AFM Consumer Monitor Investors Q3 2025

AFM Consumer Monitor
Investors – Q3 2025
Benjamin Feher, MSc.
5 September 2025
Joost Leenen, MSc. dr. Millie Elsen dr. Lieke Heil

2
Introduction
Background
The AFM advocates for fair and transparent financial markets. As an independent conduct supervisor, the AFM contributes to sustainable financial well-being in the Netherlands. The Consumer Monitor provides insight into developments in consumer behavior over time. The monitor was launched in 2004 and has been conducted annually since then among various target groups. The primary objectives of the Consumer Monitor are:

• to describe the behavior and attitudes of financial consumers;
• to describe market and product aspects in the financial market.
  Guide to Reading This Report
  This report contains the results of the Consumer Monitor conducted in July 2025 (Q3 2025) on the sub-topic "Investing." Fieldwork was carried out in the online LISS panel between 7 and 31 July 2025. The questionnaire was administered to a (random) sample of Dutch investors. The questionnaire covered various topics, including the forms in which people invest, the motivations for investing, the level of activity, and risk perceptions. The differences between groups of investors (such as age groups) described in the commentary in this report are statistically significant (p < 0.05), unless stated otherwise.
  Table of Contents
  Investors and Investment Forms 03
  Motivations of Investors 16
  Level of Activity 21
  Risks 24
  Receiving and Seeking Information 29
  Investing via Crowdfunding Platforms 33
  Sustainable Investing 36
  Fraud 43
  Research Method and
  Sample Description 46

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Investors and
Investment Forms

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It is estimated that approximately one quarter of Dutch households have investments

• One fifth of the Dutch population states that they themselves have investments. One tenth states that (also) someone else in the household has investments.
• Approximately 3 in 100 Dutch people state that they invest via crowdfunding. The vast majority of this group (89%) states that they also have other investments.
• Approximately one quarter of the Dutch population states that at least one person in their household has investments (including investments via crowdfunding platforms). This can be the respondent themselves ("Yes, I myself") or someone else in the household ("Yes, someone else in the household"), or both (due to this overlap, the percentages in the figure do not add up to 26%).
  Question: Do you and/or someone else in your household currently have money invested? / Do you and/or someone else in your household currently have money lent to or shares in a company invested via a crowdfunding platform? Multiple answers possible. Respondents received an explanation of what counts and what does not (see page 5). Base = all respondents (nationally representative sample), n = 3132 20% 9% 71% 4% 3% 1% 92% 4% Yes, I myself Yes, someone else in the household No Don't know Do you and/or someone else in your household currently have money invested? Do you and/or someone else in your household currently have money lent to or invested in shares of a company via a crowdfunding platform? In approximately one quarter of households (26%), one or more people are investing (incl. investments via crowdfunding platforms)

5
3%
1%
92%
4%
2%
1%
93%
3%
Yes, I myself
Yes, someone else in the household
No
Don't know
Do you and/or someone else in your household currently have money lent to or invested in shares of a company via a crowdfunding platform? 2025 (n = 3132) 2024 (n = 4582) 20% 9% 71% 4% 20% 8% 72% 3% 19% 8% 71% 5% Yes, I myself Yes, someone else in the household No Don't know Do you and/or someone else in your household currently have money invested?* 2025 (n = 3132) 2024 (n = 4583) 2023 (n = 4798) The share of Dutch people who say they have investments has remained stable in recent years Base = all respondents (nationally representative sample), 2023: n = 4798, 2024: n = 4583, 2025: n = 3132 *Here, the following are included:

