Retail Investors on the Rise
What Billions of Transactions Reveal About Today’s Retail Investors Living on Low and Moderate Incomes
In collaboration with JPMorganChase Institute, billions of transactions and more than 25 million checking accounts were analyzed to learn more about how and why people choose to invest, giving a further macro-view into the pattern of today’s retail investors living on low-to-moderate income (LMI). These findings add transaction-level insight into the financial behaviors and conditions that influence sustained participation among investors living on low and moderate incomes, and reinforce patterns identified in our National Survey. We found that investors living on low and moderate incomes are:
- More likely to make investment deposits during seasonal or short-term income increases
- Entering the capital markets and growing at increasing rates since 2020
- Increasing in numbers across every income group
- Committing a greater share of their income to investing
- More likely to continue to invest with even a modest cushion of liquid savings
As a historically underrepresented group in capital markets, investors living on LMI are increasingly entering the market as a more accessible path to long-term wealth building than traditional avenues (homeownership, etc.).
Supporting these newer investors is essential: in the near term, investing can build confidence and financial stability; over time, it can help families reach milestones such as education, homeownership, and retirement.
Explore the full brief to see key findings and what it means for the future of financial inclusion.
This brief is a key component of the The Investor Diaries initiative and uncovers how retail investing among Americans living on low to moderate incomes has surged since 2020, reinforcing the data from our October 2025 National Survey.
A NATIONAL RESEARCH INITIATIVE PROVIDES INSIGHTS INTO NEW INVESTORS
The Investor Diaries is designed to understand the millions of new investors who entered retail market investing since 2020, particularly those earning low to moderate incomes (LMI).
This research was possible by the generous support of The BlackRock Foundation.
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