Driving Insurance Purchase Intentions in the Digital Era: The Roles of Money Attitude, Utilitarian Motivation, and Celebrity Trustworthiness
DOI:
https://doi.org/10.33506/sl.v15i1.5072Keywords:
Purchase Intention, Money Attitude, Utilitarian Motivation, Celebrity Trustworthiness, Digital Insurance MarketingAbstract
This study examines the determinants of insurance purchase intentions in the digital era by integrating perspectives from money psychology, utilitarian motivation, and celebrity trustworthiness. Using a sample of 113 followers of financial educators on Instagram, data were analyzed with PLS-SEM 4.0 to investigate the direct, indirect, and moderating effects among the proposed constructs. The findings show that money attitude significantly enhances utilitarian motivation, indicating that individuals with stronger financial orientations tend to evaluate insurance products through functional value considerations. However, utilitarian motivation does not directly influence purchase intention, nor does it mediate the link between money attitude and purchase intention, suggesting that rational assessments alone are insufficient to drive insurance decisions. Notably, celebrity trustworthiness significantly moderates the relationship between utilitarian motivation and purchase intention, demonstrating that credible public figures strengthen consumers’ confidence in the utilitarian benefits of insurance products. The study contributes to financial and digital marketing literature by highlighting the interplay between rational evaluations and source credibility. Practically, the results underscore the importance of combining functional value communication with trustworthy celebrity endorsers to enhance consumer trust and stimulate insurance purchase intentions.
References
P. H. Untari, “OJK Catat Penetrasi Asuransi Baru 2,72% per Februari 2025.” [Online]. Available: https://finansial.bisnis.com/read/20250429/215/1872899/ojk-catat-penetrasi-asuransi-baru-272-per-februari-2025?utm_source=chatgpt.com
A. Y. Primantoro, “Transformasi Percepat Pertumbuhan Industri Asuransi.” [Online]. Available: https://www.kompas.id/artikel/transformasi-percepat-pertumbuhan-industri-asuransi?utm_source=chatgpt.com
Otoritas Jasa Keuangan, “Siaran Pers Bersama: Indeks Literasi dan Inklusi Keuangan Masyarakat Meningkat, OJK dan BPS Umumkan Hasil Survei Nasional Literasi Dan Inklusi Keuangan (SNLIK) Tahun 2025.”
R. J. Harnish, K. R. Bridges, R. Nataraajan, J. T. Gump, and A. E. Carson, “The impact of money attitudes and global life satisfaction on the maladaptive pursuit of consumption,” Psychol. Mark., vol. 35, no. 3, pp. 189–196, 2018, doi: 10.1002/mar.21079.
M. R. Patty and S. A. Kurniawan, “Apakah Money Attitude Membentuk Perilaku Keuangan? Peran Moderasi Celebrity Trustworthiness dalam Pengaruh Edukator Finansial,” J. Ilm. Manaj. FORKAMMA, vol. 8, no. 2, pp. 160–170, 2025.
J. Anvari-Clark and T. Rose, “Financial Behavioral Health and Investment Risk Willingness: Implications for the Racial Wealth Gap,” Int. J. Environ. Res. Public Health, vol. 20, no. 10, 2023, doi: 10.3390/ijerph20105835.
M. Eling, O. Ghavibazoo, and K. Hanewald, “Willingness to take financial risks and insurance holdings: A European survey,” J. Behav. Exp. Econ. , vol. 95, no. April, p. 101781, 2021, doi: 10.1016/j.socec.2021.101781.
N. O. Omigie, H. Zo, A. P. Ciganek, and S. Jarupathirun, “Understanding the continuance of mobile financial services in Kenya: The roles of utilitarian, hedonic, and personal values,” J. Glob. Inf. Manag., vol. 28, no. 3, pp. 36–57, 2020, doi: 10.4018/JGIM.2020070103.
C. Dincer and B. Dincer, “Social Commerce and Purchase Intention: A Brief Look at the Last Decade by Bibliometrics,” Sustain., vol. 15, no. 1, 2023, doi: 10.3390/su15010846.
P. L. To, C. Liao, and T. H. Lin, “Shopping motivations on Internet: A study based on utilitarian and hedonic value,” Technovation, vol. 27, no. 12, pp. 774–787, 2007, doi: 10.1016/j.technovation.2007.01.001.
