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The stakeholder product brand and decision making in retail financial services

Stakeholder products were introduced by the UK Government to help assist decision making in retail financial services. Such products are targeted particularly at low- to middle-income consumers and those in a position of vulnerability/weakness in personal finance markets due to low expertise and familiarity and a lack of interest and involvement. The current study offers a detailed investigation into whether the stakeholder policy initiative is likely to appeal to the specified target market and, hence, help the Government fulfil its objectives. A sample of 1002 consumers is employed in a quantitative study. Findings show that the stakeholder product brand (SPB) enjoys a relatively high level of general acceptance, but that it does not resonate particularly with the target market. The SPB is likely to be recognized as useful in aiding decision making by high-involvement consumers, as well as those consumers who are more familiar with financial services. Those who suffer from the illusion of expertise have marginally less positive attitudes towards the stakeholder brand when compared with other expertise groups. The data are indicative of few meaningful relationships between demographic variables and attitudes towards stakeholder products. Policy implications are highlighted.