This study offers a comprehensive analysis of Estonian retail investors’ attitudes, knowledge, and behavior regarding sustainable investing. It explores how individuals perceive sustainable finance, their financial goals and values, and the key barriers that prevent them from making greener investment choices. The report also evaluates the market potential and outlines strategic recommendations to improve trust, clarity, and accessibility in sustainable investment products.
The research is based on a nationally representative survey (N=1000), an oversample of high-income households (N=200), 20 in-depth interviews, and 2 focus groups. It assesses motivations, risk attitudes, and ESG (Environmental, Social, and Governance) understanding. While nearly half of respondents plan to invest more sustainably in the next three years, only 22% currently hold any sustainable investment products. The findings highlight the importance of bridging the intention–action gap through better communication, simplified product offerings, and user-friendly guidance tools.
The study was conducted by the Institute of Baltic Studies in collaboration with the Sustainable Finance Observatory and supported by GIZ on behalf of the German Federal Ministry for Economic Affairs and Climate Action (BMWK) through the European Climate Initiative (EUKI).