Q. Wei, D. Lv, Y. Lin, D. Zhu, S. Liu, and Y. Liu, “Influence of Utilitarian and Hedonic Attributes on Willingness to Pay Green Product Premiums and Neural Mechanisms in China: An ERP Study,” Sustain., vol. 15, no. 3, 2023, doi: 10.3390/su15032403.
W. Yang, “Star power: the evolution of celebrity endorsement research,” Eletronic Libr., vol. 34, no. 1, pp. 1–5, 2010.
J. Weismueller, P. Harrigan, S. Wang, and G. N. Soutar, “Influencer endorsements: How advertising disclosure and source credibility affect consumer purchase intention on social media,” Australas. Mark. J., vol. 28, no. 4, pp. 160–170, 2020, doi: 10.1016/j.ausmj.2020.03.002.
H. Mabkhot, N. M. Isa, and A. Mabkhot, “The Influence of the Credibility of Social Media Influencers SMIs on the Consumers’ Purchase Intentions: Evidence from Saudi Arabia,” Sustain., vol. 14, no. 19, 2022, doi: 10.3390/su141912323.
Otoritas Jasa Keuangan, Draft Roadmap Pengembangan Perasuransian Indonesia. 2023. [Online]. Available: www.ojk.go.id.
I. Ajzen, “The Theory of Planned Behavior,” Organ. Behav. Hum. Process., vol. 50, pp. 179–211, 1991, doi: 10.47985/dcidj.475.
J. E. Maddux and R. W. Rogers, “Protection Motivation and Self-Efficacy : A Revised Theory of Fear Appeals and Attitude Change,” J. Exp. Soc. Psychol., vol. 19, pp. 469–479, 1983.
A. Furnham, “Measuring Money Attitudes and Beliefs,” Encyclopedia, vol. 5, no. 2, p. 78, 2025, doi: 10.3390/encyclopedia5020078.
K. T. Yamauchi and D. J. Templer, “The Development of a Money Attitude Scale, Journal of Personality Assessment,” J. Pers. Assess., vol. 46, no. 5, pp. 522–528, 1982, doi: 10.1207/s15327752jpa4605.
A. E. Aydin and E. Akben Selcuk, “An investigation of financial literacy, money ethics and time preferences among college students: A structural equation model,” Int. J. Bank Mark., vol. 37, no. 3, pp. 880–900, 2019, doi: 10.1108/IJBM-05-2018-0120.
B. Fünfgeld and M. Wang, “Attitudes and behaviour in everyday finance: Evidence from Switzerland,” Int. J. Bank Mark., vol. 27, no. 2, pp. 108–128, 2009, doi: 10.1108/02652320910935607.
M. Zheng, H. Li, L. Mo, and X. Wang, “Effects of Money on Utilitarian and Deontological Inclinations in Moral Judgments: A Study Using Process-Dissociation Approach,” Behav. Sci. (Basel)., vol. 15, no. 4, 2025, doi: 10.3390/bs15040430.
E. G. Marsasi, A. Albari, and M. Muthohar, “How Utilitarian Motivation and Trust Can Increase Intention to Use Based on Functional Attitude Theory,” Int. J. Prof. Bus. Rev., vol. 8, no. 12, p. e04086, 2023, doi: 10.26668/businessreview/2023.v8i12.4086.
Q. Zhang and H. Kim, “From Social to Financial: Understanding Trust in Extended Payment Services on Social Networking Platforms,” Behav. Sci. (Basel)., vol. 15, no. 5, 2025, doi: 10.3390/bs15050659.
K. C. Anderson, D. K. Knight, S. Pookulangara, and B. Josiam, “Influence of hedonic and utilitarian motivations on retailer loyalty and purchase intention: A facebook perspective,” J. Retail. Consum. Serv., vol. 21, no. 5, pp. 773–779, 2014, doi: 10.1016/j.jretconser.2014.05.007.
I. Indrawati, G. Ramantoko, T. Widarmanti, I. A. Aziz, and F. U. Khan, “Utilitarian, hedonic, and self-esteem motives in online shopping,” Spanish J. Mark. - ESIC, vol. 26, no. 2, pp. 231–246, 2022, doi: 10.1108/SJME-06-2021-0113.
Y. W. Chang, P. Y. Hsu, J. Chen, W. L. Shiau, and N. Xu, “Utilitarian and/or hedonic shopping – consumer motivation to purchase in smart stores,” Ind. Manag. Data Syst., vol. 123, no. 3, pp. 821–842, 2023, doi: 10.1108/IMDS-04-2022-0250.
