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Psychologists probe consumer minds

Psychologists will next month meet with industry experts to explain how the industry can engage more effectively with consumers and gain their trust.

Professor George Loewenstein, professor of economics and psychology at Carnegie Mellon University, will headline the Financial Services Research Forum summer meeting on June 27 in London.

Along with a group of experts, he will address questions such as why consumers spend so little time making decisions about financial service, why people avoid equities in favour of low-risk low-return fixed-income securities and why many people fail to save for their retirement.

The event, which is being run in partnership with the Economic and Social Research Council, will highlight how many financial services companies fail to understand consumer experience and the rational and emotional content of their service.

Others participating include DTI director of consumer and competition policy David Saunders, Economic and Social Research Council chief executive Ian Diamond and Co-founder of The Future Foundation Michael Willmott.

For further information, contact Nigel Waite on 01202 700 003 or email nigwaite@aol.com.

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