Retail investors come of age, displaying discipline and diversification

• 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
• Romanians are more disciplined when investing than the global average
• The percentage of Romanian retail investors investing in local stocks increased by 9% last year

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. Engagement is even higher among Romanians, with 73% of Romanian investors actively reviewing their investments and 83% investing regularly every month.

Both abroad and in Romania, younger generations show the highest rates of active engagement. Globally, 87% of Gen Z and 86% of millennials allocate capital into the markets each month (87% of Gen Z and 84% of millennials in Romania), compared to 79% and 68% of Gen X and boomers, respectively. While we have a similar percentage of Romanian retail investors in the Gen X age group (78%), the survey showed that Romanian Boomers retail investors (79%) are above the global average when it comes to investment discipline each month.

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 behavior.

 “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 global investors holding various asset classes

Change in % of Romanian investors holding various asset classes

Bogdan Maioreanu, eToro market analyst for Romania, added: “Romanian investors are exhibiting high levels of discipline and a strong tendency toward diversification, often driven by the need for stability in a volatile economic environment. The prospects of the Bucharest Stock Exchange and the rally of the global equity markets made the number of investors allocating capital to local and foreign stocks increase in the past year. While over half of Romanian investors hold a form of cryptoasset in their portfolios, some took profits after the all-time highs seen in 2025. As for the domestic bonds, the high yields in a high-inflation environment attracted many investors in 2024, but their number decreased in 2025 as bond yields fell significantly below inflation levels, driving investors to diversify into other asset classes. This is showing flexibility and maturity for an investment community where 45% of investors have less than 2 years of experience.“

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% globally (59% of Romanian investors) saying they plan to adjust their portfolios, while gold ownership has increased to 48%, up three percentage points from Q2 2025. The Romanian retail investors who have gold in their portfolios increased to 53% at the end of Q4 2025, up from 51% two quarters ago.

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.”