T. W. Jee, “The perception of discount sales promotions – A utilitarian and hedonic perspective,” J. Retail. Consum. Serv., vol. 63, no. August, p. 102745, 2021, doi: 10.1016/j.jretconser.2021.102745.
R. R. Deshbhag and B. C. Mohan, “Study on influential role of celebrity credibility on consumer risk perceptions,” J. Indian Bus. Res., vol. 12, no. 1, pp. 79–92, 2020, doi: 10.1108/JIBR-09-2019-0264.
S. W. Wang, G. H. Y. Kao, and W. Ngamsiriudom, “Consumers’ attitude of endorser credibility, brand and intention with respect to celebrity endorsement of the airline sector,” J. Air Transp. Manag., vol. 60, pp. 10–17, 2017, doi: 10.1016/j.jairtraman.2016.12.007.
M. Mcpherson, L. Smith-lovin, and J. M. Cook, “BIRDS OF A FEATHER: Homophily in Social Networks,” Annu. Rev. Sociol., vol. 27, pp. 415–444, 2001.
M. Sarstedt, J. F. Hair, M. Pick, B. D. Liengaard, L. Radomir, and C. M. Ringle, “Progress in partial least squares structural equation modeling use in marketing research in the last decade,” Psychol. Mark., vol. 39, no. 5, pp. 1035–1064, 2022, doi: 10.1002/mar.21640.
J. T. Roscoe, Fundamental Research Statistics for the Behavioral Sciences. New York: Holt, Rinehart and Winston, 1969.
J. R. Fu, I. W. Lu, J. H. F. Chen, and C. K. Farn, “Investigating consumers’ online social shopping intention: An information processing perspective,” Int. J. Inf. Manage., vol. 54, no. January 2018, p. 102189, 2020, doi: 10.1016/j.ijinfomgt.2020.102189.
J. F. Hair, G. T. M. Hult, C. M. Ringle, and M. Sarstedt, A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM), 2nd Editio. Los Angeles, 2017.
S. A. Kurniawan, W. Untoro, B. Haryanto, and T. Haryono, “How to Make Them Coming Back? - Study on Indonesian Event Visitor’s Behavior,” Int. J. Hosp. Tour. Syst., vol. 14, no. 2, pp. 81–91, 2021.
V. Shela, T. Ramayah, K. L. Aravindan, N. H. Ahmad, and A. I. Alzahrani, “Run ! This road has no ending ! A systematic review of PLS-SEM application in strategic management research among developing nations,” Heliyon, vol. 9, no. 12, p. e22476, 2023, doi: 10.1016/j.heliyon.2023.e22476.
J. Benitez, J. Henseler, A. Castillo, and F. Schuberth, “How to perform and report an impactful analysis using partial least squares: Guidelines for confirmatory and explanatory IS research,” Inf. Manag., vol. 57, no. 2, p. 103168, 2020, doi: 10.1016/j.im.2019.05.003.
J.-H. Cheah, F. Magno, and F. Cassia, “Reviewing the SmartPLS 4 software: the latest features and enhancements,” J. Mark. Anal., vol. 12, no. 1, pp. 97–107, 2024, doi: 10.1057/s41270-023-00266-y.
L. Cheng, Y. Yu, Y. Wang, and L. Zheng, “Influences of mental accounting on consumption decisions : asymmetric e ect of a scarcity mindset,” Front. P, vol. 14, no. 1162916, pp. 1–8, 2023.
J. Levav and A. P. Mcgraw, “Emotional Accounting : How Feelings About Money Influence Consumer Choice,” J. Mark. Res., vol. 2437, pp. 66–80, 2009.
S. Kimiagari, N. Sharifi, and A. Malafe, “The role of cognitive and affective responses in the relationship between internal and external stimuli on online impulse buying behavior,” J. Retail. Consum. Serv., vol. 61, no. March, p. 102567, 2021, doi: 10.1016/j.jretconser.2021.102567.
R. J. Kwortnik and W. T. Ross, “The role of positive emotions in experiential decisions,” Int. J. Res. Mark., vol. 24, pp. 324–335, 2007, doi: 10.1016/j.ijresmar.2007.09.002.
M. Li, Z. Y. Dong, X. Chen, and X. Chen, “Factors influencing consumption experience of mobile commerce A study from experiential view,” Internet Res., vol. 22, no. 2, pp. 120–141, 2012, doi: 10.1108/10662241211214539.
