Understanding what drives the purchase decision in pension and investment products

The aims of this paper are to first seek an understanding of consumer decision-making when purchasing pension and investment products, and second to ascertain how this decision-making affects the consumer's choice of distribution route. The study employed both focus groups and postal questionnaire survey methods based on the framework of a classical decision-making model that investigated problem recognition, information search, evaluation tools used and post-purchase. The findings show that the decision-making process experience differed to a lesser or greater degree depending on the distribution route. The majority of respondents had recognised the need to make a purchase decision long before seeking information. Younger respondents on all incomes believed that they must make some pension provision for themselves as opposed to relying on the government's retirement provision. Many changed channels for information searches, but tended to settle with the Independent Financial Adviser (IFA). The two main evaluation tools for pension and investment were found to be the ‘charges’ and ‘historic fund performance’. The vast majority of respondents reiterated their worry that the outcomes would not be known until retirement. In terms of analysis by the level of ‘financial literacy’, respondents who scored in the upper quartile were more inclined to be on a higher income, less inclined to evaluate on charges and more proactive in discussing the investment strategy of their pension fund. Respondents who scored in the lower quartile had opposite results. One of the implications of these findings is that the younger respondents’ recognition of pension savings favours the government's intention to reverse the existing balance of pension distribution. The other main implication is that the findings will be of help to managers in appreciating the dominance of the IFA channel by providing an explanation of why consumers choose this route, and, additionally, can assist direct marketing managers in identifying customers who will be more likely to use multichannel or single-channel shoppers. It can also help the marketing manager increase the usage of different channels by addressing the factors driving the purchase decision and distribution choice.

An analysis of beginning mentors’ critical incidents in English post-compulsory education: navigating stormy waters

This qualitative study explores the barriers and dilemmas faced by beginning and novice mentors in post-compulsory education in the southeast of England. It analyses critical incidents (Tripp, 2012) taken from the everyday practice of mentors who were supporting new teachers and lecturers in the southeast of England. It categorises different types of critical incidents that mentors encountered and describes the strategies and rationales mentors used to support mentees and (indirectly) their learners and colleagues. The study explores ways in which mentors' own values, beliefs and life experiences affected their mentoring practice.  Methodology As part of a specialist master’s-level professional development module, 21 mentors wrote about two critical incidents (Tripp, 2012) taken from their own professional experiences, which aimed to demonstrate their support for their mentee’s range of complex needs. These critical incidents were written up as short case studies, which justified the rationale for their interventions and demonstrated the mentors' own professional development in mentoring. Critical incidents were used as units of analysis and categorised thematically by topic, sector and mentoring strategies used. Findings The research demonstrated the complex nature of decision-making and the potential for professional learning within a mentoring dyad. The study of these critical incidents found that mentors most frequently cited the controversial nature of teaching observations, the mentor’s role in mediating professional relationships, the importance of inculcating professional dispositions in education, and the need to support new teachers so that they can use effective behaviour management strategies. This study contributes to our understanding of the central importance of mentoring for professional growth within teacher education. It identifies common dilemmas that novice mentors face in post-compulsory education, justifies the rationale for their interventions and mentoring strategies, and helps to identify ways in which mentors' professional development needs can be met. It demonstrates that mentoring is complex, non-linear and mediated by mentors’ motivation and values.