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Investor sentiment

2025 Individual Investor Survey: Welcome to the age of diminished expectations

June 09, 2025 - 5 min
Dave Goodsell
Executive Director, Natixis Center for Investor Insight – Natixis Investment Managers – US Distribution

Norway has regained the top position in the 2025 Natixis Global Retirement Index, driven by its strong performance in health outcomes, low unemployment and high-income equality. Ireland surges to second place, thanks to improvements in inflation and an economic environment that supports retirement security.

Since its launch in 2012, the Natixis Global Retirement Index has offered a comparative assessment of retirement security in 44 developed countries. The index evaluated 18 key indicators grouped into four subindexes: Finances in Retirement, Material Wellbeing, Health and Quality of Life. Using metrics, as varied as life expectancy, income per capita, environmental quality, and government debt to provide a multi-dimensional view of how well countries are positioned to support aging populations.
 

2025 Global Retirement Index Top 10 Countries

Norway is a perennial index leader, ranking among the top three spots every year since 2012. Switzerland (#3) and Iceland (#4) have also been consistently near the top, underscoring the advantages smaller countries have in their ability to reach consensus on key issues that affect retirees.

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Nearly half of investors say the past two years have made investing look easy

Returns were so strong and so consistent that nearly half (48%) of 7,050 investors included in the 2025 Natixis Global Survey of Individual Investors say it made investing look easy. But a deeper look at sentiment among these investors in 21 countries suggests something has changed, and few think it will be all that easy going forward.

Polled between February and March, before the “Liberation Day” tariff tantrum, only 35% of those surveyed believed the market run would continue. Just 53% said they were comfortable taking risks to get ahead. Almost one-quarter (23%) of those surveyed have given up already, saying they don’t know what to do, while another 21% said they were getting out while they still could.

The reality is that investors know their backs are against the wall in 2025, and it’s changing how they feel about investing, the markets, and their future.

Dive deeper into our Individual Investor Survey

Challenge 1: Confidence
Challenge 2: Clarity
Challenge 3: Coaching
Read the full report:
2025 Natixis Global Survey of Individual Investors full report
4.89 MB

Return expectations decline as inflation remains elevated

Bankers made progress on curbing rising prices in 2024, but inflation still tops investors’ list of investment concerns (50%) and financial fears (51%). With long-standing economic relationships and policies in flux, 43% of investors are also concerned about the potential for economic collapse, while another 41% are worried about prospects of a market crash.

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Inflation still tops investors’ list of investment concerns and financial fears

It adds up to an environment in which long-term return expectations have dropped from the 12.8% above inflation recorded in 2023 to 10.7% above inflation. While those expectations may still seem high, this 17% decline comes after two years of double-digit market gains.

Beyond moderating return expectations, investors are concerned about how much they’ll actually keep. Taxes rank high as both an investment concern (28%) and a financial fear (34%). Diminished market expectations may also signal a shift in how they view active management, as two-thirds say they do not want to be locked in to market returns.

At a time like this, investors value professional advice. Those surveyed are more likely to trust their advisor (91%) than even themselves (88%) when making financial decisions. But they are not merely looking for buy and sell recommendations. One of the facets they most value in their relationship with an advisor is having someone who takes the time to understand them and their unique situation.

For anyone trying to understand investors in 2025, it’s essential to recognize three critical challenges that could determine their long-term success:

Confidence

Today’s macro/market environment is triggering investors’ top investment concerns and biggest financial fears. Inflation remains stubbornly elevated, and less than half think high costs are in the rearview mirror. Uncertainty prevails, and seven in ten say instability has them worried about their finances. Tax policies are in flux in many developed countries. Less than half think the new policies will benefit them.

Read more

Clarity

Most (47%) say they have a moderate tolerance for risk, but they still expect average long-term returns of 10.7% above inflation – a bold goal in a more challenging environment. Investment strategy is evolving rapidly, and investors are having trouble keeping up. High interest rates are likely to be cut at some point. Just 3% of investors know what that actually means for bonds. Many think private assets can help, but they are confused about which are right for them.

Read more

Coaching

Investors value advice, but few relinquish complete control of their investments. Among those who work with an advisor, 32% say they are working in partnership, while 31% say they make decisions based on their advisor’s recommendations. Overall, they value a relationship that extends beyond the portfolio such as retirement income planning (46%) and financial planning services (46%) to go along with their portfolio strategy.

Read more

The all-important first step in guiding investors in this unfamiliar scenario is to recognize the factors that raise the alarm on investment concerns and trigger their financial fears. Today, inflation remains at the heart of most investors’ anxieties.

Who participated in the survey

Natixis Investment Managers, Global Survey of Individual Investors, conducted by CoreData Research in February and March 2025. Survey included 7,050 individual investors in 21 countries.

Participant breakdown:
7,050 Respondents | 21 Countries

Regional breakdown:
2,100 APAC | 3,300 Europe | 900 LatAm | 750 US

About the survey

Natixis Investment Managers, Global Survey of Individual  Investors, conducted by CoreData Research in February and March 2025. Survey  included 7,050 individual investors in 21 countries.

Disclosure

1 Bloomberg (in USD)

The views and opinions expressed may change based on market and other conditions. This material is provided for informational purposes only and should not be construed as investment advice. There can be no assurance that developments will transpire as forecasted. 

Actual results may vary.

All investing involves risk, including the risk of loss. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. Investment risk exists with equity, fixed income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

Natixis Distribution, LLC is a limited purpose broker-dealer and the distributor of various registered investment companies for which advisory services are provided by affiliates of Natixis Investment Managers.

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