Joanna Mathers takes a deep dive into the results of the Informed Investor sentiment survey (powered by InvestNow) and discovers a cohort that’s cautiously optimistic, despite the tumult of the wider world.

In 2025, international geopolitics was the key concern for the investors who took part in the Informed Investor sentiment survey (powered by InvestNow). War, United States’ vituperative attacks on the established global order, the spectre of climate crisis and talk of an AI bubble – the year was tumultuous.

Fast forward 12 months and not much has changed. At the time of printing, Trump’s 2025 tariffs have been overturned by the Supreme Court, but he’s put short-term 15 per cent tariffs in their place and US warships and fighter jets are hovering over Iran.

The white-knuckle ride looks set to continues, and investors are watching. International geopolitics is still their number one concern, chosen by 22 per cent per cent of respondents.

But market performance may belie their fears. Although it nearly dropped into a bear pit in April 2025, after Trump’s “liberation day” tariff announcements, the S&P 500 closed out 2025 with 17 per cent gain.

“Last year’s tariff shock in early April sparked one of the sharpest two day drawdowns in decades as markets rapidly repriced trade and growth risks,” says Jason Choy, senior portfolio manager at InvestNow.

“Yet as details softened and investors refocussed on fundamentals, markets recovered and the year ended solidly positive for global equities.”

The big lesson from 2025 is behavioural. Investors who stayed disciplined – continued regular contributions or bought the dip – saw strong gains into yearend. That discipline mattered more than predicting each twist in policy.

Confident cohort

Despite the concerns around geopolitics, the survey reveals a cohort that is confident, experienced and self-directed.

Demographically, the data is enlightening. More than 42 per cent of respondents are aged 55 and over, with a further 43 per cent between the ages of 35 and 54. They are investors in peak earning years, who prioritise portfolio building over risk taking. They are planning for retirement and creating wealth for their families or looking for long-term income sustainability, rather than the sugar hit of short-term gains.

Retirement security, as was the case in 2025, is the primary reason our respondents invest, with 44 per cent stating this was their key driver. Growing wealth for family was the main motivator for 25 per cent of respondents, with the generation of income sitting at 19 per cent.

Speculators make up just 1.5 per cent of our cohort; reflecting the long-term strategy employed by most respondents.

Confidence levels are strikingly high. More than 78 per cent of respondents reported a reasonable or high degree of confidence in their understand of managed funds, with only stating they 5 per cent lacked confidence. And this confidence extends across asset classes. Respondents report confidence with KiwiSaver and property; diversification remains central to their strategy.

Measured optimism

Despite global geopolitical tensions and lingering economic uncertainties, respondents are displaying measured optimism. Many indicate plans to invest further over the coming 12 months, particularly in growth assets such as shares and managed funds.

Twenty-six per cent of respondents stated they intended to invest in exchange traded funds (ETFs) this year; managed funds continue to play a central role, with nearly 27 per cent intending to invest in this asset class. At the other end of the scale, crypto, gold and silver, which have been behaving erratically in recent months, are only of interest to a combined 8 per cent of respondents.

Experience underpins this confidence. Most respondents have invested for years, navigating pandemic-era volatility, inflation surges and rapid interest rate changes. Having weathered multiple cycles, they are resilient and understand the market.
Another notable takeaway is that Kiwi investors love DIY.

Only 11 per cent of respondents use financial advisers (down from 21 per cent last year) with the rest relying on their own knowledge. As 63 per cent of the respondents are over 45, and nearly 50 per cent have been investing for over ten years, experience levels are likely to play a part here.

And Choy believes this confidence is also due to investors having ready access to digital platforms.

“With today’s platforms, a sensible, diversified portfolio is easier to assemble than it was even five years ago. Minimums are low, fees are transparent, and guidance is widely available – so many Kiwis selfdirect by default,” he says.

The advice market naturally focusses on higher balance households; digital content and tools now fill much of the “coaching” gap for emerging investors.

“Regulators are actively exploring how to improve advice accessibility and where digital advice fits, which mirrors what we see on the ground: a hybrid model where people self-manage day-to-day and seek episodic advice at life milestones.

Changing demographic

Last year, the survey revealed a high-income level of respondents, with five per cent listing their annual salary as $1 million-plus; 10 per cent earning over $250,000 and 20 per cent earning between $150,000-$250,000 a year.

This year, a significant cohort with salaries of under $100,000 has emerged (around 45 per cent). The shift towards egalitarian investment has developed significantly since Covid, Choy states.

“Lockdowns were a watershed moment: with concerts, sport and travel off the table, many people tried investing for the first time. Some dabbled in single stocks or meme names for the “gateway” experience,” says Choy.

He says that five years on, the cohort that stuck around looks very different. They are older, with bigger balances and more life commitments (mortgages, kids, careers).

“And there has been a clear pivot toward diversified funds, fee and tax optimisation, and active KiwiSaver engagement. Platform innovation — low minimums, fractional access, auto-invest — has helped democratise investing for average incomes.”

KiwiSaver connection

KiwiSaver sits at the heart of this deepening of the investor pool. According to the Financial Market Authority’s 2025 KiwiSaver Annual Report, there are now 3.39 million members and $123 billion in funds, with average balances still rising.

Choy states that with more members in growth aligned options and better engagement, KiwiSaver has become a meaningful wealth pillar even for average to lower incomes, not just high earners.

“The scale and resilience through recent cycles back that up.”

The survey reveals a good understanding of the scheme; 73 per cent stated they were reasonably or very confident in their understanding of KiwiSaver.

But while the high level KiwiSaver literacy is good news, the survey revealed a slightly alarming shift since last year.

Where there was a 50/50 split of male and female in 2025, 68 per cent of respondents this year are male, with just 32 per cent female.

Choy isn’t surprised; and doesn’t believe it is around lack of engagement in the market.

“It’s not unusual to see a male skew in general investing surveys, even as women’s participation rises. The barrier we hear most often isn’t ability, it’s confidence.

He says that multiple studies have shown that women report lower investing confidence and are more likely to say they “don’t know enough,” despite often having equal or better everyday money habits and, when invested, trading less and sticking to plans.

Staying the course

Although there may be concern about geopolitics, the survey reveals that are investors are staying the course. An overwhelming 97 per cent of respondents intend to invest in the next 12 months; only 20 per cent are intending to sell.

“This is very positive,” says Choy.

He says the pivot from “timing the market” to “time in the market” was validated in 2025.

Despite the April tariff shock, many Kiwi investors kept contributing and enjoyed markets finishing the year in a strong position.

“This contrasts with the Covid-19 crash earlier in the decade, where many investors fled to cash and locked in losses amid fear-driven headlines, only to miss out on the market’s sharp recovery in the same calendar year.”

This deeper understanding of the market can be seen in the confidence levels around returns; only 17 per cent of respondents feel negative about their returns in 2026. It may be tough out there, in many ways, but our informed investors still have faith in the market.