The Investor Diaries
A National Research Initiative Provides Insights into New Investors
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).
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 earning 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 earning 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.
A Commonwealth Initiative
Made possible by the generous support of The BlackRock Foundation
Initiative Partner
Initiative Partner
Initiative Partner
50+
Individual diarists participating in regular voice check-in interviews
Meet the Diarists
For 18 months, we are following more than 50 individual investors earning LMI to better understand their experience in capital markets. Our diarists include a wide range of motivated investors, from people making their first stock purchases to parents showing their children how to invest and build wealth; they span ages 18-55+ and live across the United States. Many are the first in their families to invest in capital markets.
Laura
I’ve always worked to pay bills. To me, being able to invest is some small step in not having to be afraid that I don’t have enough money to live.”
Laura lives in Pennsylvania and has several years of investing experience. She views investing as a source of consistent savings rather than profit. Laura says she has a financially challenging background, did not grow up with an investing mindset, and was always only able to make ends meet.
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 with his son. 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 earning LMI completed our National Perceptions and Habits Survey
Major National Perceptions and Habits Survey
In early 2025, we conducted a National Perceptions and Habits Survey of more than 2,750 respondents to learn more about how and why LMI earners invest. The survey was designed with input from key industry stakeholders. The report is now available.
Transactions to be analyzed from a large data set of investors earning LMI
Explore Emerging Investing Trends
Commonwealth will gain critical insights through millions of transactions made by investors earning LMI in a large data set. Initial analysis will be published late 2025.
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