Analysis of health investment decisions: the moderating effects of health values and perceived environmental uncertainty
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Published:
Nov 30, 2025
Keywords:
Financial Attitude, Financial knowledge, Health Investment Decision, Health Values, Perceived Environmental Uncertanty
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Economy
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Abstract
The COVID-19 pandemic has officially ended, yet many individuals continue to struggle with achieving health independence. This is evident from the ongoing complaints regarding the inability to pay monthly contributions to the National Health Insurance (JKN), despite an overall increase in JKN enrollment compared to the pre-pandemic period. One of the main barriers to health independence appears to be the lack of public understanding regarding health investment, which is the core issue and central focus of this study. This condition may be influenced by various financial factors, particularly in terms of financial attitude and financial knowledge. This study aims to analyze the influence of financial attitude and financial knowledge on health investment decisions, with health value and perceived environmental uncertainty serving as moderating variables. A quantitative approach was employed, with primary data collected from 200 respondents who decided to invest in their health after experiencing serious health issues during the COVID-19 pandemic. The data were analyzed using SmartPLS. The findings reveal that financial attitude plays a significant role in encouraging individuals to make health investment decisions. This effect becomes stronger and more positive in situations of high environmental uncertainty. However, when viewed through the lens of strong personal health values, this relationship turns significantly negative. Conversely, although financial knowledge has the potential to support health investment decisions, its influence is not consistently evident. When moderated by health value and perceived environmental uncertainty, financial knowledge does not appear to have a significant impact on health investment decisions. Increasing JKN participation requires a combination of developing positive financial attitudes, improving financial literacy, strengthening public trust, and aligning communications with public health values ??and priorities.
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Lailiyah, K. ., saraya, sitta, Abdullah, L. Z. . and Apriliyanto, N. . (2025) “Analysis of health investment decisions: the moderating effects of health values and perceived environmental uncertainty”, Jurnal Mantik, 9(3), pp. 916-928. doi: 10.35335/mantik.v9i3.6711.
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Damayanti, S., & Fauzi, I. (2020). Pengaruh Pengetahuan Keuangan dan Sikap Keuangan Terhadap Keputusan Investasi dengan Nilai Kesehatan Sebagai Variabel Moderating. In Manajemen dan Akuntansi (Vol. 1). http://jema.unw.ac.id
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Franke, H., Wynstra, F., Nullmeier, F., & Nullmeier, C. (2022). Project managers’ reactions to project disruption: sponsor actions versus environmental uncertainty. International Journal of Operations & Production Management, 42(13), 335–357. https://doi.org/10.1108/IJOPM-02-2022-0103
Fuady, A., Anindhita, M., Haniifah, M., Ahsan, A., Sugiharto, A., Haya, M. A. N., Pakasi, T., Kusuma, D., Solikha, D. A., Ali, P. B., & Widyahening, I. S. (2024). Bridging the gap: financing health promotion and disease prevention in Indonesia. Health Research Policy and Systems, 22(1), 146. https://doi.org/10.1186/s12961-024-01206-7
Gamage, K. A. A., Dehideniya, D. M. S. C. P. K., & Ekanayake, S. Y. (2021). The Role of Personal Values in Learning Approaches and Student Achievements. Behavioral Sciences, 11(7), 102. https://doi.org/10.3390/bs11070102
Ghanad, A. (2023). An Overview of Quantitative Research Methods. INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH AND ANALYSIS, 06(08). https://doi.org/10.47191/ijmra/v6-i8-52
Grupe, D. W., & Nitschke, J. B. (2013). Uncertainty and anticipation in anxiety: an integrated neurobiological and psychological perspective. Nature Reviews Neuroscience, 14(7), 488–501. https://doi.org/10.1038/nrn3524
Gunawan, V., Dewi, V. I., Iskandarsyah, T., & Hasyim, I. (2021). Women’s Financial Literacy: Perceived Financial Knowledge and Its Impact on Money Management. Economics and Finance in Indonesia, 67(1), 63. https://doi.org/10.47291/efi.v67i1.720
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Springer International Publishing. https://doi.org/10.1007/978-3-030-80519-7
Handayati, P., Restuningdyah, N., Ratnawati, & Meldona. (2023). The Role of Self-efficacy and Financial Attitude to Financial Well-Being: Mediation of MSME Financial Behavior (pp. 293–301). https://doi.org/10.2991/978-94-6463-178-4_30
Katadata.co.id. (2018, May 16). Berapa Jumlah Peserta BPJS Kesehatan? Https://Databoks.Katadata.Co.Id/Datapublish/2018/05/16/Berapa-Jumlah-Peserta-Bpjs-Kesehatan#:~:Text=Berdasarkan%20data%20Badan%20Penyelenggara%20Jaminan,265%20juta%20jiwa%20pada%202018.
