We have learned the results of the Nationwide Investor Survey organized by the Association of Individual Investors. What does this report tell us about the Polish investment environment?
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Over 4.5 thousand people took part in the study, and over 92% of them are men. Nearly 80% of them have higher education, they are on average about 40 years old, they work full-time (62%) or run their own business (23.8%). Experience? Half of them have not been investing for more than 5 years and in this respect, there is a growing trend compared to the low point set in 2017. This means that there are more new, less experienced investors.
The main investment motivation of the respondents turned out to be retirement goals (36%), while income diversification is a motivation for only 19.4% of respondents. It seems, therefore, that the Polish investor has lost faith in the domestic pension system, which is confirmed by historical data. Just a decade ago, income diversification accounted for over 60% of investment goals, and pensions - less than 2%.
It is also worth noting that investment portfolios are "swelling". In the past, portfolios worth up to 50 thousand PLN dominated, now it is the range from 100 to 500 thousand PLN. The most popular instrument remains shares, but there is a tendency to increase engagement in the market through index funds, so-called ETFs. 50% of respondents declared that they have 2-3 ETFs in their portfolio.
– The Polish individual investor in 2023 invests in foreign markets more often than ever. Both foreign shares and ETFs are popular. The growing importance of ETFs in the portfolio of Polish investors confirms that the "passive revolution" in our country is already a fact. Bonds, including Treasury savings bonds, often act as an "anchor" stabilizing portfolio results. The changes that have taken place in the profile of the Polish individual investor in recent years can be explained by the effects of the pandemic, war and other upheavals, but some trends, including diversification and passive investing, will stay with us for a long time – commented Michał Masłowski, vice president of the Association of Individual Investors.
There was also a standard question about the biggest weaknesses of the domestic capital market. Two results dominate here: the influence of politics and the Belka tax. Complaints were also made about the low level of financial education, low liquidity and high transaction costs. As for ESG factors, as many as 80% of respondents declared that they do not take them into account.
Looking at the whole, it can be seen that the average Polish investor is maturing. More and more often he combines different analysis techniques, increases the value of his portfolio, thinks more long-term, tries to diversify his portfolio. There are also more less experienced investors. However, some things do not change - men with higher education still invest mainly, and we consider the actions of the Polish government to be the biggest disadvantage of our market.
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