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Investor numbers soften after cost-of-living pressures rise
The Covid-19 stimulated boom in online retail investment has dropped back to pre-pandemic levels after falling stock prices, rising inflation and higher interest rates have dented investor confidence.
Research firm Investment Trends conducted a comprehensive study of online equities and listed securities investors in Australia. Findings published in the 2022 first half Australia online investing report found that while retail investors have retreated, they have not completely disappeared.
“An estimated 1.47 million unique individuals placed (at least) one online trade on stocks or ETFs during the 12-month period ended in June 2022, down from 1.52 million for the year ended November 2021,” the report stated.
According to Investment Trends head of research Irene Guiamatsia a combination of “interest rate rises, market downturn and inflation” all contributed to this outcome.
The report went on to highlight supporting data which showed a decrease in inflows of first-time investors together with a rise in inactive accounts.
“Dormancy rates among those already investing have continued to climb. In this last reporting period, some 250,000 investors have halted their trading activity,” the report stated.
Findings from the report also identified that a requirement for many investors to start buying stocks is having “reached a desired level of savings”. In other words, having enough money for day-to-day living expenses, plus some extra for rainy days.
“The ongoing cost-of-living pressures on households would no doubt contribute to delaying the assessment of readiness,” Guiamatsia said. “At the same time, the vertiginous rise of interest rates has reinstated cash as an appealing instrument for yield generation.”
“It is common to see market downturns induce a paralysis of sorts, as many opt for a wait-and-see approach in turbulent times.”
But it wasn’t all bad news. The report found the vast majority of dormant investors actually expressed a keen interest in re-entering the market soon.
“There is little evidence this genie is heading back in the bottle. The developments of the last two years have, to a degree unprecedented, enabled more younger investors and more female investors to access equity markets. This creates long-term opportunities all round – for self-directed platforms, advisers, and any solution in between.”