S. P. Joshi, R. K. Dahal, D. Karki, and B. Ghimire, “Consumer Behavior and Decision-Making in Health Insurance Policy Purchases in Nepal,” Nepal. J. Insur. Soc. Secur., vol. 7, no. 1, pp. 100–116, 2024.
B. Cross, B. Shield, and U. States, “Examining Antecedents of Health Insurance Literacy : The Role of Locus of Control, Cognitive Style, and Financial Knowledge,” J. Consum. Aff., pp. 1–34, 2019, doi: 10.1111/joca.12266.
S. S. Weedige, H. Ouyang, Y. Gao, and Y. Liu, “Decision Making in Personal Insurance: Impact of Insurance Literacy,” Sustainability, vol. 11, no. 6795, 2019.
G. K. An and T. T. A. Ngo, “AI-powered personalized advertising and purchase intention in Vietnam’ s digital landscape: The role of trust, relevance, and usefulness,” J. Open Innov. Technol. Mark. Complex., vol. 11, no. June, 2025.
J. Wu, H. A. Khan, S. Chien, and C. Wen, “Effect of customization, core self-evaluation, and information richness on trust in online insurance service: Intelligent agent as a moderating variable,” Asia Pacific Manag. Rev., vol. 27, pp. 18–27, 2022.
G. Yang, W. Chaiyasoonthorn, and S. Chaveesuk, “Exploring the influence of live streaming on consumer purchase intention: A structural equation modeling approach in the Chinese E-commerce sector,” Acta Psychol. (Amst)., vol. 249, no. 104415, 2024.
M. Featherman, S. Jasper, C. B. Califf, and N. Hajli, “Technological Forecasting & Social Change The impact of new technologies on consumers beliefs : Reducing the perceived risks of electric vehicle adoption,” Technol. Forecast. Soc. Chang., vol. 169, no. December 2020, p. 120847, 2021, doi: 10.1016/j.techfore.2021.120847.
T. Macheka, E. S. Quaye, and N. Ligaraba, “The effect of online customer reviews and celebrity endorsement on young female consumers ’ purchase intentions,” Young Consum., vol. 25, no. 4, pp. 462–482, 2023, doi: 10.1108/YC-05-2023-1749.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 SENTRALISASI
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Please find the rights and licenses in Sentralisasi. By submitting the article/manuscript of the article, the author(s) agree with this policy. No specific document sign-off is required.
1. License
The non-commercial use of the article will be governed by the Creative Commons Attribution license as currently displayed on Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
2. Author(s)' Warranties
The author warrants that the article is original, written by the stated author(s), has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author, and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
3. User/Public Rights
Sentralisasi's spirit is to disseminate articles published are as free as possible. Under the Creative Commons license, Sentralisasi permits users to copy, distribute, display, and perform the work for non-commercial purposes only. Users will also need to attribute authors and Sentralisasi on distributing works in the journal and other media of publications. Unless otherwise stated, the authors are public entities as soon as their articles got published.
4. Rights of Authors
Authors retain all their rights to the published works, such as (but not limited to) the following rights;
- Copyright and other proprietary rights relating to the article, such as patent rights,
- The right to use the substance of the article in own future works, including lectures and books,
- The right to reproduce the article for own purposes,
- The right to self-archive the article (please read our deposit policy),
- The right to enter into separate, additional contractual arrangements for the non-exclusive distribution of the article's published version (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal (Sentralisasi).
5. Co-Authorship
If the article was jointly prepared by more than one author, any authors submitting the manuscript warrants that he/she has been authorized by all co-authors to be agreed on this copyright and license notice (agreement) on their behalf, and agrees to inform his/her co-authors of the terms of this policy. Sentralisasi will not be held liable for anything that may arise due to the author(s) internal dispute. Sentralisasi will only communicate with the corresponding author.
6. Royalties
Being an open accessed journal and disseminating articles for free under the Creative Commons license term mentioned, author(s) aware that Sentralisasi entitles the author(s) to no royalties or other fees.
7. Miscellaneous
Sentralisasi will publish the article (or have it published) in the journal if the article editorial process is successfully completed. Sentralisasi's editors may modify the article to a style of punctuation, spelling, capitalization, referencing, and usage that deems appropriate. The author acknowledges that the article may be published so that it will be publicly accessible and such access will be free of charge for the readers as mentioned in point 3.
