New Report from The BlackRock Foundation and Commonwealth Confirms Surging Investor Participation Among Millions of Americans Living on Low and Moderate Incomes
Billions of transactions spotlight investor behaviors, informing opportunities to support long-term financial security for a growing investor base
March 2, 2026 (New York City and Boston) – Today, The BlackRock Foundation and Commonwealth released their latest report, Retail Investors on the Rise, a large-scale analysis of transaction data, offering a view into how Americans living on low and moderate incomes (LMI) are investing. The report was developed in partnership with the JPMorganChase Institute, which analyzed billions of deidentified data transactions from approximately 10 million U.S. active JPMorganChase checking account users living on LMI and produced analytics covering investing behavior over 2015-2024.
The findings underscore the sharp rise in participation among investors living on LMI. The new transactions-based analysis shows that since 2020, the number of low and moderate income investors has increased 2.7 times (167%). Growth has been strongest among individuals at the lower end of income groups, whose participation has nearly tripled over the same period—making them the fastest-growing segment of newer investors. Median investment contribution amounts have grown by 77% since 2020 and LMI investors are committing a greater share of their income—investing approximately 30% more as a proportion of their earnings in 2020-2024 than they did in 2015-2019.
According to the report, investors living on LMI contributed the highest amounts to investment accounts in January and December, followed by March and April. Over one-third (~37%) of annual investments occur during these periods, suggesting seasonal investment patterns driven by financial income spikes, such as year-end bonuses, raises, or tax refunds.
This report is part of The Investor Diaries, a research initiative launched by The BlackRock Foundation and Commonwealth to better understand and support investors living on low and moderate incomes. In partnership with JPMorganChase Institute, today’s findings build on earlier Investor Diaries research—including a national habits and perceptions survey and qualitative insights from voice diarists.
“More Americans are becoming owners of the U.S. economy, allowing them to participate directly in its growth,” said Claire Chamberlain, President of The BlackRock Foundation. “This presents a critical opportunity to ensure these newer investors are set up to succeed. As our understanding of this evolving investment landscape deepens, we are better equipped to support investors living on low and moderate incomes on their path toward long-term financial security.”
The data also underscores the critical role of liquid savings. Liquid savings are a leading indicator in whether they continue to invest. For retail investors living on LMI, The analysis shows that investors in this income demographic are more likely to invest when they have at least two weeks’ worth of liquid savings ($1,500-$2,000).
Beyond documenting investment behavior, the report also offers insights into opportunities to better support investors living on low and moderate incomes. The data show that seasonal or short-term income increases and even a modest amount of liquid savings is associated with increased investing activity, suggesting that these kinds of cash buffers can increase the likelihood of continued participation in retail markets. These findings indicate that approaches that strengthen liquidity, such as supporting emergency savings or delivering timely nudges and communications at income surge moments, may help reinforce sustained investing participation over time.
“Now that the data lay out the correlations between liquid savings and helping investors living on low and moderate incomes stay the course, platforms can support these investors to sustain their capital market participation,” said Timothy Flacke, CEO, Commonwealth. “By offering features that build a liquid savings cushion, such as access to a high-yield savings account alongside an investing account— industry actors will enable financial resilience and long-term wealth building together.”
He adds, “Our goal is to help the financial services industry better understand the behaviors and experiences of this newer group of investors, and support the specific needs of investors living on low and moderate incomes.”
“At the JPMorganChase Institute, we use our unique data and analytic capabilities to provide a fact-based view of how families experience the economy,” said Chris Wheat, President of the JPMorganChase Institute. “This research reveals both the momentum and the fragility of investing among households living on low and moderate incomes. By grounding decisions in real-world data, we can help shape solutions that make investing more accessible, sustainable, and supportive of long-term prosperity.”
About The BlackRock Foundation
Guided by BlackRock’s purpose to help more and more people experience financial well-being, The BlackRock Foundation focuses on increasing economic security for low- to-moderate income households by helping them earn, save and invest – earlier, more often and for their futures. With our partners, we support the building of a financial safety net to protect against shocks that widen disparities and make it easier to build wealth and support upward mobility.
About Commonwealth
Founded in 2001, Commonwealth is a national nonprofit celebrating 25 years of building financial security and opportunity for households earning low-to-moderate income through innovation and partnerships. For a quarter of a century, Commonwealth has designed effective innovations, products, and policies enabling over approximately 2.5 million people to save nearly $9 billion. Commonwealth collaborates with consumers, the financial services industry, employers, and policymakers. Because Black, Latin, and women-led households disproportionately experience financial insecurity, we focus especially on these populations. The solutions we build are grounded in real life, based on our deep understanding of people who are financially vulnerable and how businesses can best serve them. To learn more, visit us at www.buildcommonwealth.org.
About JPMorganChase Institute
The JPMorganChase Institute helps decision makers— policymakers, businesses, and nonprofit leaders—appreciate the scale, granularity, diversity, and interconnectedness of the global economic system and use timely data and thoughtful analysis to make more informed decisions that advance prosperity for all. Drawing on JPMorganChase’s unique proprietary data, expertise, and market access, the Institute develops analyses and insights on the inner workings of the economy, frames critical problems, and convenes stakeholders and leading thinkers.
About The Investor Diaries
The Investor Diaries is a Commonwealth research project, supported by grant funding from The BlackRock Foundation, designed to understand the millions of new investors who entered retail capital market investing since 2020, particularly those living on low and moderate incomes (LMI).
By following these investors through voice diary entries, a national survey, and with analysis of a large transaction data set representing millions of investment decisions by people with LMI, the project shines a light on their unique financial circumstances, motivations, behaviors, needs, and the role that capital market investing plays in the overall financial wellness of households with LMI.This work aims to equip the investing industry, financial platforms, and policymakers with important insights to support and sustain this and future generations of new investors. https://buildcommonwealth.org/tid
