- Majority of retail investors actively review their investments (73%) and invest regularly every month (81%)
- Gen Z (89%) and Millennials (90%) invest every month, leading among other generations
- Diversification has increased over the past two years with rising exposure to gold, FX & foreign bonds, highlighting growing macro-awareness
- 60% of American retail investors adjust portfolios amid weaker dollar
February 12, 2026 – Retail investors are shedding the ‘dumb money’ label and increasingly demonstrating their maturity with high levels of engagement, disciplined portfolio construction, greater diversification and macro awareness, according to the latest quarterly Retail Investor Beat from trading and investing platform eToro.
The study, which surveyed 1,000 retail investors across the United States, found that retail investors are highly engaged and proactive, with 73% actively reviewing their investments and 81% investing regularly every month. Younger generations show the highest rates of active engagement, with 89% of Gen Z and 90% of millennials allocating capital into the markets each month, compared to 82% and 74% of Gen X and boomers, respectively.
Commenting on the data, eToro’s US Investment Analyst, Bret Kenwell, said: “A wave of retail investors entered the market amid the volatility and fallout from COVID-19. While meme stocks and “YOLO” trades grabbed headlines early on, this cohort has matured. Many are now more focused on thematic investing and diversification, approaching today’s landscape with a more open-minded mindset. And while past bouts of volatility delivered important — and often painful — lessons, those experiences are helping retail investors navigate today’s uncertainty.”
Diversification broadens across asset classes
The latest Retail Investor Beat also shows that retail investors continue to broaden their portfolios across asset classes. For the second consecutive year, the number of investors holding cryptoassets and commodities has increased. However, in the past year the share of retail investors exposed to foreign bonds, equities, and currencies have risen, signaling a growing focus on managing risk and global policy.
Change in % of investors holding various asset classes
| Asset Class | Q4 2023 → Q4 2024 | Q4 2024 → Q4 2025 |
| Cryptoassets | ↑ 7% | ↑ 24% |
| Domestic equities | ↓ 10% | ↑ 2% |
| Foreign equities | ↓ 24% | ↑ 26% |
| Commodities | ↑ 7% | ↑ 9% |
| Domestic bonds | ↓ 7% | ↑ 10% |
| Foreign bonds | ↓ 29% | ↑ 47% |
| Cash assets | ↑ 11% | ↓ 4% |
| Currencies/FX | ↓ 22% | ↑ 28% |
| Alternative inv. | ↓ 24% | ↑ 27% |
Commenting on the data, eToro US Investment Analyst Bret Kenwell, said: “Stocks, commodities, and cryptoassets all enjoyed strong runs over the past year, underscoring the value of diversification. Retail investors seem to have taken that lesson to heart: cash allocations have declined over the past year, while exposure has increased across a wider mix of assets. The result is a portfolio geared toward offense but built with enough diversification to play defense when volatility returns.”
Retail investors respond to weaker US dollar
Retail investors are responding to global macroeconomic dynamics. As the US dollar weakens, retail investors are reassessing the role of traditional defensive assets with 60% saying they plan to adjust their portfolios, while gold ownership has increased to 50%, up eight percentage points from Q2 2025.
Kenwell added: “In 2025, the US dollar index posted one of its largest declines in the past two decades, prompting retail investors to pay closer attention to how currency moves affect asset prices — and to adjust their positioning accordingly. That shift is showing up in broader macro awareness, and more broadly, currency dynamics and global policy developments are playing a larger role in shaping retail behavior.
Better access to real-time market data, macro insights, and risk management tools has narrowed the information gap between retail and institutional investors. Combine that information parity with the ability to execute quickly, and it helps explain why many retail investors outperformed institutions in 2025.”
ENDS
Notes to editors
About this report
The latest Retail Investor Beat was based on a survey of 11,000 retail investors across 13 countries and 3 continents. The following countries had 1,000 respondents: UK, US, Germany, France, Australia, Singapore, Italy and Spain. The following countries had 600 respondents: Netherlands, Denmark, Poland, Romania, and the Czech Republic.
The survey was conducted from October 30, 2025 – November 13, 2025 and carried out by research company Opinium. Retail investors were defined as self-directed or advised and had to hold at least one investment product including shares, bonds, funds, investment ISAs or equivalent. They did not need to be eToro users.
The figures and results presented in this survey are based on the responses of participants at the time the survey was conducted. They reflect responders’ opinions, views and perceptions and should not be interpreted as investment advice or a guarantee of future performance. Percentages and results may not be representative of the broader population and are subject to change as market conditions and sentiment evolve.
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