Polish Investor 2025

On December 5, 2025, the "Polish Investor 2025" ("Polak Inwestor 2025") report was published. This marks the fifth edition of the study prepared by iKsync and the Krakow University of Economics (UEK), in cooperation with a range of institutions and individuals associated with the financial market in Poland.

The report presents the results of a survey completed by both active investors and non-investing Poles. It outlines their views on the motivation behind investing, investment goals, types of assets held, barriers to entry, and opinions on how the current economic and political environment impacts financial security.

Investors generally expect annual investment returns in the teens (averaging approx. 13%). The most common traditional assets, held by at least 40% of investors, include: Polish treasury bonds (64%), PLN deposits (46%), Polish stocks (42%), and foreign stocks (40%). Investors hold alternative assets less frequently; at least 20% own: precious metals, cryptocurrencies, investment real estate, or emotional assets (e.g., art, collectibles).

The report highlights the differences between female and male investors. Female investors more frequently hold a university degree (86% vs. 73% for men) and are more socially and geographically mobile. However, they maintain more conservative portfolios; they choose risky assets less often than men and make investment decisions less frequently.

Differences between investors with varying portfolio values are also presented. The wealthiest individuals (holding assets valued at at least PLN 1 million, excluding investment real estate) stand out: they almost always have higher education, are more likely to have a family and children, and are often entrepreneurs or hold mid-to-high-level management positions. They rate their investment knowledge highly and accept greater investment risk.

The report details investors' assessments of Poland's economic and political environment regarding its impact on future financial security. Ratings for Poland's economic situation and its place in the European Union remained relatively high. Poland's geopolitical position was rated somewhat lower. The Polish political scene received the lowest ratings, which have worsened compared to the previous year.

The perception of ESG principles (Environmental, Social, and Corporate Governance) was surveyed once again, specifically regarding the importance investors place on listed companies applying these rules. Nearly one in three investors is unaware of these principles. Over 20% know them but neither consider them nor plan to do so in the future. Only slightly more than 5% of investors know and apply them in their investing. The application of ESG rules by companies is more important to female investors than to males.

For the first time, a section of the report is dedicated to assessing the impact of eight new technologies on finance and investments over the coming years. Impact ratings are moderate. Investors expect the most benefit from the digitalization of markets and the economy, Artificial Intelligence (AI), and cybersecurity. They have the lowest expectations for the influence of social media and asset tokenization. Among many factors affecting these ratings, investor age stands out: the youngest generations—Gen Z and Millennials—are the most optimistic. Gen X (45–59 years old) is less optimistic, while Baby Boomers show the greatest reserve.

The report also examined the fastest-growing investment support program, Employee Capital Plans (PPK). Most investors view PPK positively: 54% believe participation will lead to slightly higher pensions, and 17% believe they could be significantly higher. Less than 7% are unaware of the program, often those paying their own pension contributions (entrepreneurs, B2B contractors, freelancers) who cannot rely on employer contributions. Non-investors are more skeptical of PPK than investors, and over a quarter do not know the program at all. Interestingly, in this case as well, the youngest generations (Z and Y) rate PPK higher than older generations.

Significant space in the report is dedicated to non-investors. The two main reasons for not investing are: lack of funds (nearly 70%) and lack of knowledge (nearly 60%). Compared to investors, non-investors are generally older, have lower incomes, are less likely to have higher education, live in smaller towns, work in lower organizational roles, and have higher risk aversion. Interestingly, despite higher risk aversion, non-investors would expect a higher average rate of return on investment than investors—a paradox likely attributable to a lack of experience and lower investment knowledge.

The driving force behind the study is Izabela Kozakiewicz-Frańczak, CEO of iKsync, CEO of the "Trampki na giełdzie" Foundation, and VP of the Invest Cuffs Foundation. The work of the Department of Economic Theory team was led by Dr. hab. Rafał Morawczyński, Prof. UEK.

The report is available for free in both summary and full versions at www.polak-inwestor.pl.