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Investment triggers and trust A comparative study on perceptions of consumers and financial experts

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Title: Investment triggers and trust A comparative study on perceptions of consumers and financial experts


1
Investment triggers and trustA comparative study
on perceptions of consumers and financial
expertsPresentation at IAREP 2008 at LUISS Rome
National Consumer Research Centre
  • Anne Sunikka, HSE
  • Liisa Peura-Kapanen, NCRC
  • 5 of September, 2008

2
Overview of the presentation
  • Interview / Focus Group Themes
  • and Research Questions
  • Methodology
  • Pertinent Concepts
  • Model of Investment Behavior
  • Discussion and Conclusion

3
Interview / Focus Group Themes and Research
Questions
  • Interview / Focus Group Themes
  • consumers perception of wealth
  • reasons for accumulating wealth and
  • perceived risks related to wealth management
  • Research Questions
  • What are the most common triggers for investment
    behavior?
  • What elements influence investment behavior?
  • In addition, comparison of the opinions and
    perceptions of two groups of informants

4
Background information of the informants
5
Pertinent Concepts
  • Involvement The extent of interest and concern
    that a consumer brings to bear on a purchase
    decision task (Mittal 1989).
  • Assumption savings and investment products are
    highly and enduringly involving.
  • Information Search The motivated activation of
    knowledge stored in memory or acquistion of
    information from the environment (Engel et al.
    1991).
  • Assumption consumers are rational decision
    makers and capable of understanding the
    information they acquire.
  • Trust Individual's willingness to accept
    vulnerability on the grounds of positive
    expectations about the intentions or behaviour of
    another in a situation characterized by
    interdependence and risk (Ennew and Sekhon
    2007).
  • Assumption trust is essential for a relationship
    that is characterized by a high degree of
    uncertainty.

6
Investment Triggers
  • Similar triggers mentioned
  • Importance of triggers differed
  • Previous personal experience
  • Friends, world-of-mouth
  • Family not mentioned by low involvement
    consumers
  • Media influential especially in portraying
    negative news
  • Internet mentioned and found useful by high
    involvement consumers, distrusted by financial
    experts
  • Financial institutions and advisors perceived
    as the most influential by financial experts and
    low involvement consumers.

7
Investment triggers
8
Investment triggers
9
Discussion and Conclusion
  • Theoretical implications
  • Involvement Investing is not necessarily highly
    and enduringly involving activity
  • Information search Emotions play an important
    role in decision making consumers do not
    understand all the information they access
  • Trust Service providers and consumers emphasize
    different facets of trust, trust in engineering
    issues is not an issue
  • Mangerial implications
  • Importance of knowing your customer
  • Marketing should be adapted to different groups
  • Elucidation of investment data is important
  • Trasparency of information increases
    trustworthiness
  • Internal human resource policies
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