Financial education and consumer protection

New retail investors in France: Attitudes, knowledge and behaviours



Date of publication
08 November 2023


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French version available here


08/11/2023 - This report describes recent trends in retail investment in France and presents the results of two studies to measure the financial knowledge as well as motivations, attitudes and behaviours of retail investors who have recently entered the market. It provides evidence and analysis for the design of a financial literacy strategy aimed at these new retail investors. 


This work is the result of the cooperation between the Autorité des Marchés Financiers (AMF), which requested support from the European Commission under the Technical Support Instrument’s 2022 cycle, the Directorate-General for Structural Reform Support of the European Commission (DG REFORM) and the OECD, designated as implementing partner of the project. This report represents the second output of the project, that is an analytical report on the knowledge, attitudes and behaviours of new retail investors in France (Output 2).


Previous outputs under this project consisted in the drafting of an inception report (Output 1). Forthcoming outputs will include the development of a financial literacy strategy for new retail investors in France (Output 3), the development of targeted financial education content (Output 4) as well as an outline of a communication campaign (Output 5). 


The overall project is expected to improve financial literacy of new retail investors. It should increase new retail investors’ awareness, skills and understanding, and support informed decisions about the wide range of financial products and services existing in the market, including digital financial services. The project also aims at empowering new retail investors to safely use financial products, make them more aware of investment risks, and contribute to making them more resilient to online fraud attempts and cybersecurity attacks. 


This report is an output of a project carried out with funding by the European Union (EU) via the Technical Support Instrument (TSI), and in cooperation with the European Commission’s Directorate-General for Structural Reform Support (DG REFORM) with the OECD as implementing partner and ultimately implemented by the AMF.




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