Analysis Of USU FEB Student Literacy Level At Insurance Institutions

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Analysis of USU FEB Student Literacy Level at Insurance Institutions

Introduction

The University of North Sumatra (USU) Faculty of Economics and Business (FEB) is one of the leading institutions in Indonesia, producing highly skilled graduates in the field of economics and business. However, despite their academic excellence, there is a pressing concern regarding the literacy level of USU FEB students, particularly in the area of insurance institutions. This study aims to investigate the level of literacy of USU FEB students regarding insurance institutions and provide recommendations for improvement.

The Importance of Insurance Literacy

Insurance literacy is a crucial aspect of personal financial planning, and it is essential for individuals to understand the importance of insurance and how insurance institutions work. Without a good understanding, students may make unfavorable financial decisions, which can have long-term consequences. For instance, they may not realize the importance of health insurance, which can protect them from high medical costs, or life insurance, which can provide protection for families.

In today's complex world, insurance is a vital component of personal financial planning. It provides protection against unforeseen events, such as accidents, illnesses, or even death. Insurance institutions play a crucial role in providing financial security to individuals and families. However, the lack of understanding among USU FEB students regarding insurance institutions is a significant concern.

Methodology

This study used the purposive sampling method, involving 100 active students who did not have insurance as respondents. Data was collected through the distribution of questionnaires, and analysis was carried out using descriptive methods. The results showed that only 41.58% of USU FEB students understood the basic concepts of insurance institutions, while the other 58.42% were declared not to understand the institution.

Results

The results of this study indicate that there is a significant lack of understanding among USU FEB students regarding insurance institutions. The low literacy level of students can have a significant impact on their future financial decisions. Without a good understanding of insurance, students may not be able to make informed decisions about their financial protection.

Discussion

The results of this study have significant implications for USU FEB students, particularly in terms of their financial literacy. The lack of understanding among students regarding insurance institutions is a pressing concern, and it is essential to address this issue through educational programs and workshops.

Recommendations for USU FEB

Based on the results of this study, it is recommended that FEB USU adds a course specifically discussing insurance institutions. This is expected to help increase student insurance literacy so that they are better prepared to face financial challenges in the future. In addition, workshops or seminars involving practitioners from the insurance industry can also be an effective means of providing a deeper understanding of the world of insurance.

Conclusion

The literacy level of USU FEB students against insurance institutions is still relatively low. With 58.42% of students who do not understand insurance, there is an urgent need to increase their knowledge. Through the addition of courses and other educational programs, students are expected not only to understand the importance of insurance but are also able to make the right decisions related to their financial protection. This step will be a valuable investment for their future and also helps build a financially more literate society.

Future Directions

This study highlights the need for USU FEB to prioritize insurance literacy among its students. The addition of courses and workshops can help increase student understanding of insurance institutions and provide them with the necessary skills to make informed financial decisions. Furthermore, this study suggests that insurance literacy should be integrated into the curriculum of USU FEB, starting from the undergraduate level.

Limitations

This study has several limitations, including the small sample size and the use of a single data collection method. Future studies can build on this research by using a larger sample size and multiple data collection methods to provide a more comprehensive understanding of insurance literacy among USU FEB students.

Implications

The implications of this study are significant, particularly in terms of the need for USU FEB to prioritize insurance literacy among its students. The addition of courses and workshops can help increase student understanding of insurance institutions and provide them with the necessary skills to make informed financial decisions. Furthermore, this study suggests that insurance literacy should be integrated into the curriculum of USU FEB, starting from the undergraduate level.

References

  • [List of references cited in the study]

Appendix

  • [Appendix containing additional information, such as questionnaires, tables, and figures]

Table of Contents

  1. Introduction
  2. The Importance of Insurance Literacy
  3. Methodology
  4. Results
  5. Discussion
  6. Recommendations for USU FEB
  7. Conclusion
  8. Future Directions
  9. Limitations
  10. Implications
  11. References
  12. Appendix
    Frequently Asked Questions (FAQs) about USU FEB Student Literacy Level at Insurance Institutions

Q: What is the purpose of this study? A: The purpose of this study is to investigate the level of literacy of USU FEB students regarding insurance institutions and provide recommendations for improvement.

Q: What is the significance of insurance literacy? A: Insurance literacy is a crucial aspect of personal financial planning, and it is essential for individuals to understand the importance of insurance and how insurance institutions work. Without a good understanding, students may make unfavorable financial decisions, which can have long-term consequences.

Q: What is the current level of insurance literacy among USU FEB students? A: The results of this study show that only 41.58% of USU FEB students understood the basic concepts of insurance institutions, while the other 58.42% were declared not to understand the institution.

Q: What are the implications of low insurance literacy among USU FEB students? A: The low literacy level of students can have a significant impact on their future financial decisions. Without a good understanding of insurance, students may not be able to make informed decisions about their financial protection.

Q: What recommendations are made for USU FEB to improve insurance literacy among students? A: Based on the results of this study, it is recommended that FEB USU adds a course specifically discussing insurance institutions. This is expected to help increase student insurance literacy so that they are better prepared to face financial challenges in the future. In addition, workshops or seminars involving practitioners from the insurance industry can also be an effective means of providing a deeper understanding of the world of insurance.

Q: Why is it essential to integrate insurance literacy into the curriculum of USU FEB? A: Integrating insurance literacy into the curriculum of USU FEB is essential because it will help students understand the importance of insurance and how insurance institutions work. This will enable them to make informed financial decisions and be better prepared to face financial challenges in the future.

Q: What are the limitations of this study? A: This study has several limitations, including the small sample size and the use of a single data collection method. Future studies can build on this research by using a larger sample size and multiple data collection methods to provide a more comprehensive understanding of insurance literacy among USU FEB students.

Q: What are the implications of this study for USU FEB and its students? A: The implications of this study are significant, particularly in terms of the need for USU FEB to prioritize insurance literacy among its students. The addition of courses and workshops can help increase student understanding of insurance institutions and provide them with the necessary skills to make informed financial decisions.

Q: What are the future directions for research on insurance literacy among USU FEB students? A: Future studies can build on this research by using a larger sample size and multiple data collection methods to provide a more comprehensive understanding of insurance literacy among USU FEB students. Additionally, researchers can explore the impact of insurance literacy on student financial decisions and well-being.

Q: How can USU FEB students improve their insurance literacy? A: USU FEB students can improve their insurance literacy by taking courses or workshops that focus on insurance institutions and practices. They can also seek guidance from practitioners in the insurance industry and engage in discussions with peers to deepen their understanding of insurance.

Q: What are the benefits of improving insurance literacy among USU FEB students? A: Improving insurance literacy among USU FEB students can have numerous benefits, including better financial decision-making, increased financial security, and improved overall well-being.