Amundi Decoding: Investor Confidence & Knowledge
DECODING Investor Confidence & Knowledge Marketing Communication 2026
The confidence & financial literacy baseline From intent to action: how confidence shapes investment behaviour 2 in 5 say they are confident or expert investors - but only 30% of ‘experts’ can answer three basic financial literacy questions correctly One-in-four investors make a new investment at least once a month Self‑assurance frequently outpaces understanding meaning that those who are confident are perhaps not always basing this on knowledge. We explore among who regular investing is most common and the relationship between confidence, basic financial literacy and regular investment. 04 ‑ 19 20 ‑ 32 Headlines The thread that runs through this chapter is simple: confidence is the engine of investor behaviour, but literacy and advice are what encourage portfolio action and are therefore the fuel that keeps the wheels turning. We start by establishing the baseline - who is confident, who is knowledgeable, and why the two don’t always overlap. We then follow that confidence into action, showing how it shapes decisions investors are making about their portfolios.
The confidence and financial literacy baseline 1 Fig. 1: Self-described level of knowledge about investing and personal finance (weighted global totals) * 4 DECODING | Investor Confidence & Knowledge 5 DECODING | Investor Confidence & Knowledge A similar proportion (44%) can answer three basic financial literacy questions correctly. Investors who feel the most capable are often those with the lowest financial knowledge. This highlights the potential risk of overconfident investors making decisions without the knowledge needed. This disconnect – confidence outpacing competence – is the defining pattern of this chapter, and it continues in how investors behave and in how diversified they believe themselves to be. describe themselves as confident or expert in their investing knowledge. investors globally (38%) Around 2-in-5 Prefer not to say (2%) Beginner (25%) Somewhat knowledgeable (35%) Confident (25%) Expert (13%) Base size: total investors, n=13,249 Understanding how confident investors are in investing, and whether this correlates with their financial knowledge, is an important first step in knowing how to best serve their needs. *
01 DECODED 2026: Savers & Investors | ETFs Winning Hearts & Minds 02 21-30 31-40 41-50 51-60 61+ 13% 21% 35% 43% 41% Women Men 49% 51% 44% 34% 29% Confidence peaks among 31–40 year olds (48%). It is much lower for the older generations, at 30% for 51-60 year olds and just 24% for the 61+ cohort . Investment confidence is lower among older generations of investors, who may have had less access to early financial education and are now faced with big decisions about decumulation, retirement planning and wealth preservation. And gender compounds this – 45% of men describe themselves as confident versus 37% of women – a persistent disparity that gets wider among older age groups and that will impact many investment behaviours, particularly around advice and risk appetite. This highlights an opportunity for providers to support female clients to improve their confidence. Millennials are the most confident investors - while the retirement generation is least confident. 6 7 Fig. 2: % of investors expert + confident by age within gender * DECODING | Investor Confidence & Knowledge DECODING | Investor Confidence & Knowledge 1. The confidence and financial literacy baseline 1. The confidence and financial literacy baseline Base size: total investors who are expert + confident, n=5,532 *
This is the first clear demonstration that confidence and literacy run on separate tracks: the most knowledgeable cohort is also the least confident. Financial literacy rises with age, with more than half among those aged 61+ able to answer three basic financial literacy questions correctly, despite this same cohort recording the lowest investment confidence. 1. The confidence and financial literacy baseline 1. The confidence and financial literacy baseline Fig. 4: % of investors scoring 3/3 financial literacy questions correctly by age 3 Despite lower confidence, older investors show higher levels of financial literacy. 8 9 DECODING | Investor Confidence & Knowledge DECODING | Investor Confidence & Knowledge Age 21-30 Age 31-40 Age 41-50 Age 51-60 Age 61+ 35% 46% 42% 48% 53% Fig. 5: % of investors scoring 3/3 financial literacy questions correctly by gender * Female investors Male investors 47% 37% Fig. 3: Investor performance on three financial literacy questions (weighted totals) * Vs. 16% of savers 0/3 SCORE 1/3 SCORE 2/3 SCORE 3/3 SCORE 11% 19% 26% 44% Base size: total investors, n=13,249 It suggests that the confidence gap for these older groups may be more influenced by other factors – such as market uncertainty, investment choice and product access – than their baseline financial literacy. For providers there is a responsibility and opportunity to tailor their support and guidance to where clients are in their financial journeys. *
