The Investor Diaries is designed to understand the millions of new investors who entered retail capital market investing since 2020, particularly those earning low and moderate incomes (LMI).
Through voice diary entries, a national survey, and with analysis of a large transaction data set representing billions of investment decisions, the project shines a light on the unique financial circumstances, motivations, behaviors, needs, and the role that retail investing plays in the overall financial wellness of households earning LMI.
This work aims to equip the investing industry and policymakers with important research insights to support this and future generations of investors.
54% of adults living on LMI are retail investors, with over half beginning investing since 2020.
Newer investors are goal-driven and increasingly long-term in their outlook.
Liquid savings increases the likelihood of staying invested.
Income influxes provide an opportunity to drive investing deposits.
Uncertainty about what to invest in is a primary barrier to confident investing.
Newer investors are increasingly
leveraging newer media sources and social platforms to support investing decisions.
Staying Invested
Driving Long-Term Participation for Newer Investors in Retail Markets
More people living on low and moderate incomes are participating in capital markets than ever before. This shift is changing who invests and how wealth is built.
Synthesizing data from across The Investor Diaries three research studies, a new report from Commonwealth and The BlackRock Foundation explores what supports long-term participation in the market for investors living on low and moderate incomes.
Made possible by the generous support of The BlackRock Foundation
A Commonwealth Initiative
Initiative Partner
Initiative Partner
Initiative Partner
Initiative Partner
50+
Individual diarists participating in regular voice check-in interviews
Meet the Diarists
For 15 months, we followed more than 50 individual investors living on LMI through voice diaries** in an effort to better understand their experience in retail markets. These diarists included a wide range of motivated, diverse investors, spanning the ages of 18-55+, from different regions across the US, and navigating unique financial scenarios. Many are the first in their families to invest.
Amelia
I look at investments as a way to set aside money, to put towards my future, to be financially secure, to allow myself to not have to work full time, and to work only if I want to, and to give me the freedom to do what I want with my life and not be tied down to working to make a paycheck.”
Amelia* lives in Maryland with her son and partner. As a beginner investor, she meets with her partner every month to review their finances and accounts.
Christian
Unless you come from a position of wealth and money, which I don’t, then it was very difficult to get into investing… I’m just taking full advantage of the life that I have and taking advantage of the resources that are provided to get into investing because it’s easier than ever.”
Christian lives in Pennsylvania. He says he didn’t have much exposure to financial or investing knowledge until his freshman year due to a lack of accessible resources. He says he taught himself how to invest and, in the future, he wants to create a legacy of wealth and give back to the community.
Marquita
I wanted to do something no one else in my family had done before. I want to see what kind of financial freedom investing could get me and my daughter.”
Marquita lives in Texas with her daughter. She started investing less than a year ago and is balancing raising her daughter while trying to save for their dream of starting a small farm. She recently had to withdraw $2,000 for emergency surgery and to help pay unexpected taxes on her mother’s home.
2750+
Respondents living on LMI completed our National Perceptions and Habits Survey
Major National Perceptions and Habits Survey
In January 2025, we conducted a National Perceptions and Habits Survey of more than 2,750 respondents to learn more about how and why individuals living on LMI invest. The survey was designed with input from key industry stakeholders.
From a total sample of more than 25 million checking account users, we examined approximately 10 million checking accounts from investors who are living on LMI
Explore Emerging Investing Trends
Commonwealth gained critical insight through billions of transactions made by investors living on LMI.
These three workstreams offer a more comprehensive picture of today’s investors living on LMI. The diaries reveal the human stories behind investing, the national survey shows how widespread these behaviors and attitudes are, and the transaction data analysis illustrates how investing unfolds at scale. Combined, they may provide actionable insights for industry leaders and policymakers seeking to support this demographic’s continued growth and participation in retail markets.
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Understanding Today’s Retail Investor
Examining the Behaviors, Motivations, and Challenges of New Investors Living on Low and Moderate Incomes
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Retail Investors on the Rise
What Billions of Transactions Reveal About Today’s Retail Investors Living on Low and Moderate Incomes
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* “Amelia” is a pseudonym used at the request of the individual to protect her privacy. Some personal details have been modified or omitted to maintain confidentiality while preserving the authenticity of her experience.
** Quotes reflect diarists’ personal experiences and views. They are not investment advice and do not represent the views of The BlackRock Foundation.