A nation of investors: ASX CEO reveals how 11.5 million Australians are investing

A record 11.5 million Australians are now investors beyond their home and super, according to new research from the ASX Australian Investor Study 2026.

Now in its 40th year, the study has tracked the changing makeup of Australia's investors over decades and how their investing strategies have changed in that time.

And this year's study found more Australians are investing than ever before. Since 2020, an estimated 2.5 million more Australians have started investing, with almost another million more planning to do so over the next 12 months.

As ASX CEO Anthony Attia wrote in the report, "the overarching message is clear: Australians are taking a more active role in shaping their financial futures. Understanding who they are, how they invest and what they need has never been more important."

Here are some of the key findings from the study which show what an Australian investor looks like in 2026.

5 key takeaways

1. The average investor earns $110,000 and is 46 years old

Income is up and age is down for the average investor at $110,000 and 46, respectively. The ASX’s numbers have what they term “middle-income earners” dominating the Australian investing landscape in terms of pure volume, with the largest proportion earning between $100,000 and $150,000.

“Growth in this income category since 2020 may reflect the increase in next generation investors who reported an average income of $120,000. Also notable is the relatively high proportion of investors in lower-income brackets ($20,000–$80,000),” the report says.

“The slight decline in the average age of investors since 2023 suggests that investing in Australia continues to broaden across generations.”

The ASX attributes this to easier access through digital investing platforms, decreasing trading costs, the rise of ETFs, and ongoing housing-affordability pressures potentially encouraging younger Australians to invest in listed assets.

According to the 2026 study, the average investor has become more risk-averse and trades slightly less frequently and in marginally smaller amounts than they did in 2023.

“They are diversifying across asset classes and through use of a wider range of investment products. Most believe their portfolio is adequately diversified. They are also showing greater interest in podcasts and short videos on investing.”

2. Property is still more popular than ETFs

The Australian love affair with residential property investing may have taken a hit following the Budget changes earlier this year, but any impact hasn’t shown up in the ASX study. Over the last three years, the proportion of Australian investors holding residential property has stayed steady at 35%, hanging onto the number two spot behind shares listed on an Australian exchange at 48%.

That was down from 58% in 2023, which may be thanks to a broadening of Australian investors’ portfolios between 2023 and 2026, with the ASX noting the clearest shifts were towards ETFs and cryptocurrencies - both now held by 24% of investors.

“This trend may have aided portfolio diversification, particularly through ETFs that provide exposure to dozens or hundreds of securities in a single trade."

"Although ASX-listed shares remain foundational in portfolios, the parallel rise of ETFs and cryptocurrencies in 2026 suggests investors are also increasingly diversifying through different investment approaches, compared to 2023.”

3. But ETF ownership has doubled since 2020

While ETFs are still sitting in fourth place in terms of number of investors, it has more than doubled since the 2020 edition of the study. An additional 1.47 million Australians have invested in ETFs compared with six years ago, fuelling the market’s rapid growth this decade.

“At 30 June 2026, there were 458 ETFs quoted on ASX, up from 298 at 30 June 2023, according to the ASX Investment Products Report. The combined market capitalisation of ETFs was $361 billion, up almost 33% over 12 months.”

“If the current trend persists, rapid growth in ETF investing could increase the share of ETFs within retail investment portfolios this decade.”

“ETF activity has a broadly similar age profile to cryptocurrency activity, with strong participation among next-generation investors and wealth accumulators. However, ETFs attract relatively more retiree participation than cryptocurrency.”

4. Women make up 61% of "investors in waiting" 

Another key finding from this year's study is that 950,000 Australians plan to invest for the first time within the next 12 months. Of those, 61% are women, making 2026 the first year that they outnumber men as intending investors. Women also now make up 41% of on-exchange investors, according to ASX data, up from 38% in 2023.

“If respondents act on their investment intentions, approximately 580,000 women in Australia could start or resume investing outside of their superannuation and primary home within the next 12 months. This is approximately 210,000 more female intending investors than the estimated 370,000 men who intend to invest within 12 months.”

While this trend could help narrow the gender gap in investing over time, the study notes that women continue to account for the majority of non-investors, accounting for 63% of this group. That equates to 6.2 million women in Australia who have either never invested outside their super or primary home or have stopped investing.

5. Lack of knowledge is still the biggest barrier to entry

According to the study, knowledge was the number one reason cited as a barrier to entering the market. But investors are looking to do something about it, with 37% intending to seek financial advice in the next 12 months, up from 32% in 2023.

Of those, it is younger Australians who are leading the charge, with 46% looking to seek advice in the next year, up from 28% in 2023.

“Investment knowledge is the leading barrier for intending investors, but it is also the key enabler of investment confidence. 

"Just over half of respondents (51%) said they would start investing when they know more about investing in the market.”

Another way investors are filling the knowledge gap is with AI. Among all investors, 14% are using AI tools as a “significant source of investment advice”, which is close to the use of accountants (17%) and ranking well ahead of full-service stockbrokers (8%), lawyers (6%) and robo/digital-advice services (4%).

“This suggests investors may be turning to general-purpose AI tools for accessible, low-cost information and investment ideas, rather than relying solely on traditional or dedicated digital-advice channels.

“However, the data does not necessarily mean AI tools are replacing professional advisers. AI tools may be used alongside traditional sources of advice as part of investors’ broader research process.”