Provided by ASX
Since 1986, ASX has produced 18 reports in its Australian Investor Study series, capturing the views and retail share participation of approximately 100,000 investors. Marking its 40th anniversary in 2026, ASX has released A nation of investors, a look back at how characteristics, attitudes and behaviours of investors have changed over four decades.
When ASX launched the Australian Investor Study in 1986, investing was far from mainstream. Share ownership was concentrated among a relatively small group, and investing was often seen as complex, exclusive and beyond the reach of ordinary households. Forty years later, millions more Australians have embraced investing as a pathway to long-term financial wellbeing. Across 18 studies, the research charts a profound change in participation, access and confidence, while revealing how each generation has responded to economic, social and technological change.
In 1986, about one million Australian adults owned shares. Today, 11.5 million Australians invest beyond their family home and superannuation. What was once the domain of a minority has become a mainstream financial behaviour and an increasingly important part of building long-term financial security.
The 1990s marked a turning point, driven by major government privatisations and corporate demutualisations. Public offerings fromorganisations including Commonwealth Bank, Telstra, CSL, AMP and NRMA introduced millions of Australians to investing. These landmark transactions broadened participation in capital markets and fostered a culture of share ownership beyond traditional investor groups.
Technology has also democratised investing. Four decades ago, investors relied on stockbrokers, paper records and traditional media. Today, online platforms and mobile apps provide instant market access and abundant information. The shift from paper certificates and telephone trading to real-time digital investing has made markets more accessible, efficient and transparent.
Greater access has been matched by rising investor knowledge and confidence. Improved education, wider availability of market information and a stronger understanding of investing’s role in wealth creation have encouraged Australians to take greater control of their financial futures. The growth of self-directed investing and self-managed superannuation reflects this more active approach.
The nature of investing has changed too. Early investors often held a small number of Australian shares, resulting in concentrated portfolios. Today, investors can diversify across sectors, themes and global markets. Exchange-traded funds (ETFs) have been central to this shift: ownership has more than doubled since 2020 to 2.82 million Australians in 2026, and one-third of intending investors identify ETFs as their likely next investment.
New asset classes are also reshaping behaviour. Cryptocurrency ownership has grown to 2.79 million Australians. While traditional shares remain a cornerstone of many portfolios, investors are increasingly combining them with a wider range of products, reflecting greater choice and sophistication.
Perhaps the most striking change is the changing face of the Australian investor. In 1986, investors were disproportionately older, wealthier and male. Today, participation is becoming more representative of Australian society. Women account for 61% of thoseintending to start investing within the next 12 months, while almost four in ten intending investors are under 30.
How investors seek guidance is evolving as well. More than one-third expect to seek advice in the coming year, particularly younger Australians. Digital tools and artificial intelligence are increasingly supporting financial education, research and decision-making, highlighting technology’s expanding role in helping investors build knowledge and confidence.
Despite four decades of growth, substantial opportunity remains. Almost 10 million Australians have never invested beyond their family home or superannuation, or have stopped investing. Nearly one million of them intend to begin within the next year, showing the potential to further expand participation and financial inclusion.
The significance of this journey extends beyond individual wealth. As former Australian Associated Stock Exchanges Chairman Ian Roach observed in 1986, encouraging personal share ownership helps Australians work and invest together to improve living standards. Investors provide capital that enables businesses to innovate, expand and create jobs. Strong participation supports vibrant capital markets, economic growth and national prosperity.
Four decades of Australian Investor Study research tell a clear story: investing has evolved from a niche activity into a mainstream part of Australian life. Greater access, broader participation, technological innovation and rising financial confidence have transformed the landscape, while continued education and inclusion will shape its next chapter. Although the tools, products and investors have changed dramatically since 1986, the purpose remains the same—helping Australians participate in capital markets, share in the nation’s growth and build a more prosperous future.
A nation of investors, 40 years of the ASX Australian Investor Study is available for download off the ASX website at asx.com.au/australian-investor-study
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