Retail investing activity has been rising for a decade, crypto adoption is

Retail investing in the US has grown dramatically over the past decade with both traditional and digital asset classes gaining, according to two new reports.  

The studies from the JPMorganChase Institute analyze anonymous banking and transaction data to track how investing patterns have shifted across income, age, and gender groups, to provide a detailed picture of retail investment participation.

Households are investing at levels far above those observed a decade ago. By early 2025, investment flows, measured both in frequency of transfers and in total dollars moved, were at or above the peaks recorded during the pandemic. This rise has occurred despite relatively low household savings rates, which have hovered around 4-5%, and only modest gains in real income.

Among low-income households, investing activity in May 2025 was roughly five times greater than the 2010–2015 average, while higher-income households also increased their participation, but by a smaller factor of about three. The result has been a narrowing of the income gap in retail market activity.

The reports highlight how younger investors have been entering the market earlier than in the past.

In 2015, just 6% of 25-year-olds had investment accounts, but by 2024, that share had risen to 37%, a six-fold increase in less than a decade with the growth in early participation reflecting a broad change in how younger Americans approach investing.

Gender differences remain, with men more likely than women to invest and the reports note that a brief surge in male participation occurred in November 2024, but the increase did not persist into 2025. Overall, participation by gender and age group appears to have stabilized at elevated levels.

The sustained trend in retail investing suggests a potential, lasting shift in how people accumulate wealth, with the stock market playing a more significant role in their financial lives than in previous generations.

The research suggests that market performance may influence this trend, as investors engage in “trend-chasing” and “dip-buying” behaviors.