• Shares
• Bonds
• Investment funds (in equity, bond, or mixed funds)
• Index investment funds, index trackers, or ETFs (Exchange Traded Funds)
• Derivatives
• Investment objects such as land, art, or whisky
• Investments with (additional) pension as the goal, on a regular investment account (box 3) or a tax-advantageous investment account (box 1)
  Here, the following are NOT included:
• Cryptocurrencies (such as Bitcoin, Ethereum, or stablecoins)
• Investments linked to your mortgage
• Investments linked to your pension via your employer (e.g., a pension fund)
• Donations or investments via a crowdfunding platform
• One fifth of the Dutch population states that they currently have money invested. This percentage has remained unchanged since the start of the measurements in the LISS panel.
• The share indicating investment via a crowdfunding platform in 2025 (3%) is comparable to the share in 2024 (2%).
  Question (left): Do you and/or someone else in your household currently have money invested?* Note: Since 2024, the option "investment objects such as land, art, or whisky" has been added, and "donations or investments via a crowdfunding platform" have been excluded (investments via crowdfunding platforms are asked about separately since 2024, see figure right). Question (right): Do you and/or someone else in your household currently have money lent to or shares in a company invested via a crowdfunding platform? Multiple answers possible. Note: Donations or investments where you receive a tangible product in return for your investment (reward-based investments) via a crowdfunding platform do not count.

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Of the Dutch people who state that they currently do not have money invested, 7 in 10 think they will not invest in the future either Base = respondents who state they do not currently invest themselves, n = 2424

• Of the Dutch people who state that they do not currently invest themselves, a small group (13%) says they have invested in the past.
• Of the Dutch people who state that they do not currently invest themselves, 7 in 10 think they will not invest in the future either. Approximately one tenth expects to invest in the future, and approximately one fifth does not know yet.
  Question (left): Have you ever invested money in shares, investment funds, bonds, derivatives, investment objects (such as land, art, or whisky) and/or other securities in the past? Or lent money to or bought shares in a company via a crowdfunding platform? Question (right): Do you think you will invest money in shares, investment funds, bonds, derivatives, investment objects (such as land, art, or whisky) and/or other securities in the future? Or lend money to or buy shares in a company via a crowdfunding platform? 13% 84% 3% Have you ever invested money in shares, investment funds, bonds, derivatives, investment objects and/or other securities in the past? Or lent money to or bought shares in a company via a crowdfunding platform? Yes No Don't know 9% 70% 21% Do you think you will invest money in shares, investment funds, bonds, derivatives, investment objects and/or other securities in the future? Or lend money to or buy shares in a company via a crowdfunding platform? Yes No Don't know

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More than two thirds of investors state that they invest independently Question: How do you invest? Multiple answers possible. Base = all investors, 2022: n = 635, 2023: n = 711; with the exception of investors who invest exclusively via crowdfunding platforms, 2024: n = 667, 2025: n = 702

• More than two thirds of investors state that they invest independently and one third via wealth management. Approximately 1 in 20 states that they invest with advice from an investment advisor. These percentages have not changed significantly since 2022.
• The vast majority of investors state that they invest in one way (91%).
  An advisor gives advice on the investment strategy to follow. Based on this advice, you then decide yourself which investments to buy or sell. With wealth management, your investments are managed and your money is invested in securities (such as shares, bonds, and options). You agree in advance what the manager is exactly allowed to do. The manager is authorized to carry out transactions up to a certain limit and then decides themselves whether to buy or sell securities. They only tell you afterwards what they have done. 71% 4% 34% 67% 6% 33% 69% 5% 33% 70% 4% 32% I invest independently (i.e., 'execution only') without the advice of an investment advisor An investment advisor gives me advice on my investment portfolio I invest via wealth management. The wealth manager executes transactions for me. I do not execute transactions myself. How do you invest? Multiple answers possible 2025 (n = 702) 2024 (n = 667) 2023 (n = 711) 2022 (n = 635)

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Investment funds and shares are the most popular investment forms

