2024 Global Retail Investor Outlook 2025

Endnotes 1. Statista. (n.d.). Monthly number of active users selected leading apps that allow for online share trading worldwide from January 2017 to July 2021, by app. https://www.statista.com/statistics/1259822/global-etrading-app-monthly- active-users/. 2. Indefi. (2022). The Future is Now: Five Waves Reconfiguring Asset Management. https://www.indefi.com/wp-content/ uploads/2022/03/Indefi-Strategy-The-Future-is-Now.pdf. 3. Boston Consulting Group (BCG) internal analysis 2024; securities include direct holdings in stocks, bonds and mutual funds. 4. Klapper, L., D. Singer and S. Ansar. (2021). The Global Findex Database 2021: India Country Brief. https://thedocs.worldbank.org/en/doc/4c4fe6db0fd7a7521a70a39ac518d74b-0050062022/original/Findex2021 -India-Country-Brief.pdf. 5. Monteiro, L. (2022). Only 16.7% of Indian Teenagers are financially literate: Streak Survey. https://ibsintelligence.com/ibsi-news/only-16-7-of-indian-teenagers-are-financially-literate-streak-survey/. 6. Kay, C. and B. Parkin. (2024). The young investors gambling on Indian stocks. The Financial Times. https://www.ft.com/content/398fde10-6e63-4b01-b834-1897d6265dcd. 7. Mengden, A. (2024). Capital Gains Tax Rates in Europe, 2024. Tax Foundation Europe. https://taxfoundation.org/data/all/eu/capital-gains-tax-rates-in-europe-2024/. 8. Kakkar, H. (2024). Retail investors driving India’s stock market surge: What has changed over the years? The Economic Times. https://economictimes.indiatimes.com/markets/stocks/news/retail-investors-driving -indias-stock-market-surge-what-has-changed-over-the-years/articleshow/107742841.cms?from=mdr . 9. Ibid. 10. MSCI. (n.d.). The evolution of ESG investing. https://www.msci.com/esg-101-what-is-esg/evolution-of-esg-investing. 11. Bioy, H. (2024). Global ESG Funds Attract $10.4 Billion in Q3 2024. Morningstar. https://www.morningstar.co.uk/uk/ news/257247/global-esg-funds-attract-%24104-billion-in-q3-2024.aspx. 12. Lichtenstein, J. A., M. R. Littenburg, J. M. Reinstein, D. Smith, et al. (2024). The State of State ESG Activity as an Election Looms—a 2024 Mid-Year Review. Ropes & Gray. https://www.ropesgray.com/en/insights/alerts/2024/06/the- state-of-state-esg-activity-as-an-election-looms-a-mid-year-review . 13. Boyde, E. (2024). ESG investors retain a glimmer of hope even after Trump’s victory. The Financial Times. https://www.ft.com/content/a7dd525b-0422-4757-aa56-c6deaa818102.14. Cerulli. (2024). Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048. https://www.cerulli.com/press- releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048. 15. Schroders. (2023). Schroders 2023 UK Financial Adviser Annual Survey. https://mybrand.schroders.com/ m/69f66c26a911b2d4/ original/610338_Schroders-Annual-Adviser-Survey-2023_Report_DIGITAL.pdf. 16. Catania, C., C. Emmanuelli, M. Huber, N. Pittiglio, et al. (2022). Wake up and see the women: Wealth management’s underserved segment. McKinsey & Company. https://www.mckinsey.com/industries/financial-services/our-insights/ wake-up-and-see-the-women-wealth-managements-underserved-segment. 17. Fidelity. (2023). Fidelity Investments® Study: Women Tapping Into Their Financial Superpowers to Gain Ground with Their Money. https://newsroom.fidelity.com/pressreleases/fidelity-investments--study--women-tappinginto-their-financial- superpowers-to-gain-ground-with-thei/s/f912c67e-75e9-4398-9ea8-dd6e196005a4. 18. Baghai, P ., O. Howard, L. Prakash and J. Zucker. (2020). Women as the next wave of growth in US wealth management. McKinsey & Company. https://www.mckinsey.com/industries/financial-services/our-insights/women-as-the-next-wave- of-growth-in-us-wealth-management. 19. United Nations. (2017). World Population Ageing. https://www.un.org/en/development/desa/population/publications/pdf/ ageing/WPA2017_Highlights.pdf. 20. Lusardi, A. and O. S. Mitchell. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, vol. 52, no. 1, pp. 5-44. https://www.aeaweb.org/articles?id=10.1257/jel.52.1.5. 21. Klapper, L., A. Lusardi and P . van Oudheusen. (2015). Financial Literacy Around the World: Insights from the Standard & Poor’s Ratings Services Global Financial Literacy Survey. Global Financial Literacy Excellence Center. https://gflec.org/wp-content/uploads/2015/11/3313-Finlit_Report_FINAL-5.11.16.pdf. 22. Tan, L., X. Zhang and X. Zhang. (2023). Retail and Institutional Investor Trading Behaviors: Evidence from China. Annual Review of Financial Economics. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4620780; Soon, W. (2023). Small Investors Are a Big Problem in China. The Wall Street Journal. https://www.wsj.com/articles/small-investors-are-a- big-problem-in-china-374f8345. 23. Ahern, B. (2024). China Market Update: NPC Stimulus to Exceed Expectations? Why Smoot Hawley 2024 Isn’t Going to Happen. Forbes. https://www.forbes.com/sites/brendanahern/2024/11/07/china-market-update-npc-stimulus-to- exceed-expectations-why-smoot-hawley-2024-isnt-going-to-happen/. 24. Ibid. 2024 Global Retail Investor Outlook 64