The Belgium Financial Services and Markets Authority (FSMA) published the results of its 2024 Retail Investor Survey, finding that 37% of Belgians aged 16 to 80 invest in financial products beyond deposit-style savings and certain insurance and pension products, up from 34% in 2022. The survey also indicates that, despite broader market attention to exchange-traded funds (ETFs), only 16% of investors report holding them. Based on an online survey of 1,500 Belgian investors conducted with IPSOS, the FSMA reports that investors are more often men, more frequently in higher social classes, and less likely to live in Wallonia than the general population. Savings accounts, pension savings, investment funds and listed shares remain the most common holdings (85%, just over 50%, 38% and just over one-third of investors respectively), while younger investors are more likely to hold crypto-assets, ETFs and derivatives, and those over 50 more often hold class 21 and class 23 products, investment funds and listed shares. On financial literacy, around a quarter answered all test questions correctly, 75% correctly assessed inflation’s impact on purchasing power, about 60% were familiar with diversification, and a little more than half understood the relative risk differences between shares and bonds; the results suggest no evidence of overconfidence among those who self-rate their knowledge as ‘sufficient to high’. The survey also reports higher familiarity among younger investors with the Key Information Document (KID) and the EU’s Article 6/8/9 fund classification, and that nearly 70% of investors are familiar with sustainable investment and seek information on real-world impact, comparative performance and product availability.

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