Two reports dive deep into the rise in retail investing since 2024

Over the past decade, investing has become more accessible—and more popular—among Americans, with a notable surge in activity in recent years. Much of this growth is being driven by younger and lower-income households, signaling a shift in who is investing and how they’re getting started. In two new reports, the Institute examines this evolution, exploring how Americans are building wealth through both traditional investment accounts and emerging platforms like crypto assets.

More Americans are investing, and starting younger than before: Households are investing in the stock market at record highs. The research shows a historic rise in retail investing, with growth over the past decade driven by lower-income and younger individuals. Using data from checking accounts linked to brokerage accounts, the Institute finds that as of early 2025, people with below-median incomes were five times more likely to be adding money to financial investments than they were a decade ago. Today, about a third of 25-year-olds have investment accounts, a six-fold increase relative to 2015. These patterns suggest a shift in how people are accumulating wealth—with fewer people buying homes and more people buying stocks.

Crypto investment continues to expand, but remains a niche part of many portfolios: We use data from millions of anonymized checking accounts and self-directed investor portfolios to measure how money is moving into crypto platforms and crypto-related ETFs. Our research shows that just 17 percent of individuals had ever moved money from their checking accounts to crypto platforms, roughly half the share that moved money into traditional financial assets. And of those who have put money into crypto, their cumulative flows are still relatively small—less than a week’s worth of income for the median investor. Nonetheless, since 2017, crypto involvement has risen in waves during periods of rising prices. As a result, crypto markets saw renewed interest and large flows following major price spikes in 2024.

Together, these reports offer a clearer picture of who is investing and how behaviors are shifting over time. Over the past two years, investing surged as stock and crypto prices climbed, especially among younger and lower-income households. This momentum-driven behavior highlights how investing habits are shifting with expanded access to financial tools and market information. These trends offer important insights for policymakers seeking to support asset-building, financial education, and market stability.

Media contact

Shelby Wagenseller, Shelby.Wagenseller@jpmchase.com