The confidence-literacy gap plays out differently across markets – and some show clear warning signs. When assessing confidence against basic financial literacy seven markets sit in the highly confident but less literate quadrant. Many of these countries – China, India, Thailand, South Africa and the UK – strongly over ‑ index on their use of professional financial advice, suggesting that investors in these markets are outsourcing the need for expertise and confident as a result. In contrast, Japan, Finland and Singapore show the opposite pattern: high literacy but low confidence. In Japan, 56% achieve full literacy marks, yet only 18% describe themselves as confident. Knowledge is present, but conviction is not. The Netherlands, Denmark and Germany are where we see confidence and basic financial literacy align. These markets show the healthiest alignment between self ‑ belief and underlying knowledge. A fourth group - including France, Belgium and Spain ‑ sits below average on both measures. DECODING | Investor Confidence & Knowledge DECODING | Investor Confidence & Knowledge Fig 6: Financial literacy (3/3) vs. self-reported confidence, by market (weighted totals) * 1. The confidence and financial literacy baseline 1. The confidence and financial literacy baseline 10 11 Europe Asia Other Highly confident & more literate Under-confident & more literate Base size: total investors, n=13,249 Highly confident but less literate Self-reported confidence / knowledge Financial literacy (3/3) Under-confident & less literate IND UAE ZAF IRL AVG AUT NLD FIN SWE HKG TWN MYS KOR POL ESP ITA THA JPN CHE BEL FRA CHN GBR BRA 62% 52% 42% 32% 22% 57% 47% 37% 27% 17% 18% 28% 38% 48% 23% 33% 43% 53% SNG DEU DNK *
Just 36% of retail investors describe themselves as confident or expert, compared to 61% of HNW investors – a 25-point gap that could, in part, be the result of reassurance from greater professional advice or engagement with wider sources of information and guidance. For providers serving the mass market, this confidence deficit is an opportunity: retail investors are potentially under-supported. Involvement in investing at any level makes a significant difference to confidence in knowledge around investing. 47% of savers label themselves as beginners , nearly double the proportion of retail investors – proving that small first steps can have a demonstrably positive impact on confidence in investment knowledge. 1. The confidence and financial literacy baseline 1. The confidence and financial literacy baseline Fig. 7: Self-described level of knowledge about investing and personal finance, by investable assets * Investment confidence has a clear link with wealth, and the gap between the most and least affluent is significant. 12 13 DECODING | Investor Confidence & Knowledge DECODING | Investor Confidence & Knowledge 2% 1% 1% 3% 5% 9% 9% 16% 28% 47% 28% 34% 35% 33% 24% 35% 36% 33% 24% 16% 26% 21% 16% 13% 9% 61% 57% 48% 36% 25% HNWI Affluent Retail Savers (non investors) Net: Confident/ Expert Mass Affluent Prefer not to say Beginner Somewhat knowledgeable Confident Expert Base size: total investors, n=13,249 / all savers, n=4,574 - refer to page 34 for wealth definitions *
Among those that consider themselves ‘expert’, only 30% answer all three literacy questions correctly – lower than the 52% recorded among the ‘somewhat knowledgeable’ cohort. HNW investors, despite their high confidence scores, record a full-mark literacy rate of just 36% - below the mass affluent (52%) and affluent (49%) segments. It seems that confidence in investing is built upon a number of factors, and doesn’t automatically reflect financial knowledge. For providers, this matters: an investor who feels capable is not necessarily an investor who is capable. This shows the value of guidance in pairing confidence with competence, ensuring investors feel both empowered and informed. 1. The confidence and financial literacy baseline 1. The confidence and financial literacy baseline Fig. 8: Financial literacy scores by self-described investment knowledge and investable assets * The most confident investors are not always the most knowledgeable – and this raises a red flag. 14 15 DECODING | Investor Confidence & Knowledge 18% 13% 10% 13% 8% 10% 13% 13% 28% 32% 18% 19% 15% 16% 25% 23% 23% 19% 22% 19% 24% 22% 30% 27% 30% 36% 49% 49% 52% 52% 33% 38% Expert HNWI 0% 0% 20% 20% 40% 40% 60% 60% 80% 80% 100% 100% Confident Affluent Somewhat knowledgeable Mass Affluent Beginner Retail 0/3 SCORE 1/3 SCORE 2/3 SCORE 3/3 SCORE Base size: total investors, n=13,249 DECODING | Investor Confidence & Knowledge *
