Mobile money, medical cost anxiety and welfare of individuals within the reproductive age in Malaysia

Abstract

AbstractThis study examines the association between mobile money, medical cost anxiety, and the welfare of households in Malaysia. The study made use of the data sourced from the Global financial survey conducted by the World Bank. The study applied the logit model and test of mean difference, probit and instrumental variable regressions to check for robustness. Findings show that mobile money has a positive and significant impact on the welfare of households in Malaysia. Mobile money enables households to access financial services easily and conveniently, which in turn leads to better financial management and increased household welfare. The study also finds that medical cost anxiety hurts household welfare. Households that are more anxious about medical costs tend to experience lower levels of welfare. The results of this study have significant implications for policymakers and financial service providers in Malaysia. To improve the welfare of households, policymakers should promote mobile money use and encourage financial inclusion. Financial service providers should also develop products and services tailored to the needs of households, especially those that are more vulnerable to medical cost anxiety. Additionally, policymakers should consider implementing policies that address rising healthcare costs and alleviate medical cost anxiety among households in Malaysia.