• Investment funds (52%) and shares (52%) are the most chosen investment forms, followed by index investment funds, index trackers, or ETFs (32%) and bonds (16%).
• There are no significant changes compared to last year. Since 2022, we have seen a slight decrease in the percentage of investors who say they invest in shares. Also, in 2024 and 2025, relatively more investors say they invest in products with crypto as the underlying asset and via crowdfunding than in 2022 and 2023.
• Shares (61%) and index investment funds (40%) are more popular among independent investors than among investors who use wealth management (43% and 22% respectively). Investment funds (75%) are more popular among investors via wealth management than among independent investors (44%).
  Question: In which forms do you invest or is investment made for you? Think of all the investments you have. Multiple answers possible. Answer category added in 2024. This difference could (partly) be explained by the fact that crowdfunding has been explicitly mentioned in a screening question since 2024 (see page 5), resulting in relatively more investors with this investment form in the sample than was the case before 2024. Base (left figure) = all investors, 2022: n = 635, 2023: n = 711, 2024: n = 675, 2025: n = 706 Base (right figure) = investors who invest independently, n = 493; investors via wealth management, n = 241 = significant trend In which forms do you invest or is investment made for you? 52% 52% 32% 16% 9% 8% 3% 1% 1% 5% 4% 52% 51% 27% 14% 8% 7% 3% 1% 1% 6% 2% 50% 55% 29% 19% 2% 3% 1% 0% 4% 4% 53% 58% 28% 16% 1% 4% 1% 0% 7% 4% Investment funds Shares Index investment funds and Index trackers or ETFs Bonds Products with crypto's as underlying value Crowdfunding Investment objects such as land, art or whisky Leverage products (such as Turbo's, Speeders, Sprinters) Contracts for Differences (CFD's) Other investment forms Don't know 2025 (n = 706) 2024 (n = 675) 2023 (n = 711) 2022 (n = 635) 44% 61% 40% 14% 12% 9% 3% 2% 1% 6% 3% 75% 43% 22% 25% 4% 4% 2% 0% 1% 4% 6% Investment funds Shares Index investment funds and/ index trackers or ETFs Bonds Products with crypto's as underlying value Crowdfunding Investment objects such as land, art or whisky Leverage products (such as Turbo's, Speeders, Sprinters) Contracts for Differences (CFD's) Other investment forms Don't know Investors who invest independently (n = 493) Investors who invest via wealth management (n = 241) * * * * *

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61%
61%
53%
28%
Shares
(n = 275)
Investment funds
(n = 206)
Index investment funds and/ index trackers (i.e., ETFs) (n = 181) Bonds (n = 53*) If you set the total value of the investments you invest independently at 100%, what part (in percentages) do you then invest in... Average percentage within the group that has the respective investment form One fifth of investors states that they have investments with a value of € 50,000 or more Question (left): What is the current total value of your investments? Question (right): You state that you invest in different investment forms. If you set the total value of the investments you invest independently at 100%, what part (in percentages) do you then invest in... Base (left figure) = all investors, 2022: n = 635, 2023: n = 711, 2024: n = 675, 2025: n = 706; base (right figure) = investors who invest independently, who invest in the respective investment form (for investment forms with n > 50). *Note: number of observations is low (n < 100).

• Approximately one quarter of investors states that the total value of their investments is less than € 5,000. One fifth states that their investments are worth € 50,000 or more. Since 2022, we have seen no significant changes in the (self-reported) total value of the investment portfolios.
• The figure on the right shows what part of their total investment portfolio independent investors have, on average, invested in a certain investment form. When one holds shares, these often represent a relatively large part of the value of the portfolio – on average approximately 60%. The same applies to investment funds.
• Index funds or ETFs represent on average about 50% of the portfolio of investors who invest in these instruments, while bonds on average make up approximately 30% of the total value.
  "The portfolios of independent investors with shares consist on average of roughly 60% shares" "The portfolios of independent investors with bonds consist on average of roughly 30% bonds" 29% 29% 25% 26% 15% 16% 17% 15% 15% 16% 17% 16% 14% 13% 14% 14% 10% 11% 8% 9% 11% 11% 12% 10% 7% 4% 8% 9% 2022 (n = 635) 2023 (n = 711) 2024 (n = 675) 2025 (n = 706) What is the current total value of your investments? Don't know/will not say € 100,000 or more € 50,000 to € 100,000 € 25,000 to € 50,000 € 10,000 to € 25,000 € 5,000 to € 10,000 Less than € 5,000

