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Comparative analysis of retail investing: From NSA and AFG to the prospects of creating similar associations in Ukraine

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  • Serhii Ziemtsov

Abstract

The purpose of the study was to determine the preconditions and prospects for the formation of a retail investors’ association in Ukraine based on the experience of Sweden, Denmark, Finland, Norway, France, Canada, and the USA. A comparative analysis was carried out of the activities of the American Association of Individual Investors, the Nordic Securities Association, The Canadian Foundation for Advancement of Investor Rights and the Association Française de la Gestion Financière. As a result of the analysis of these associations’ data, it was determined that in the USA the share of young investors under the age of 25 increased from 6% in 2015 to 37% in 2024, and 35 states introduced financial literacy courses for school pupils. The assets of Nordic Financials ASA decreased from EUR 24,211,835 in 2022 to EUR 464,606 in 2024, while operating cash flow increased from EUR 242,450 to EUR 1,526,845. In Canada, funding for The Canadian Foundation for Advancement of Investor Rights amounted to 11 million Canadian dollars, and in France assets under management exceeded EUR 5 trillion. In Ukraine, in the first half of 2025 the volume of private investments through the Inzhur fund exceeded UAH 1 billion, and the share of internal government bonds owned by individuals increased from 4.2% to 4.7%. The analysis of the activities of the Temporary Special Commission of the Verkhovna Rada of Ukraine on the Protection of Investors’ Rights, the Ukrainian Association of Investment Business and the Ukrainian Venture Capital & Private Equity Association showed the significant role in the development of the capital market. The creation of the Ukrainian Association of Retail Investors should combine educational, analytical, co-ordination and rights-protection functions, promoting financial inclusion, increased investment activity and the integration of Ukraine into the European financial space. The practical significance of the study lies in the development of recommendations that can be used by the National Securities and Stock Market Commission, the Ministry of Finance of Ukraine and professional associations of market participants, when drawing up strategies for financial inclusion and programmes for the protection of investors’ rights

Suggested Citation

  • Serhii Ziemtsov, 2025. "Comparative analysis of retail investing: From NSA and AFG to the prospects of creating similar associations in Ukraine," E-Forum Working Papers, Economic Forum, vol. 15(4), pages 81-93, October.
    • Handle: RePEc:cuc:eforum:v:15:y:2025:i:4:p:81-93
    DOI: https://doi.org/10.62763/ef/4.2025.81
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    References listed on IDEAS

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    1. Zhou, Zhenkun & Wu, Danni & Su, Zhi & Ren, Tao, 2024. "Exploring the investment value of retail sales growth: Evidence from the China Retailer Alliance," Finance Research Letters, Elsevier, vol. 63(C).
    2. Bourveau, Thomas & Gao, Xingchao & Li, Rongchen & Zhou, Frank S., 2025. "Comply-or-explain regulation and investor protection," Journal of Accounting and Economics, Elsevier, vol. 79(2).
    3. Tolga Buz & Gerard de Melo, 2024. "Democratisation of retail trading: a data-driven comparison of Reddit’s WallStreetBets to investment bank analysts," Journal of Business Analytics, Taylor & Francis Journals, vol. 7(4), pages 256-272, October.
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