Katnic, I., Katnic, M., Orlandic, M., Radunovic, M., & Mugosa, I. (2024). Understanding the Role of Financial Literacy in Enhancing Economic Stability and Resilience in Montenegro: A Data-Driven Approach. Sustainability, 16(24), 11065. https://doi.org/10.3390/su162411065
Kemkes.go.id. (2022, October 19). Pemerintah Jamin Pelayanan Kesehatan Bagi Masyarakat Melalui JKN. Https://Www.Badankebijakan.Kemkes.Go.Id/Pemerintah-Jamin-Pelayanan-Kesehatan-Bagi-Masyarakat-Melalui-Jkn/.
Kong, T., & Zeng, S. (2023). The Effect of Perceived Environmental Uncertainty on University Students’ Anxiety, Academic Engagement, and Prosocial Behavior. Behavioral Sciences, 13(11), 906. https://doi.org/10.3390/bs13110906
Kuvaja-Köllner, V., Laulainen, S., Kautonen, J., & Valtonen, H. (2023). Physical activity as an investment or consumption good—a mixed methods approach. Health Promotion International, 38(1). https://doi.org/10.1093/heapro/daac178
Latan, H. (2017). Partial Least Squares Path Modeling (H. Latan & R. Noonan, Eds.). Springer International Publishing. https://doi.org/10.1007/978-3-319-64069-3
Lee, L. M., & Zarowsky, C. (2015). Foundational values for public health. Public Health Reviews, 36(1), 2. https://doi.org/10.1186/s40985-015-0004-1
Marlinae, L., Laily Khairiyati, M., & Agung Waskito, M. (2021). BUKU AJAR ANALISIS RESIKO LINGKUNGAN LAHAN BASAH.
Maulana, N., Soewondo, P., Adani, N., Limasalle, P., & Pattnaik, A. (2022). How Jaminan Kesehatan Nasional (JKN) coverage influences out-of-pocket (OOP) payments by vulnerable populations in Indonesia. PLOS Global Public Health, 2(7), e0000203. https://doi.org/10.1371/journal.pgph.0000203
Meissner, L., Danne, M., & Musshoff, O. (2023). Financial knowledge, attitude towards money and investment decisions: new insights for the farmland market. Applied Economics, 1–17. https://doi.org/10.1080/00036846.2023.2293670
Memon, M. A., T., R., Cheah, J.-H., Ting, H., Chuah, F., & Cham, T. H. (2021). PLS-SEM STATISTICAL PROGRAMS: A REVIEW. Journal of Applied Structural Equation Modeling, 5(1), i–xiv. https://doi.org/10.47263/JASEM.5(1)06
Mubaraq, M. R., Anshori, M., & Trihatmoko, H. (2021). THE INFLUENCE OF FINANCIAL KNOWLEDGE AND RISK TOLERANCE ON INVESTMENT DECISION MAKING. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(2), 140. https://doi.org/10.26418/jebik.v10i2.47089
Musyaffi, A. M., Khairunnisa, H., & Respati, D. K. (2022). KONSEP DASAR STRUCTURAL EQUATION MODEL- PARTIAL LEAST SQUARE (SEM-PLS) MENGGUNAKAN SMARTPLS. Pascal Books. https://books.google.co.id/books?id=KXpjEAAAQBAJ
Peters, A., McEwen, B. S., & Friston, K. (2017). Uncertainty and stress: Why it causes diseases and how it is mastered by the brain. Progress in Neurobiology, 156, 164–188. https://doi.org/10.1016/j.pneurobio.2017.05.004
Rokx, C., Schieber, G., Harimurti, P., Tandon, A., & Somanathan, A. (2009). Health Financing in Indonesia A Reform Road Map Conference Edition.
