The solution that worked for me:

1. Open the Services configuration window (you can access it from Windows Control Panel > Administrative Tools or from the Start menu when you type services or simply hold the Windows key + x and select services).
2. Find your service (in this example: PostgreSQL_For_Odoo) and double-click it to open its properties (or right-click it and select Properties).
3. Go to the Log On tab and then check the Local System account radio button and apply.

I hope it will work for you as well :-)