Higher confidence among wealthier investors appears to be driven by wider use of advice and guidance, rather than stronger financial literacy. As wealth increases, investors draw on a much broader set of inputs. HNW investors are far more likely to use professional financial advice (87%), but also show higher use of information across other sources. In contrast, retail investors rely on a narrower mix and are significantly less likely to have consistent professional support. This broader ecosystem of guidance appears to translate into reassurance . Wealthier investors feel more confident, not because they necessarily understand more themselves, but because decision - making is shared, validated or delegated. That same pattern helps explain why financial literacy scores among HNW investors are not markedly higher than those of less wealthy segments: confidence is being built through access to professionals and external expertise , not necessarily through deeper personal mastery. DECODING | Investor Confidence & Knowledge DECODING | Investor Confidence & Knowledge Fig. 9: Use of investment information, advice and guidance by wealth * Professional financial advice Investment platforms / apps Financial press Expert opinion (analysts, commentators, experts) Social media Mainstream media 1. The confidence and financial literacy baseline 1. The confidence and financial literacy baseline 16 17 Retail A ffluent Mass Affluent HNWI 58% 24% 23% 23% 18% 14% 73% 31% 32% 27% 18% 18% 79% 33% 32% 31% 24% 21% 87% 29% 33% 32% 26% 27% Base size: total investors, n=13,249 *
Confidence is not built on knowledge alone - it is built on the sources investors draw on . Wealthier investors borrow conviction from professional support ; less affluent investors must generate it themselves, from a narrower set of inputs. Where that self-generated confidence is not matched by literacy, the conditions for poor decision making emerge - and the next section shows what that looks like in practice. of HNW investors access professional financial advice vs. 58% of Retail investors * 1. The confidence and financial literacy baseline 1. The confidence and financial literacy baseline 18 19 DECODING | I nvestor Confidence & Knowledge DECODING | Investor Confidence & Knowledge 87% HNW investor’s with access to professional advice ( 87% ) Retail investors with access to professional advice ( 58% ) Key takeaway Base size: total investors, n=13,249 *
Intent to action: how confidence shapes investment behaviour 2 Fig. 10: Frequency of new investments made by investors (weighted totals) * 20 DECODING | Investor Confidence & Knowledge 21 DECODING | Investor Confidence & Knowledge Globally, almost a quarter of investors already invest at least monthly, with a further 37% doing so a few times a year. Where regular investing does occur, it is closely linked to confidence: expert investors are nearly twice as likely as beginners to invest regularly (38% vs 20%). The implication is not that everyone should invest more often at every life stage, but that the earlier habits are formed, the more resilient they become ‑ smoothing market entry through dollar‑cost averaging and keeping money. Encouraging regular investing from the outset – and making it simple through automation, default pathways and the removal of friction – is a win - win: investors benefit from consistency and discipline, while platforms build relationships rooted in ongoing engagement rather than one - off actions. At least once a month A few times a year Once a year or less Only as a one-off 37% 23% 10% 5% 24% € € € Base size: total investors, n=13,249 Don’t know With investment confidence not always matched by basic financial literacy, within this section we explore the relationship between confidence, financial literacy and portfolio decisions. *
India and Thailand stand out for high regular investment rates (42% and 37% respectively invest monthly), consistent with growth ‑ oriented, active investor profiles. France and Italy, by contrast, show notably lower regular investment rates. While this could reflect a more conservative investment culture, we also found that those making new investments once a year or less are significantly more likely to cite “not earning enough money” as a barrier to further investment (29% vs. 20% of those investing at least a few times a year). With “not earning enough money” a key barrier to regular investing, the priority is education that repositions consistent small contributions as the optimal strategy for modest budgets. 