Factors Influencing the Purchase Intention of Medical Takaful among Generation Z in Malaysia: A Theory of Planned Behaviour Perspective

With the medical inflation on the rise in Malaysia, the cost of healthcare is escalating and the need for financial protection through Medical Takaful is becoming more pronounced. However, the level of participation in Medical Takaful is still relatively low, especially among Generation Z who are beginning to make independent financial and healthcare decisions. This conceptual paper aims to examine the factors affecting Generation Z intention to purchase Medical Takaful in Malaysia with Theory of Planned Behaviour (TPB) as its underlying theoretical framework. The proposed conceptual framework considers four determinants, namely awareness, risk perception, financial literacy and affordability which are theoretically justified as antecedents affecting behavioural beliefs, attitude and perceived behavioural control that affect purchase intention. The literature review reveals that awareness and risk perception contribute to positive evaluation of Medical Takaful. Financial literacy and affordability enhance people’s ability and confidence to engage in healthcare protection schemes. This study advances the extant Medical Takaful literature that has mainly studied these factors separately and has given less attention to Generation Z, by combining these determinants within a single TPB based framework. The proposed framework offers practical insights to takaful operators, policymakers and financial educators to craft strategies to boost Medical Takaful uptake among young consumers. Future empirical research should be conducted to validate the proposed relationships and to assess the applicability of the framework.

Awareness, Risk Perception, Financial Literacy, Affordability, Medical Takaful, Generation Z

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