- Majority of retail investors actively review their investments (70%) and invest regularly every month (79%)
- Diversification across asset classes has increased over past two years
- 49% adjust portfolios amid weaker dollar, while gold ownership rises
- While 2021 was retail’s breakout, 2025 marked its evolution
12 February, 2026 – Retail investors are leaving the ‘dumb money’ label behind, 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 quarterly study, which surveyed 11,000 retail investors across 13 countries, found that retail investors show high levels of discipline and active engagement, with 70% actively reviewing their investments and 79% investing regularly every month. Younger generations show the highest rates of active engagement, with 87% of Gen Z and 86% of millennials allocating capital into the markets each month, compared to 79% and 68% of Gen X and boomers respectively.
Commenting on the data, eToro’s Global Market Strategist Lale Akoner, said: “Retail investors are now noticeably different from the opportunistic stereotype that dominated headlines in 2021. Our survey shows today’s retail investors are engaged, deliberate and consistent, reflecting a more disciplined approach rather than reactive behaviour.
“Younger investors, in particular, are leading this shift. Many entered the markets during a period of structural change with heightened volatility and macro uncertainty. As a result they have grown accustomed to monitoring global trends and using technology and accessible information to manage risk strategically.”
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, foreign equities, commodities and domestic bonds has increased. Over the past year, the share of retail investors exposed to foreign bonds and currencies has also risen.
Change in % of investors holding various asset classes
| Asset Class | Q4 2023 → Q4 2024 | Q4 2024 → Q4 2025 |
| Cryptoassets | ↑ 6% | ↑ 6% |
| Domestic equities | ↑ 2% | ↓ 2% |
| Foreign equities | ↑ 6% | ↑ 3% |
| Commodities | ↑ 4% | ↑ 11% |
| Domestic bonds | ↑ 3% | ↑ 6% |
| Foreign bonds | → 0% | ↑ 14% |
| Cash assets | ↑ 6% | ↓ 3% |
| Currencies/FX | ↓ 4% | ↑ 4% |
| Alternative inv. | ↓ 4% | → 0% |
Commenting on the data, eToro’s Global Market Strategist Lale Akoner, said: “Retail investors are increasingly allocating capital with diversification firmly in mind across a broader opportunity set. The recent decline in cash allocations points to a gradual rebalancing rather than a pullback from markets, while greater exposure to commodities, bonds, foreign assets and cryptoassets suggest that diversification is being used as a risk-management tool rather than purely for return seeking.”
Retail investors respond to weaker US dollar
Retail investors are also demonstrating strong awareness of global macroeconomic dynamics. As the US dollar weakens, retail investors are reassessing the role of traditional defensive assets with 49% saying they plan to adjust their portfolios, while gold ownership has increased to 48%, up three percentage points from Q2 2025.
Lale Akoner added: “Currency dynamics and global policy developments are playing a growing role in shaping retail investor behavior. Improved access to market data, global macro insights and risk management tools has given retail investors a clearer line of sight into the forces shaping their investment returns and narrowed the investment gap between retail and institutional investors.
“Combine this information parity with the ability to execute faster than scale-constrained institutional investors and you can see why many retail investors outperformed institutions in 2025. While 2021 was arguably the year of retail’s breakout, 2025 demonstrates retail’s evolution. They have matured and are displaying a growing level of sophistication marking a new chapter in the evolution of retail investing.”
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 – 13 November 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.
Media contacts
pr@etoro.com
About eToro
eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth.
On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media centre here for our latest news.
Disclaimers:
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 50% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
eToro is a group of companies that are authorised and regulated in their respective jurisdictions. The regulatory authorities overseeing eToro include:
- The Financial Conduct Authority (FCA) in the UK
- The Cyprus Securities and Exchange Commission (CySEC) in Cyprus
- The Australian Securities and Investments Commission (ASIC) in Australia
- The Financial Services Authority (FSA) in the Seychelles
- The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAE
- The Monetary Authority of Singapore (MAS) in Singapore
More than half of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
Australia:
eToro AUS Capital Limited (AFSL number 491139) and eToro Asset Management Limited (AFSL 319738) (collectively “eToro Australia”) is regulated by the Australian Securities & Investments Commission (“ASIC”) for the provision of financial services and products.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. OTC Derivatives are speculative and leveraged. Not suitable for all investors. See PDS and TMD. When investing in real Stock or ETF via eToro, you are investing in the underlying asset through a managed investment scheme (eToro Service).
This communication is general information and education purposes only and should not be taken as financial product advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial product. It has been prepared without taking your objectives, financial situation or needs into account. Any references to past performance and future indications are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
Crypto disclaimers
UK
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
EU
Crypto investments may not be appropriate for retail investors and the full amount invested may be lost. It is important to read and understand the risks of this investment, which are explained in detail at this link.
ADGM FSRA
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
ASIC
Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.
Regulation and License numbers
UK
eToro (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (“FCA”). Firm Reference Number: 583263. Registered in England under Company No. 07973792
Europe
eToro (Europe) Ltd, is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 109/10. Registered in Cyprus under Company No. HE 200585.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Past performance is not an indication of future results.Forecasts are not a reliable indicator of future performance
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
Middle East
eToro (ME) Limited, is licensed and regulated by the Abu Dhabi Global Market (“ADGM”)’s Financial Services Regulatory Authority (“FSRA“) as an Authorised Person to conduct the Regulated Activities of (a) Dealing in Investments as Principal (Matched), (b) Arranging Deals in Investments, (c) Providing Custody, (d) Arranging Custody and (e) Managing Assets (under Financial Services Permission Number 220073) under the Financial Services and Market Regulations 2015 (“FSMR”). Registered Office and its principal place of business: Office 26 and 27, 25th floor, Al Sila Tower, ADGM Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
Singapore
eToro Singapore Pte. Ltd. is licensed under the Capital Markets Services Licence (“CMSL”) (Licence number: CMS101824) with the Monetary Authority of Singapore (“MAS”).
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.