There is a substantial difference in investment behaviour between German-speaking and French-speaking Switzerland. While almost six in ten respondents in German-speaking Switzerland invest in securities, fewer than four in ten do so in the French-speaking region. Nationwide, the proportion stands at around 52 percent.

These findings come from a study by Andreas Dietrich and Reto Rey of the Lucerne University of Applied Sciences and Arts, conducted in collaboration with Luzerner Kantonalbank. The research is based on a representative survey of 2,005 Swiss residents aged between 18 and 79, carried out in July 2025.

The 21-percentage-point gap between the two language regions is striking. Even more noteworthy, however, is that differences in economic circumstances alone cannot explain it.

Gap Persists Even Among Comparable Income Groups

Respondents in German-speaking Switzerland generally have higher incomes and greater wealth. For example, 34.8 percent of respondents in German-speaking Switzerland have assets exceeding 100,000 Swiss francs, compared with just 21.3 percent in French-speaking Switzerland.

Conversely, 32.5 percent of respondents in the French-speaking region have assets of less than 20,000 Swiss francs, compared with 21.1 percent in German-speaking Switzerland.

Higher incomes are also more common in German-speaking Switzerland. Around 20 percent of respondents earn more than 104,000 Swiss francs annually, compared with just under 16 percent in French-speaking Switzerland.

Yet even within comparable income, wealth and education groups, people in German-speaking Switzerland are more likely to invest in securities. According to the study, this pattern also holds across different age groups and for both men and women.

Financial Literacy and Risk Appetite Play a Key Role

Differences in financial knowledge and attitudes towards investment risk offer one possible explanation.According to the study, respondents in German-speaking Switzerland demonstrate higher levels of financial literacy on average. They also experience less anxiety when making investment decisions and are more willing to take financial risks.

In both language regions, people with greater financial knowledge, stronger interest in financial markets and less fear of losses are more likely to invest in securities.

The statistical analysis also shows that fear of losses is a significant barrier to capital market participation in both parts of the country. In French-speaking Switzerland, a lack of interest in financial markets represents an additional, somewhat greater obstacle.

Twelve Percentage Points Remain Unexplained

One of the study's most revealing findings comes from a more detailed statistical analysis. The researchers took various factors into account, including income, wealth, education, financial literacy, interest in financial markets and attitudes towards risk.

Nevertheless, a gap of around twelve percentage points in securities ownership between German-speaking and French-speaking Switzerland remains unexplained by the factors examined.

The authors therefore suggest that additional cultural or societal differences may influence investment behaviour. However, the available data do not establish precisely which factors are responsible.

French-Speaking Investors Rely Slightly More on Advice

Differences also emerge in how investors make their investment decisions. The study distinguishes between three types of investors: those who make decisions entirely independently, those who seek advice but retain control over their decisions, and those who delegate investment decisions to a wealth manager.

In German-speaking Switzerland, the proportion of investors making their own decisions is slightly higher. Investors in French-speaking Switzerland, by contrast, are somewhat more likely to seek advice or delegate investment decisions entirely.

This suggests differing preferences in the use of financial services. However, the differences between investor types are less pronounced than the overall gap in capital market participation.

What the Findings Mean for Banks

For banks and wealth managers, the findings are particularly relevant when it comes to reaching potential new clients. The substantially lower rate of securities ownership in French-speaking Switzerland points to a potentially underserved investor market. At the same time, the results show that higher incomes or greater wealth alone are not sufficient to encourage people to invest.

Financial education, clear explanations of investment risks and different advisory models could therefore play an important role. The study also suggests that financial institutions could benefit from tailoring their products, services and communication more closely to regional differences.

After all, even among people with comparable economic circumstances, the willingness to participate in capital markets is significantly higher in German-speaking Switzerland than in the French-speaking region.