2. Intent to action: how confidence shapes investment behaviour 2. Intent to action: how confidence shapes investment behaviour Fig. 11: % of investors making new investments at least a month + at least a few times a year by age and wealth (weighted totals) * The proportion of investors making new regular investments falls with age and rises with wealth. 22 23 DECODING | Investor Confidence & Knowledge DECODING | Investor Confidence & Knowledge A few times a year A few times a year At least once a month At least once a month 32 35 40 42 39 35 29 14 19 27 38 42 42 32 26 37 41 35 21-30 31-40 41-50 51-60 61+ HNWI Affluent Mass Affluent Retail 42 Total sample 37 31 30 30 30 29 29 26 26 26 26 24 24 24 24 22 22 20 19 19 18 16 15 13 13 24 IND AUT DEU UAE HKG POL ZAF NLD CHE BEL SGP JPN DNK IRL GBR ESP MYS ITA FRA THA CHN SWE BRA TWN KOR FIN Base size: total investors, n=13,249 Base size: total investors, n=13,249 Fig. 12: % of investors making new investments at least once a month by market (weighted totals) * This mirrors the confidence patterns in the previous section. Where confidence is high, activity follows. * * (75%) (74%) (66%) (54%) (43%) (63%) (74%) (77%) (79%)
Over three quarters of investors globally describe their portfolio as at least somewhat diversified, and 37% claim they are fully diversified . This rises to 43% among investors who scored the lowest in basic financial literacy questions. Given that only 44% of investors can answer three basic financial literacy questions correctly , and confidence consistently outpaces competence across most segments, there is a challenge in ensuring that investors who want to diversify have the confidence and capability to do so effectively. The overconfidence risk flagged at the start of this chapter reaches its sharpest expression here: the investors most certain they are diversified are potentially the least equipped to judge it themselves. Fig. 14: % of investors stating “yes – I have diversified my investments” by financial literacy score * Fig. 13: Investors’ self-described level of portfolio diversification (weighted totals) * 24 DECODING | Investor Confidence & Knowledge 25 DECODING | Investor Confidence & Knowledge Nowhere do confidence, literacy and access to advice converge more clearly than in perceived portfolio diversification. Investor confidence in portfolio diversification is high. However, it is highest among the investors with the lowest financial literacy. No - most of my money is concentrated in one or two investments I’m not sure how diversified my portfolio is Prefer not to say Yes - I have diversified my investments Yes - my investments are somewhat diversified 37% 39% 16% 6% 2% Base size: total investors, n=13,249 Base size: total investors, n=13,249 0/3 43% 1/3 41% 2/3 33% 3/3 37% 2. Intent to action: how confidence shapes investment behaviour 2. Intent to action: how confidence shapes investment behaviour * *
While confidence has no bearing on the preferred route, more financially literate investors are significantly more likely to consider ETFs as a route to diversification. In short, younger and more financially literate investors are more likely to consider a self ‑ directed path to diversification. Broad diversified funds / ETFs and financial advice are the clear first choices globally for investors looking to increase diversification in the next 12 months, both cited by 31%. 01 DECODED 2026: Savers & Investors | ETFs Winning Hearts & Minds 02 21-30 Invest in broad diversified funds / ETFs Advice from a financial adviser Seek guidance from online content Use an AI tool 31-40 41-50 51-60 61+ ETFs and diversified funds peak as a preference among 31 to 40-year- olds (44%) and fall sharply among the oldest cohort (16%), who are clearly leaning instead toward financial adviser guidance (40%). When investors want to diversify, diversified funds and ETFs along with professional advice are the top options. 26 27 Fig. 15: Top 4 actions investors would take to make their portfolio more diversified by age * Fig. 16: % of investors stating “investing in broad diversified funds / ETFs” as an action to diversify their portfolio, by literacy * DECODING | Investor Confidence & Knowledge DECODING | Investor Confidence & Knowledge 2. Intent to action: how confidence shapes investment behaviour 2. Intent to action: how confidence shapes investment behaviour Invest in broad diversified funds / ETFs Financial literacy 0/3 Financial literacy 2/3 Financial literacy 1/3 Financial literacy 3/3 Advice from a financial adviser Global average Global average 23% 31% 49% 25% 39 44 37 26 24 28 30 24 19 27 29 22 12 16 18 40 30 25 21 28 23 25 Base size: total investors, n=13,249 31% 31% Base size: total investors, n=13,249 * *