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Approximately one fifth of investors states that they also own cryptocurrencies, of which almost two thirds have a value lower than € 5,000 Question (left): Do you have cryptocurrencies (such as Bitcoin, Ethereum, or stablecoins)? Question (right): What is the total selling value of your cryptocurrencies at this moment? *Note that investors who only own crypto's (and no other investment forms) are not part of the sample. Base (left figure) = all investors, 2022: n = 635, 2023: n = 711, 2024: n = 675, 2025: n = 706; base (right figure) = investors with cryptocurrencies, 2022: n = 127, 2023: n = 114, 2024: n = 146, 2025: n = 142

• More than one fifth of investors (22%) states that they also own cryptocurrencies.* This percentage is in line with previous years.
• Of the investors who own cryptocurrencies, approximately half states that the value is currently less than € 1,500. Almost 3 in 10 report a value of less than € 500, while approximately one quarter states that they own cryptocurrencies worth € 10,000 or more.
• Compared to 2024, these percentages have not changed significantly. However, over the years, a decrease is visible in the share of investors with cryptocurrencies worth a maximum of € 1,500.
  "Yes"
  36% 32% 27% 27%
  31%
  21% 22% 16%
  13%
  12%
  6% 12%
  5%
  8%
  9% 8%
  4%
  9%
  10% 15%
  3%
  1%
  5% 1%
  6%
  8% 14% 10%
  1%
  9% 8% 12%
  2022
  (n = 127)
  2023
  (n = 114)
  2024
  (n = 146)
  2025
  (n = 142)
  What is the total selling value of your cryptocurrencies at this moment?
  Don't know/will not say
  € 15,000 or more
  € 10,000 to € 15,000
  € 5,000 to € 10,000
  € 2,500 to € 5,000
  € 1,500 to € 2,500
  € 500 to € 1,500
  Less than € 500
  24% 21% 23% 22%
  75% 79% 76% 76%
  1% 1% 2%
  2022
  (n = 635)
  2023
  (n = 709)
  2024
  (n = 675)
  2025
  (n = 706)
  Do you have cryptocurrencies (such as Bitcoin, Ethereum or stablecoins)?
  Yes No Don't know

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Approximately 1 in 20 investors states that they have ever used a securities loan, and 1 in 20 states that they do securities lending Question (left): Do you use or have you ever used a securities loan? Question (right): Are the securities on your account lent out to other investors by your [main provider]? Base = investors who do not invest exclusively via crowdfunding, 2024: n = 667, 2025: n = 702 (the sample contains 4 investors who state that they invest exclusively via crowdfunding)

• As in 2024, about 5% of investors state that they use or have ever used a securities loan – usually to buy financial instruments (left figure).
• A group of also approximately 5% states that the securities on their account are lent out to other investors (securities lending; right figure). However, most investors – almost two thirds – say they do not know if their securities are lent out. This percentage has increased slightly compared to last year. Almost one fifth states that the party where they invest does not lend out securities, and a slightly smaller group (11%) states that their securities are not lent out because they have not agreed to this.
  A securities loan is a (continuous) loan with collateral of financial instruments, such as shares or bonds. This use is called securities lending in English. Here, securities are temporarily lent to a professional investor, who needs these securities (for example, to go short). Your provider receives compensation for this, which is sometimes (partly) passed on to you as a customer. 5% 6% 15% 11% 20% 17% 60% 65% 2024 (n = 667) 2025 (n = 702) Are the securities on your account lent out by [main provider] to other investors? I don't know No, the party where I invest does not lend securities out No, my securities are not lent out, because I have not agreed to this Yes, this happens 1% 2% 2% 4% 1% 1% 96% 94% 2024 (n = 667) 2025 (n = 702) Do you use or have you ever used a securities loan? No Yes, for another expense, for example a house, car, or other product Yes, to buy financial instruments, such as shares, bonds, or another financial instrument Yes, to meet my margin obligation

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One tenth of investors states that they invest via a platform for SME financing or are considering this Question: There are platforms that ask people to invest money, put this money in a large pot, and then lend this pot out to a large number of companies (often small and medium-sized enterprises, i.e., SMEs). Do you invest in such a platform? Note: this is not about crowdfunding platforms.

