ESRC CASE PhD Studentship – Investment Aversion in the UK: An Interdisciplinary Exploration of Narrative Origins, Biases and Decision Errors
Lancaster University – Department of Economics
Lancaster and London, United Kingdom
General Description
Lancaster University invites applications for a fully funded ESRC CASE PhD Studentship within the Department of Economics that investigates investment aversion in the United Kingdom. This interdisciplinary doctoral project explores the narrative origins, behavioural biases, and decision-making errors that shape individuals’ reluctance to participate in investment activities.
The research seeks to understand why a large proportion of individuals in the UK remain hesitant to invest despite the potential long-term benefits of financial market participation. The project will examine the influence of social narratives, cognitive biases, and psychological factors on investment behaviour, drawing on insights from economics, behavioural science, psychology, and related social sciences. By investigating the cultural and informational contexts in which financial decisions are made, the project aims to provide deeper understanding of how individuals interpret risk, opportunity, and financial uncertainty.
The successful candidate will undertake independent doctoral research while collaborating with academic supervisors and an external partner organisation as part of the ESRC CASE framework. The project will involve the design and implementation of empirical research using a range of methodological approaches, which may include quantitative analysis, behavioural experiments, qualitative research, and narrative analysis. The research will contribute to scholarly debates on behavioural economics and financial decision-making, while also offering insights that may inform financial policy and public engagement with investment.
The doctoral researcher will join a vibrant research environment at Lancaster University, benefiting from interdisciplinary supervision, structured doctoral training, and opportunities to engage with seminars, workshops, and conferences. The programme also provides opportunities for collaboration with external stakeholders through the CASE partnership, enabling the researcher to connect academic research with real-world financial and policy contexts.
Eligibility Criteria
Applicants should hold, or expect to obtain, a First Class or Upper Second Class Honours degree in Economics, Finance, Psychology, Behavioural Science, Sociology, or another closely related discipline. A Master’s degree in a relevant subject area is desirable but not mandatory. Candidates must meet Lancaster University’s postgraduate research admission requirements and demonstrate strong academic ability and research potential.
Required Expertise/Skills
Strong academic background in economics, finance, psychology, behavioural science, sociology, or related fields
Demonstrated interest in behavioural economics, financial decision-making, or social narratives related to finance and investment
Ability to conduct rigorous interdisciplinary research using quantitative and/or qualitative methods
Strong analytical and critical thinking skills
Excellent written and verbal communication skills suitable for academic research dissemination
Ability to work independently while collaborating effectively with supervisors and external partners
Interest in interdisciplinary research addressing real-world economic and social challenges
Salary Details
The studentship provides a tax-free stipend of approximately £20,780 per year (UKRI rate) along with full tuition fee coverage for eligible candidates. Additional support for research training and development may be available through the doctoral programme.
Application Deadline
31 March 2026