Confidence in diversification is driven by wealth and access to advice. Self-described diversification rises clearly with investor confidence. Similarly, investors who receive regular professional advice are far more likely to say they are fully diversified (55%) compared to those who don’t receive advice (29%). HNW investors are also more likely to say they are fully diversified (58%) than retail investors (35%) , reflecting not just broader portfolios, but the greater access to advice, validation and ongoing guidance we have already highlighted. This pattern reinforces the central theme of the chapter: higher confidence does not necessarily signal higher investment capability . Investors who make the greatest use of professional advice are also those most comfortable delegating portfolio decisions, and that reassurance appears to translate into stronger conviction about diversification, even when underlying knowledge may not be materially higher. DECODING | Investor Confidence & Knowledge DECODING | Investor Confidence & Knowledge Fig. 17: % of investors describing their portfolio as completely or somewhat diversified by use of advice, investment confidence and wealth * 2. Intent to action: how confidence shapes investment behaviour 2. Intent to action: how confidence shapes investment behaviour 28 29 By professional advice 89% 91% 90% HNWI Retail Affluent Mass Affluent 74% By wealth Occasionally advised Regularly advised Previously advised Never advised 91% 86% 73% 63% By investment confidence Expert Confident Beginners Somewhat knowledgeable 83% 90% 89% 64% Base size: total investors, n=13,249 *
Over half of investors in India, and just under half in Finland and the Netherlands, say their portfolios are diversified – more than double the proportion in Korea and Ireland. Within these markets comparatively few consider their portfolios as being concentrated in just one or two investments. In some markets, however, the pattern is less clear cut. Japan shows relatively high levels of both perceived diversification and concentration. Conversely, Singapore reports lower levels at both extremes, with a larger proportion of investors describing their portfolios as “somewhat diversified”, indicating a more middle - ground profile. These patterns suggest that diversification is shaped not just by individual choices, but by market context – including access to products, advice and investment culture. 2. Intent to action: how confidence shapes investment behaviour 2. Intent to action: how confidence shapes investment behaviour Fig. 18: Investors’ self described level of portfolio diversification by market * Behind the global headline, perceived diversification varies significantly by market and the picture in some is a cause for concern. 30 31 DECODING | Investor Confidence & Knowledge DECODING | Investor Confidence & Knowledge 3 3 5 7 3 7 6 5 9 6 14 2 14 6 5 2 10 12 10 8 7 5 2 5 5 4 9 11 19 13 10 13 18 19 18 14 14 10 11 19 15 20 15 19 21 21 18 28 26 8 6 15 35 39 28 35 39 38 35 34 31 39 34 50 37 37 43 44 42 35 40 43 50 42 37 54 49 34 52 46 43 43 41 41 41 41 40 40 37 37 36 36 36 32 31 29 28 27 24 22 34 33 40 47 IND NLD JPN AUT THA CHE ZAF ITA GBR DEU DNK UAE CHN SWE POL HKG BRA BEL FRA TWN MYS IRL KOR ESP SGP FIN Base size: total investors, n=13,249 Prefer not to say I’m not sure No - most of my money is concentrated in one or two investments Yes - my investments are somewhat diversified Yes - I have diversified my investments *
Investor confidence is high, but it is not built on financial literacy . That distinction matters because confidence drives behaviour : it determines how often investors invest, how often they redeem, and how diversified they believe themselves to be . Where confidence is anchored by foundational knowledge/basic financial literacy or professional support, it produces engaged, long-term investors . Where it is anchored by neither, it produces fragile conviction. For providers, the implication is clear: the opportunity is not simply to inform investors, but to understand what each investor’s confidence is built on - and to supply the structure, guidance and reassurance where the foundations are thinnest . Key takeaway 2. Intent to action: how confidence shapes investment behaviour 32 DECODING | Investor Confidence & Knowledge 33 DECODING | Investor Confidence & Knowledge 2. Intent to action: how confidence shapes investment behaviour
