ary·United KingdomWhat the UK can learn from the U.S.
building a nation of investorsBy Lisa Kidd HuntBy Lisa Kidd Hunt Lisa Kidd Hunt is Managing Director, Head of International Services, for Charles Schwab & Co., Inc.
Hunt is also a member of Schwab’s Executive Council.
Hunt has served in various leadership roles during her career at Schwab, including head of Schwab’s retail branch network, leading acquisition and development for Schwab’s retail segment, and serving high net worth investors leading Schwab Wealth Advisory.
Prior to joining Schwab in 1992, she worked as a municipal bond trader.
Hunt was the 2018 Chairperson of the Securities Industry and Financial Association (SIFMA) and continues to serve on the Board of Directors and is their Treasurer.Change is possible.Getty ImagesThe UK Chancellor’s recent call for Britons to move from cash to equities and the pledge to rebalance regulation in favour of driving more retail investment and economic growth have the potential to bring historic change for the country.
While these developments present tremendous opportunity, there are no shortcuts to building a solid foundation for lasting change. The United States faced a similar challenge in the 1970s.
There, a series of pivotal shifts reshaped attitudes toward saving, , and wealth accumulation, and redefined what it means to be an investor actively participating in a nation’s economic growth.
A central thread in the U.S. journey toward main has been putting the individual investor at the heart of everything.
This means creating investment ducts, customer experiences, industry standards, and regulations that encourage greater engagement and participation, while viding the education, support, and safeguards investors need to succeed.
Here’s how these lessons can be applied in the UK. Make more accessible to a wider range of people Schwab’s story is central to the U.S.’ transition to becoming more of a nation of investors.
When the Securities and Exchange Commission (SEC) deregulated brokerage commissions in 1975, most firms seized the opportunity to raise their fees, but Schwab went the other way – we cut them.
This decision became a catalyst for a sweeping cultural shift that made a bigger part of American life than ever before.
We also invested in education, tools, and support resources to guide investors into a new world of financial independence, showing them the potential of long-term .
Currently, 62% of Americans own stocks either directly or indirectly, and roughly half of the private sector workforce s for retirement through 401(k) investment accounts.
This broad participation stems from decades of policy, cultural reinforcement, and institutional support focused on access and engagement.
Understand the historical divergence — and what it means today The divergence between the U.S. and UK cultures began in earnest during the Reagan-Thatcher era.
Both leaders championed deregulation and market liberalization, but the outcomes differed.
In the U.S., the deregulation of brokerage commissions in 1975, ed by the rise of 401(k) plans and retail brokerage firms, created a fertile ground for mass-market .
Meanwhile, in the UK, similar reforms did not translate into widespread retail participation.
The cultural embrace of as a tool for personal and national sperity took deeper root in the U.S., reinforced by policy, media, and institutional support.
Understanding this divergence is key to shaping a UK model that encourages long-term engagement and economic ownership.
Help people see themselves as investors In many ways, the UK today is in a fantastic position – and has far more resources and advancements in place compared to the U.S. in the mid-1970s.
It has more investment platforms and ducts than ever before, there are more resources for people looking to learn and conduct investment re, and the UK’s standing as a fin leader along with its innovative tax-wrapper offering, the Individual Savings Account, or ISA, all vide a strong foundation on which to build.
But access without awareness, guidance, or perhaps most importantly, an understanding of why matters can be overwhelming.
No wonder 90% of Britons surveyed in the FCA’s Financial s 2024 study reported holding cash savings, but only 35% held investments.
This is down from 37% in 2022, which suggests that while the infrastructure for exists, the confidence and cultural cues that encourage individuals to participate in the financial — and see where they themselves fit in — are still lacking.
Help people understand the opportunities that come with participating in their country’s economic growth Beyond discussions the individual investor, there also needs to be a wider reflection on es and the economy.
The U.S.
has long celebrated entrepreneurship, innovation, and risk-taking, creating a virtuous cycle: entrepreneurs start companies, Venture Capitalists back ideas, and the public see the market as a place of opportunity.
Companies Amazon and Apple didn’t just transform industries, they inspired millions to see investments as a path to sperity.
Yet, it’s important to acknowledge that the UK’s ductivity has remained largely stagnant since the global financial crisis.
As Adam Posen recently noted on Bloomberg’s “Odd Lots” podcast, this longed flatlining has dampened investor sentiment and economic dynamism.
But this is precisely why a cultural shift toward broader retail investment is so critical. When individuals feel empowered to invest, they become more engaged in the economy’s future.
That engagement can help catalyse innovation, entrepreneurship, and ultimately, ductivity growth. The U.S.
faced similar headwinds in the 1970s, and it was the rise of retail and entrepreneurial optimism that helped turn the tide.
Reimagine the ecosystem to put what’s best for individuals first Creating more retail investors in the UK requires a simplified journey: pricing, straightforward ducts, easier customer experiences and a relentless focus on individuals’ needs.
It also means working with regulators to enact smart regulation that balances accessibility and participation while safeguarding against risk.
The UK’s regulatory reset is a chance to design a system that is not only safe but intuitive, inclusive, and built for long-term growth. This opportunity is cause for optimism.
As someone who works across borders and interacts with UK investors, I see enormous potential for meaningful change. The appetite and much of the infrastructure are there.
Now a cultural shift is needed — one that fosters a sense of ownership in the economy. To achieve this, Britain doesn’t need to copy the U.S. model, but it can learn from it.
Doing so won’t just build a stronger economy, it will build a nation of confident, engaged investors, working together to achieve better outcomes.
To quote Chuck Schwab, who played an integral role in making retail vastly more accessible to individual investors in the U.S., “ is an act of optimism.” *** involves risk, including loss of principal.
This material is int for informational purposes only. © 2025 Charles Schwab & Co., Inc. All rights reserved. Member SIPC.
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