After a couple of years of blockbuster returns and a stock market that seemed to do no wrong, it’s no surprise that almost half of investors (48%) told Natixis they thought investing had started to look... easy. But 2025 has brought a different vibe. Confidence is cracking. Optimism is fading. And many investors are wondering if the good times are already behind them.
The 2025 Natixis Global Survey of Individual Investors1, which polled more than 7,000 investors across 21 countries, paints a clear picture: we’ve entered the "Age of Diminished Expectations." People still want to build wealth, but the emotional roller coaster of the past 25 years—dotcom bust, financial crisis, pandemic, inflation—has left them exhausted, uncertain, and in serious need of reassurance.
Reality Check: Confidence Is in Short Supply
Let’s start with the elephant in the room: inflation. It’s still the number one thing keeping investors up at night, topping the list as both their biggest investment worry (50%) and financial fear (51%). While central banks have made progress, only 41% of investors globally—and just 26% in the U.S.—believe inflation is “finally in the rearview mirror.” As Natixis puts it, “even as inflation nears central bank targets, few think it’s truly under control.”
And it’s not just prices. Anxiety runs deep across the board: 43% are bracing for an economic collapse, 41% are scared of a market crash, and 34% are worried about taxes. Add it all up, and you’ve got a world where nearly a quarter (23%) say they don’t know what to do anymore—and 21% are already getting out while they can.
Natixis doesn’t sugarcoat it: “The reality is that investors know their backs are against the wall in 2025.”
The Expectation Gap: Wanting More While Taking Less Risk
Despite the chaos, most investors still want big returns. On average, they expect 10.7% above inflation over the long haul. That’s actually down from the sky-high 12.8% in 2023—but it’s still 22% higher than what financial professionals think is realistic (8.3%). In the U.S., that gap is even wider: investors there are aiming for 12.6%, while advisors suggest a more grounded 7.1%.
Here’s the kicker: 83% of investors also describe themselves as either conservative or moderate risk-takers. That contradiction is front and center. They want strong returns, but only 53% say they’re comfortable taking risks to get them. And while 62% say volatility is a chance to grow wealth, 25% still list volatility itself as their top definition of risk.
In Natixis’ words: “Pursuing double-digit returns can require significant allocations to equities… Despite what they may say, most are not comfortable with volatility.”
Bonds, Private Markets, and Index Myths—Investors Are Confused
Bonds are a head-scratcher. Even though 62% say they understand how interest rates affect bond prices, only 3% answered a simple two-part quiz correctly. (Spoiler: bond values rise when rates drop, but new bonds issued later pay lower income.) Despite the confusion, 41% plan to invest more in bonds this year, while 60% say it’s just more fun to buy stocks.
Meanwhile, private assets are catching attention. 44% say the more they learn about them, the more they want in—and 40% are already invested. But confusion reigns. Half think private investments are priced daily (they’re not), and just 50% know about their long holding periods. In the U.S., where regulations limit access, 54% of investors with as little as $100K–$300K believe they qualify—though they don’t.
Natixis puts it plainly: “Investors are confused about who is eligible to invest.”
Crypto Curiosity, AI Hype, and a Whole Lot of Skepticism
Bitcoin’s 2024 run past $100,000 got attention. Still, only 32% of investors own crypto, and just 36% say they’ll buy more or start this year. AI? A mixed bag. Most (70%) think it will change how business gets done, but just 42% see it as “the biggest investment opportunity in a lifetime.” And more than half (51%) think it’s a bubble waiting to burst.
That said, the rise of AI is nudging behavior. Nearly half (46%) say it’s making them more likely to use robo-advice. Still, trust is human: “Investors are more likely to say they trust their financial advisor (91%) than even themselves (88%),” Natixis reports. Social media? Just 17%.
The Advisor’s Role Is Evolving—and Expanding
In a complex, high-stakes environment, what investors want most is someone in their corner. Not just someone to manage their money—but someone who understands their goals, listens, explains, and helps them make sense of it all.
Sixty-four percent of those with an advisor say they value the personal relationship above all else. Financial planning (47%) and retirement income strategies (46%) top their service wish list. In the U.S., where tax worries are spiking, demand for tax-efficient strategies has surged to 47%, up from 32% two years ago.
They don’t necessarily want to hand over full control—only 10% are fully hands-off—but they do want to collaborate. As Natixis notes, “More than six in ten investors globally say they want to be regularly involved in their investment decisions.”
And advisors are delivering. In Latin America and Europe, over 60% of investors say their advisor is recommending private market strategies. In the U.S., interest in direct indexing is skyrocketing, with assets projected to more than double—from $615 billion in 2023 to $1.5 trillion by the end of 2025.
Final Word: Coaching Through the Fog
The message from this year’s survey is clear: investors are anxious, expectations are cooling, and the path forward feels murky. But they’re not giving up. They want guidance. They want clarity. And they want someone to help them stay grounded.
Or, as Natixis puts it, “The all-important first step in guiding investors in this unfamiliar scenario is to recognize the factors that raise the alarm on investment concerns and trigger their financial fears.”
In other words, this is a coach’s market. And financial advisors—those who listen, teach, and guide—may be more essential than ever.
Footnotes:
1 Natixis Investment Managers. “2025 Natixis Global Survey of Individual Investors.” Conducted by CoreData Research, Natixis Investment Managers, June 2025.
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