• Almost 1 in 20 investors states that they invest via a platform that lends money to a large number of (small and medium) enterprises (this is not about crowdfunding platforms). More than 1 in 20 investors states that they do not do this currently, but are considering it.
• The vast majority of investors, however, states that they do not invest via such a platform and do not plan to (75%), or do not know (15%).
  There are platforms that ask people to invest money, put this money in a large pot, and then lend this pot out to a large number of companies (often small and medium-sized enterprises, i.e., SMEs). Base = investors who do not invest exclusively via crowdfunding, 2025: n = 702 (the sample contains 4 investors who state that they invest exclusively via crowdfunding) 4% 6% 75% 15% Do you invest in such a platform? Yes No, but I am considering it No, and I am not considering it Don't know

13
More than one fifth of investors states that they also use their investment account to save Question: Some providers offer attractive interest rates on money that is on your investment account but not invested. Do you also use your investment account to save?

• Approximately one fifth of investors states that they also use their investment account to save. Of this group, slightly more than half states that they do this with money that was previously invested and/or that they still plan to invest, and slightly less than half with money that they do not plan to invest. These results are comparable to last year.
  Some providers offer attractive interest rates on money that is on your investment account but not invested. Base = investors who do not invest exclusively via crowdfunding, 2024: n = 667, 2025: n = 702 (the sample contains 4 investors who state that they invest exclusively via crowdfunding) 81% 78% 12% 13% 8% 9% 2024 (n = 667) 2025 (n = 702) Do you also use your investment account to save? Yes, with money of which I do not plan to invest Yes, with money that was previously invested and/or that I will invest at a later moment No

14
One tenth of investors states that they have a blocked investment account Question: Do you have such a blocked investment account?

• One tenth of investors states that they have a blocked investment account. This share has not changed significantly compared to 2024.
• A small group (5%) says they do not know if they have a blocked investment account.
  To build up (additional) pension, you can open a blocked investment account. This is also called a third pillar account or third pillar pension. From the moment you retire, you will receive periodic (additional) pension payments from the accumulated amount. Base = investors who do not invest exclusively via crowdfunding, 2024: n = 667, 2025: n = 702 (the sample contains 4 investors who state that they invest exclusively via crowdfunding) 10% 11% 85% 83% 5% 5% 2024 (n = 667) 2025 (n = 702) Do you have such a blocked investment account? Yes No Don't know

15
Approximately 1 in 12 investors states that investment is made by or in the name of their minor child

• A small part of investors (8%) states that they have a minor child who invests themselves (2%) or for whom investment is made (6%).
  Question: Do you have one or more minor children who invest themselves or for whom you invest in the name of your child? Base = all investors, n = 706 2% 6% 92% Do you have one or more minor children who invest themselves or for whom you invest in the name of your child? Yes, I have a minor child who invests themselves Yes, I have a minor child for whom I invest in their name No

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Motivations of
Investors

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Getting extra financial possibilities and low savings interest rates are often mentioned as the most important motivations to start investing

• Extra financial space (for example, through a higher income, lower expenses, or an inheritance) and the low savings interest rate played a role for many investors in the decision to start investing. More than 4 in 10 state that these factors played a large, or even decisive, role.
• Influencers and (online) advertisements played no role in the choice to start investing for most investors, according to themselves.
  Question: You state that you [recently / [X] years ago] started investing. To what extent did the reasons below play a role in your decision to start investing at that moment? Base = investors