Consumer testing study of the possible new format and content for retail disclosures of packaged retail and insurance-based investment products – November 2015

behavioural||0consumer-behaviour||28finance||0
Sector:Behavioural Economics | Consumer behaviour | Finance
Client:EC DG Internal Market and Services
Published: 13 November, 2015
Document type:Report 
Tagged: behavioural and experimental consumer consumer behaviour EC/EEA finance firm behaviour UK

The European Commission commissioned London Economics and Ipsos to undertake consumer testing of various ways of presenting information relating to Packaged Retail and Insurance‐based Investment Products (PRIIPs). The motivation for the study was to assess which particular format of Key Information Documents would best help consumers compare and select products for their investment needs. The study involved two analytical methods:

  • Quantitative research, which took the form of two large scale online surveys of EU consumers across 10 Member States; and,
  • Qualitative research, which was implemented through focus groups in six EU Member States.

The aim was not only to gather consumer’s preferences, but also to gather objective insights on how well presentations aided a correct understanding of the features of PRIIPs and comparisons between them.