Santoso, D. H. (2020). COVID-19 DALAM RAGAM TINJAUAN PERSPEKTIF ( awan santosa, Ed.; 1st ed.). Mbridge press.
Sapiri, M., & Awaluddin, M. (2023). Distribution of Financial Attitude, Financial Behavior, Financial Knowledge and Financial Literacy on the Investment Decision Behavior of Young Investors. Journal of Distribution Science, 21(11), 45–53. https://doi.org/10.15722/jds.21.11.202311.45
Sartika, D. (2020). Melihat Attitude and Behavior Manusia Lewat Analisis Teori Planned Behavioral. JIGC, 4(1), 51–70.
Sugiyono. (2022). Metode Penelitian Kuantitatif, Kualitatif, dan R&D: Vol. Edisi 2, Cetakan 4. Alfabeta.
Tudoran, A., Olsen, S. O., & Dopico, D. C. (2009). The effect of health benefit information on consumers health value, attitudes and intentions. Appetite, 52(3), 568–579. https://doi.org/10.1016/j.appet.2009.01.009
Waldman, D. A., Ramirez, G. G., House, R. F., & Puranam, P. (2001). DOES LEADERSHIP MATTER? CEO LEADERSHIP ATTRIBUTES AND PROFITABILITY UNDER CONDITIONS OF PERCEIVED ENVIRONMENTAL UNCERTAINTY. In Acadumy of Manugnmunt fournal (nn (Vol. 44).
Ajzen, I., & Driver, B. L. (1992). Application of the Theory of Planned Behavior to Leisure Choice. Journal of Leisure Research, 24(3), 207–224. https://doi.org/10.1080/00222216.1992.11969889
Anggraini, R. (2023, October 2). jumlah peserta 262,74 jiwa, Dirut BPJS kesehatan: hanya 79% yang aktif. Https://Finansial.Bisnis.Com/Read/20231002/215/1700070/Jumlah-Peserta-26274-Juta-Dirut-Bpjs-Kesehatan-Hanya-79-Persen-Yang-Aktif#:~:Text=%E2%80%9CSampai%20dengan%201%20September%202023,6%20persen.%20Apa%20semuanya%20aktif%3F.
Ardhiani, M. C., & Panjaitan, Y. (2023). Analysis of Financial Knowledge, Financial Awareness, and Financial Attitude on Investment Decisions in the Capital Market by Indonesian Millennial Generation. JOURNAL OF ECONOMICS, FINANCE AND MANAGEMENT STUDIES, 06(05). https://doi.org/10.47191/jefms/v6-i5-22
Asante, A., Cheng, Q., Susilo, D., Satrya, A., Haemmerli, M., Fattah, R. A., Kosen, S., Novitasari, D., Puteri, G. C., Adawiyah, E., Hayen, A., Mills, A., Tangcharoensathien, V., Jan, S., Thabrany, H., & Wiseman, V. (2023). The benefits and burden of health financing in Indonesia: analyses of nationally representative cross-sectional data. The Lancet Global Health, 11(5), e770–e780. https://doi.org/10.1016/S2214-109X(23)00064-5
Atmaningrum, S., Kanto, D. S., & Kisman, Z. (2021). Investment Decisions: The Results of Knowledge, Income, and Self-Control. Journal of Economics and Business, 4(1). https://doi.org/10.31014/aior.1992.04.01.324
Aurelya, T., Nurhayati, N., & Purba, S. F. (2022). Pengaruh Kondisi Sektor Kesehatan terhadap Pertumbuhan Ekonomi di Indonesia. Jurnal STEI Ekonomi, 31(02), 83–92. https://doi.org/10.36406/jemi.v31i02.752
Chin, W. W. (2010). How to Write Up and Report PLS Analyses. In Handbook of Partial Least Squares (pp. 655–690). Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-540-32827-8_29
