What is it about?
This study investigates Australian cancer survivors' Quality of Life (QOL) concerning whether they own trauma insurance. This research examines (1) whether financial planning mechanisms alleviate financial stress, maintaining the QOL of cancer survivors, (2) how receipt of financial proceeds impacts QOL, and (3) whether emotion affects the financial decisions of cancer patients. Researchers used qualitative research methods to investigate the relationship between trauma insurance ownership and QOL in cancer survivors, considering demographic factors such as gender, age and income, type of cancer, treatment type, the meaning of life, financial planning mechanisms, emotional finance, and risk-shifting behavior.
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Why is it important?
Findings show a general decrease in the QOL of survivors without trauma insurance and less change in the quality of life of survivors with trauma insurance. We attribute this difference to the additional benefits survivors buy with their insurance proceeds. Trauma insurance and other financial mechanisms function to mitigate financial stress.
Perspectives
Our findings show that trauma insurance and other financial mechanisms are important to mitigate the stress of the patient and loved ones and function as a mechanism to alleviate financial stress.
Dr Krishna Reddy
Toi Ohomai Institute of Technology
Read the Original
This page is a summary of: The influence of trauma insurance on quality of life among cancer survivors, Journal of Behavioral and Experimental Finance, June 2024, Elsevier,
DOI: 10.1016/j.jbef.2024.100929.
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