Abstract
This study investigates the impact of loss-framing and individual risk attitude on the willingness- to purchase insurance products, utilizing a game-like interface in a choice architecture. The application presents events as experienced in real-life , as a young adult searching for employment to retirement. Both financial and emotional loss-framing events are followed by choices to purchase insurance. The participant cohorts considered were undergraduate students and older participants, the latter group was further subdivided by income and education. From the within-subject analysis, the preliminary findings reveal that the loss framing effect on insurance consumption is higher in the younger population though contingent on the insurance product type. Health and accident insurance shows a negative correlation with risk attitudes for the younger age and a positive correlation with accident insurance for older participants. Risk attitude and life insurance products willingness-to-purchase showed no dependency. The findings elucidate the role of age, income, family responsibilities, and risk attitude in purchasing insurance products. Importantly, it confirms the correlation between age and the effect heuristics of framing/nudging.