Damayanti, S., & Fauzi, I. (2020). Pengaruh Pengetahuan Keuangan dan Sikap Keuangan Terhadap Keputusan Investasi dengan Nilai Kesehatan Sebagai Variabel Moderating. In Manajemen dan Akuntansi (Vol. 1). http://jema.unw.ac.id
Firmansyah, M. A., & Artanti, Y. (2022). The Study of Environmentally Friendly Products on Green Purchase Intentions: The Effect of Drive For Environmental Responsibility, Spirituality, and Social Influence. Journal of Business and Management Review, 3(6), 386–398. https://doi.org/10.47153/jbmr36.3992022
Franke, H., Wynstra, F., Nullmeier, F., & Nullmeier, C. (2022). Project managers’ reactions to project disruption: sponsor actions versus environmental uncertainty. International Journal of Operations & Production Management, 42(13), 335–357. https://doi.org/10.1108/IJOPM-02-2022-0103
Fuady, A., Anindhita, M., Haniifah, M., Ahsan, A., Sugiharto, A., Haya, M. A. N., Pakasi, T., Kusuma, D., Solikha, D. A., Ali, P. B., & Widyahening, I. S. (2024). Bridging the gap: financing health promotion and disease prevention in Indonesia. Health Research Policy and Systems, 22(1), 146. https://doi.org/10.1186/s12961-024-01206-7
Gamage, K. A. A., Dehideniya, D. M. S. C. P. K., & Ekanayake, S. Y. (2021). The Role of Personal Values in Learning Approaches and Student Achievements. Behavioral Sciences, 11(7), 102. https://doi.org/10.3390/bs11070102
Ghanad, A. (2023). An Overview of Quantitative Research Methods. INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH AND ANALYSIS, 06(08). https://doi.org/10.47191/ijmra/v6-i8-52
Grupe, D. W., & Nitschke, J. B. (2013). Uncertainty and anticipation in anxiety: an integrated neurobiological and psychological perspective. Nature Reviews Neuroscience, 14(7), 488–501. https://doi.org/10.1038/nrn3524
Gunawan, V., Dewi, V. I., Iskandarsyah, T., & Hasyim, I. (2021). Women’s Financial Literacy: Perceived Financial Knowledge and Its Impact on Money Management. Economics and Finance in Indonesia, 67(1), 63. https://doi.org/10.47291/efi.v67i1.720
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Springer International Publishing. https://doi.org/10.1007/978-3-030-80519-7
Handayati, P., Restuningdyah, N., Ratnawati, & Meldona. (2023). The Role of Self-efficacy and Financial Attitude to Financial Well-Being: Mediation of MSME Financial Behavior (pp. 293–301). https://doi.org/10.2991/978-94-6463-178-4_30
Katadata.co.id. (2018, May 16). Berapa Jumlah Peserta BPJS Kesehatan? Https://Databoks.Katadata.Co.Id/Datapublish/2018/05/16/Berapa-Jumlah-Peserta-Bpjs-Kesehatan#:~:Text=Berdasarkan%20data%20Badan%20Penyelenggara%20Jaminan,265%20juta%20jiwa%20pada%202018.
Katnic, I., Katnic, M., Orlandic, M., Radunovic, M., & Mugosa, I. (2024). Understanding the Role of Financial Literacy in Enhancing Economic Stability and Resilience in Montenegro: A Data-Driven Approach. Sustainability, 16(24), 11065. https://doi.org/10.3390/su162411065
Kemkes.go.id. (2022, October 19). Pemerintah Jamin Pelayanan Kesehatan Bagi Masyarakat Melalui JKN. Https://Www.Badankebijakan.Kemkes.Go.Id/Pemerintah-Jamin-Pelayanan-Kesehatan-Bagi-Masyarakat-Melalui-Jkn/.
