Not in a Single Ruble: Factors Deterring Russians from Participating in Crowdfunding (Humanities and Social Sciences Bulletin of the Financial University)

Summary

• The quantitative study surveyed 532 active private CFP investors, 1027 potential investors, and 1004 non-investors in Russia in 2025.p.1
• The main motivation for 84% of investors entering crowdfunding platforms was the decision to try alternative investment types for portfolio diversification.p.3
• Transactional activity among active investors is moderate, with 43% conducting trades within a month and 17% making no transactions over the past year.p.3
• To increase investment activity, 67% of investors and 59% of potential investors highlight increasing their own income level as a primary factor.p.4

Key insights

1. Equity crowdfunding and P2B crowdlending are heavily dominated by crowdlending, which accounts for 64% of investor involvement on platforms.p.10
2. Non-financial reward crowdfunding (crowdrewarding) faces minimal adoption, as 63% of investors and 84% of non-investors expressed no interest in participating.p.3
3. Key factors deterring investment activity are legal and protective issues, notably inadequate investor protection cited by 37% of respondents.p.9
4. A total of 39% of crowdfunding investors experienced actual returns that fell below standard money market instruments.p.9