About this research Methodology and Sample Construction The findings in this report are based on the views of 13,249 retail investors surveyed across 26 countries spanning 4 continents. At a global and market level our survey data is weighted to ensure it is representative of investor age and gender profiles in each market. The survey was conducted online, in local languages, in March 2026. As a market leader in savings and investments, we commissioned H/Advisors to design and deliver the market research for this report, analyse the research findings and contribute to the report. H/ Advisors are a leading consultancy firm, servicing clients in the financial and professional services sector. They provide integrated public policy and communications consulting, global thought leadership programmes and independent market research. H/Advisors UK - Home Savers Survey This year, alongside our global investor survey, we have spoken to 4,574 savers across 12 markets (see ‘Savers’ column in the table). We define savers as those who have savings held across cash savings, bank deposit accounts and savings accounts, but no forms of investable assets. The survey was conducted online, in local languages in April and May of 2026. We set quotas on age and gender to ensure that we have a representative view of savers. Definitions (1) Financial Literacy - Scores (out of three) across the “big three” financial literacy questions, created by Dir. Annaaria Lusardi and Prof. Olivia S. Mitchell. Details of the specific questions can be found here (2) Wealth – Retail Investors (up to €60,000 investable assets) / Mass Affluent Investors (€60,000 - €300,000 investable assets) / Affluent Investors (€300,000 - €1,200,000 investable assets) / High Net- Worth Investors (more than €1,200,000 investable assets) (3) Household Income – Low (up to €48,000) / Medium (€48,001 - €96,000) / High (more than €96,000) DECODING | Investor Confidence & Knowledge 34 DECODING | Investor Confidence & Knowledge 35 Market Sample Male Female 18-20 21-30 31-40 41-50 51-60 61+ Savers AUT 512 66% 34% 4% 14% 15% 14% 16% 37% - BEL 508 59% 41% 4% 16% 17% 18% 12% 33% 208 BRA 513 49% 50% 9% 28% 23% 16% 13% 11% - CHN 517 53% 47% 2% 10% 41% 23% 21% 3% - DNK 518 70% 30% 3% 12% 13% 12% 16% 43% 418 FIN 503 61% 39% 3% 14% 17% 16% 15% 34% - FRA 502 52% 48% 3% 13% 17% 18% 13% 36% 414 DEU 508 68% 32% 5% 18% 18% 17% 11% 32% 418 HKG 509 59% 41% 1% 4% 23% 25% 16% 32% 420 IND 509 65% 35% 5% 23% 28% 21% 13% 10% - IRL 518 65% 35% 6% 19% 19% 19% 12% 26% - ITA 509 65% 35% 3% 13% 16% 19% 13% 36% 416 JPN 505 78% 22% 1% 5% 9% 16% 23% 45% - KOR 505 68% 32% 0% 9% 21% 26% 30% 13% - MYS 509 58% 42% 2% 16% 24% 22% 17% 19% - NLD 519 68% 32% 4% 18% 21% 20% 11% 26% 205 POL 510 68% 32% 5% 21% 25% 18% 9% 23% - SNG 507 63% 37% 4% 14% 24% 23% 23% 12% 418 ZAF 506 46% 54% 10% 32% 25% 18% 11% 3% - ESP 507 64% 36% 3% 11% 16% 20% 14% 37% 416 SWE 509 53% 57% 2% 8% 14% 16% 18% 41% 412 CHE 508 70% 30% 3% 12% 17% 18% 17% 33% - TWN 502 61% 39% 2% 12% 17% 20% 18% 30% 420 THA 519 56% 43% 8% 27% 22% 21% 19% 3% - UAE 505 59% 41% 4% 15% 38% 25% 12% 6% - GBR 508 56% 43% 4% 15% 17% 16% 11% 36% 409
2026 Marketing Communication DECODING Investor Goals What’s Next? At Amundi, we are committed to providing valuable insight to our partners. Retail investing has been overhauled in the last decade, but as our research finds, there are clear and established retail investor habits, motivations, and desires globally. If you would like to find out more, or ask us a specific question about our global retail investor study, please reach out: Teresa Santos Client Insights Analyst teresa .santos@amundi.com Miriam Oucouc Global Head of Client Experience & ETF Marketing miriam.oucouc@amundi.com Bethany Morris Head of Client Insights & Innovation bethany.morris@amundi.com Ashleigh Cowie-Jackson Client Engagement Lead ashleigh.cowie-jackson@amundi.com Bertrand Fontaneau Client Insights Manager bertrand.fontaneau@amundi.com DECODING | I nvestor Confidence & Knowledge WWW.AMUNDI.COM
Amundi Asset Management SAS French “Société par Actions Simplifiée” with a capital of €1,143,615,555 Portfolio Management Company approved by the AMF under number GP 04000036 RCS PARIS 437 574 452 Registered office: 91-93, boulevard Pasteur, 75015 Paris - France Postal address: 91-93, boulevard Pasteur, 75015 Paris- France Tel: +33 (0)1 76 33 30 30 The information contained in this document is deemed accurate as at 1 June, 2026 (source: Amundi). IMPORTANT INFORMATION This document contains information which summarize the result and the findings of a survey conducted by Amundi Asset Management S.A.S. The views and the findings should not be relied upon as investment advice, security recommendation, or as an indication of trading for any Amundi product. This material is provided for illustrative purposes only and does not constitute an offer or solicitation to buy or sell any security, fund units or services. Whilst due care and attention has been taken during the preparation of this document, the Amundi group of companies cannot accept liability for any errors or omissions contained within and expressly disclaim any liability whether in contract or negligence to the addressee of this document or any third party. Investment involves risks, including market, political, liquidity and currency risks . The information contained herein is as at June 2026 except where otherwise stated.