Kong, T., & Zeng, S. (2023). The Effect of Perceived Environmental Uncertainty on University Students’ Anxiety, Academic Engagement, and Prosocial Behavior. Behavioral Sciences, 13(11), 906. https://doi.org/10.3390/bs13110906
Kuvaja-Köllner, V., Laulainen, S., Kautonen, J., & Valtonen, H. (2023). Physical activity as an investment or consumption good—a mixed methods approach. Health Promotion International, 38(1). https://doi.org/10.1093/heapro/daac178
Latan, H. (2017). Partial Least Squares Path Modeling (H. Latan & R. Noonan, Eds.). Springer International Publishing. https://doi.org/10.1007/978-3-319-64069-3
Lee, L. M., & Zarowsky, C. (2015). Foundational values for public health. Public Health Reviews, 36(1), 2. https://doi.org/10.1186/s40985-015-0004-1
Marlinae, L., Laily Khairiyati, M., & Agung Waskito, M. (2021). BUKU AJAR ANALISIS RESIKO LINGKUNGAN LAHAN BASAH.
Maulana, N., Soewondo, P., Adani, N., Limasalle, P., & Pattnaik, A. (2022). How Jaminan Kesehatan Nasional (JKN) coverage influences out-of-pocket (OOP) payments by vulnerable populations in Indonesia. PLOS Global Public Health, 2(7), e0000203. https://doi.org/10.1371/journal.pgph.0000203
Meissner, L., Danne, M., & Musshoff, O. (2023). Financial knowledge, attitude towards money and investment decisions: new insights for the farmland market. Applied Economics, 1–17. https://doi.org/10.1080/00036846.2023.2293670
Memon, M. A., T., R., Cheah, J.-H., Ting, H., Chuah, F., & Cham, T. H. (2021). PLS-SEM STATISTICAL PROGRAMS: A REVIEW. Journal of Applied Structural Equation Modeling, 5(1), i–xiv. https://doi.org/10.47263/JASEM.5(1)06
Mubaraq, M. R., Anshori, M., & Trihatmoko, H. (2021). THE INFLUENCE OF FINANCIAL KNOWLEDGE AND RISK TOLERANCE ON INVESTMENT DECISION MAKING. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(2), 140. https://doi.org/10.26418/jebik.v10i2.47089
Musyaffi, A. M., Khairunnisa, H., & Respati, D. K. (2022). KONSEP DASAR STRUCTURAL EQUATION MODEL- PARTIAL LEAST SQUARE (SEM-PLS) MENGGUNAKAN SMARTPLS. Pascal Books. https://books.google.co.id/books?id=KXpjEAAAQBAJ
Peters, A., McEwen, B. S., & Friston, K. (2017). Uncertainty and stress: Why it causes diseases and how it is mastered by the brain. Progress in Neurobiology, 156, 164–188. https://doi.org/10.1016/j.pneurobio.2017.05.004
Rokx, C., Schieber, G., Harimurti, P., Tandon, A., & Somanathan, A. (2009). Health Financing in Indonesia A Reform Road Map Conference Edition.
Santoso, D. H. (2020). COVID-19 DALAM RAGAM TINJAUAN PERSPEKTIF ( awan santosa, Ed.; 1st ed.). Mbridge press.
Sapiri, M., & Awaluddin, M. (2023). Distribution of Financial Attitude, Financial Behavior, Financial Knowledge and Financial Literacy on the Investment Decision Behavior of Young Investors. Journal of Distribution Science, 21(11), 45–53. https://doi.org/10.15722/jds.21.11.202311.45
Sartika, D. (2020). Melihat Attitude and Behavior Manusia Lewat Analisis Teori Planned Behavioral. JIGC, 4(1), 51–70.
Sugiyono. (2022). Metode Penelitian Kuantitatif, Kualitatif, dan R&D: Vol. Edisi 2, Cetakan 4. Alfabeta.
Tudoran, A., Olsen, S. O., & Dopico, D. C. (2009). The effect of health benefit information on consumers health value, attitudes and intentions. Appetite, 52(3), 568–579. https://doi.org/10.1016/j.appet.2009.01.009
Waldman, D. A., Ramirez, G. G., House, R. F., & Puranam, P. (2001). DOES LEADERSHIP MATTER? CEO LEADERSHIP ATTRIBUTES AND PROFITABILITY UNDER CONDITIONS OF PERCEIVED ENVIRONMENTAL UNCERTAINTY. In Acadumy of Manugnmunt fournal (nn (Vol. 44).
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