a threat. Food commodities like vegetables have a short life-span of freshness. Therefore, the marketeers experience a reduction in their income due to decreased sales influenced by the pandemic and this was evidently a source of concern among the marketeers.

(ii) Mechanism

In order to address the short life-span problem of the food commodities, those traders with homes nearby would opt to take their food products back to their homes and refrigerate them as a preservation measure. But not even this risk management mechanism was very effective as the issue of load shedding was unavoidable.

Figure 4.7

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CHAPTER FIVE

CONCLUSION AND RECOMMENDATIONS

5.1 Introduction

This study undertook to determine the effects of Financial Literacy on the uptake of micro­insurance, with ZANAMACA being the case of study. In this chapter, a conclusion was arrived at from the literature and findings presented. It also outlines the recommendations that were derived from the findings of the research study and thereby points out area of interest that future researchers can adopt.

5.2 Conclusion

It is quite apparent upon observation that this research study reveals an inadequate level of Financial Literacy among micro-business traders, which in-turn explains the low levels of micro-insurance uptake. The inherent lack of Financial Literacy can be attributed to the following reasons:

5.2.1 Financial Literacy

As stipulated in the study findings, the majority of Micro-traders had minimal knowledge on the various financial products available in the financial market, and those who at-least demonstrated some basic knowledge of them did not fully understand how they work. Despite a number of micro-business traders having some elementary knowledge about financial and insurance related products, such as the existence of pension's arrangements, there was still an indication of a low participation rate in utilizing their availability and this can be accredited to the poor judgments made when analyzing the long-term benefits of these financial products. Market traders would rather save their business capital in their own households, engage in Chilimba savings schemes or simply put their money in a Mobile Money account, all of which present no element of interest Accrual.

Considering that insurance can also be used as a savings mechanism, the lack of sufficient financial knowledge has a significant impact on both the financial attitudes and behaviors of micro-business traders. Therefore sensitive key players like the regulator, the Pensions and Insurance Authority (P.I.A), must consider restructuring their Financial, Insurance and Pension's Literacy campaigns strategies as some of their chosen areas of contact are mostly accessible by those operating in the formal sector. There is need to follow the informal sector participants to their places of operation. Insurance companies like Hollard Zambia had set out to develop micro-insurance products specifically to tackle the challenges of fire risk, property damage risk and financial assistance that would pay out in the event of a temporary closure of businesses.

5.2.2 Risk Analysis and Response Mechanisms

In order to curb the highlighted risks that they were faced with, the marketeers resorted to adopt risk management techniques that proved ineffective as the impact of the inherent risk was not significantly reduced, but instead gave rise to other risks. Therefore the researcher observed the following: 5.2.2.1 Business Interruption Risk - The marketeers experienced a reduction in revenue as their food products were of a definite life-span with regard to freshness. Though they attempted to deal with this through the use of refrigeration, the presence of load-shedding meant that this risk was still imminent. The researcher recommends that insurance companies dealing with micro-insurance invest heavily in Research and Development activities, and subsequently develop combined insurance products that will address different risks of the same category faced by this business type. For example, developing a combined insurance policy that will have micro-business interruption insurance and spoilage insurance coverage which will deal with the risk of their food products going bad due to power outage. 5.2.2.2 Security Risk: Sleeping on the premises to protect their belongings is not an effective risk management practice as this gives rise to other risks such as fire, bodily injury or even death. The researcher recommends that funds from the council collected through levies should be channeled to construct safe houses within the market places where the traders can keep their belongings and then employ security personnel to watch over the place during night time. Then this can be coupled with the Lusaka City Council (LCC) purchasing a specialized Burglary Insurance policy for different market zones, each reflecting the various amounts of money at risk. 5.2.2.3 Public Health Risk: Keeping the surrounding clean is not enough to curb the public health risks faced by the marketeers. There is need to initiate interactive meetings with stakeholders such as the Zambia National Public Health Institute (ZNPHI) and the Public Health Association of Zambia (PHAZ) to not only sensitize these marketeers on the various public health risks they are faced with, but also to help them implement effective solutions on how to address these risks. Additionally, before Life Assurance companies can offer micro­health insurance products, they may have to engage in some form of Corporate Social Responsibility activities such as meeting the funeral costs for deceased marketeers in a certain period. This not only creates rapport between them, but they can use this as an instrument to demonstrate the benefits of taking up such products.

5.3 Recommendations

The inherent problem that lies with the low uptake of Micro-insurance products can be attributed to the absence of rapport that exists between Insurers and the informal sector. There is need to bridge that gap by constant engagement by both parties in that insurer's must strategically employ insurance professionals that have multi-linguistic abilities and the willingness to directly engage the various participants in the informal sector with the view of explaining to them the basics and benefits of insurance in a simplified manner. This would unquestionably reduce the negative prejudice and misconceptions the informal sector has about insurance and thereby increase the uptake thereof. One way in which Insurance companies can make this practical is by setting up stands within the market places and placing the aforementioned professionals there. This would not only increase the marketeers accessibility to insurers, but it would also be an effective strategy in debunking common myths and misconceptions about insurance as well as a reliable channel for obtaining valuable information that would assist in the creation of relevant micro insurance products that are specific to their needs. This therefore indicates that the insurance sector must comprehensively invest in Research and Development in order to come up with tailor-made products that would be appreciated and accepted by the informal sector.

5.4 Suggestions for further research

The researcher proposes that future researchers should consider investigating the influence Insurance would have on Financial Inclusion.

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APPENDICES

APPENDIX I: LETTER OF INTRODUCTION

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