Consumer Survey on

Impact Investing 2023
(Qualitative Research)

February 22, 2024
Japan Social Innovation and Investment Foundation

Table of Contents

Preface3

Purpose and overview of the study

4

Interview flow

5

Attributes of 16 respondents

6Interview results

11

Insights and implications of the study

23

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Preface

The Japan Social Innovation and Investment Foundation (SIIF) is pleased to announce the release of its 2023
Consumer Survey on Impact Investing. Up until 2022, four consumer surveys with a large sample and various
cross-analyses were conducted to gain various insights into consumer awareness and interest in impact
investing (Note1).
In 2023, we conducted a qualitative focus group (group interview) research to investigate the process of
consumer awareness formation, as well as interest in impact investing in detail. We believe that the findings ofthis study will be beneficial to institutions involved in understanding current consumer sentiment and providing
impact investment products to consumers in the future.
Since 2017, SIIF has been conducting the annual wholesale survey of financial institutions titled "The Current
State and Challenges of Impact Investing in Japan" as the secretariat of The Japan National Advisory Board,
the Global Steering Group for Impact Investment (GSG-NAB Japan).
We believe that reading this "Consumer Survey on Impact Investing 2023 " in conjunction with the wholesale
survey will provide you with a multifaceted understanding of the most recent developments in impact investingin Japan. This qualitative consumer survey was conducted by Satoshi Oda and Kyoji Sasaki, who are also
involved in the wholesale survey.
Your feedback on this report would be greatly appreciated.

Mitsuaki Aoyagi
Vice-chair of Executive Committee
The Japan Social Innovation and Investment Foundation (SIIF)
Note1：Consumer Survey on Impact Investing in Japan 2022

http://impactinvestment.jp/user/media/resources-pdf/gsg-2022.pdf

3Copyright© 2024 SIIF All Rights Reserved.

Purpose and overview of the study● A quantitative survey was carried out to ascertain the current level of consumer awareness of impact
investing and to explore information useful for the future development of the retail market.
◼ Purpose of the study：
A survey will be conducted to gather ideas for (i) raising awareness and (ii) product planning with regard to I impact
investment. The survey will specifically gather people interested in impact investment and ask them about their
daily information-gathering channels, approval level of the category, reasons for their interest, and direction of theirneeds.
■ Methodology: Focus groups (4-session composition, 90 minutes each)
Male

Female20s and 30s

Group 1

Group 360 and overGroup 2

Group 4■ Group design and screening conditions
A questionnaire survey was conducted via the internet. Screening conditions include:(1) Men and women in their 20s–30s and 60s+
(2) Those who are currently investing(3) Those who are interested in impact investing (TOP 2 on a 5-point scale: 1. Very interested ~ 2. Somewhat
interested)*The level of interest was confirmed after an overview of impact investing was provided on the screening questionnaire.

■ Survey dates: September 23(Saturday) and 24(Sunday), 2023
■ Research contractor: Macromill Inc.

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Interview flow
• We survey the team by arranging the flow of interview questions that first asked the respondents to talkabout their investment experience to encourage a lively discussion about impact investing.
• Focus group interviews were conducted in this flow in four groups, with flexible handling of the facilitator
depending on what the respondents talked.

1. investment attitudes and actual investment behavior

4. Level of interest in making impact investments
Is there interest in impact investing as a means ofsolving social problems?
Why are you interested in undertaking impact
investing?

Why and when the investment was initiatedCurrent investment amount and portfolio

Sources of information on investment

How much return do you expect?
To what extent can funds be channeled into impact
investment?
Where would you like to see impact investment inyour sector?

2. Perception on social issues
What social issues are of interest to you?
Why did you become interested in the issue?

5. What works to drive impact investing in Japan?

3. Awareness of impact investing

What media do you think would raise awareness?

When and through which channel did you learn about it?
What do you know specifically about impact investing?

What investment products would you be interested ininvesting in?
What sales channels would generate interest inpurchasing impact investment products?

What differs from other general investments?

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Attributes of 16 respondents

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Group 1: Men in their 20s and 30s• The total financial assets ranged from JPY 900,000 to JPY 40,000,000.
• The reasons for beginning to invest included "became interested in it at university (economics major)" "at thecollege time getting a job" and "buying a real estate."• Respondents buy stocks and mutual funds to try to increase their assets in response to stagnant wages andlow deposit rates over the past decades. They also feel compelled to plan for inflation and a weaker yen.

A. 23 years old, company employee,
unmarried, lives in parents’ house-Household income of 2-4 million-Personal income of less than 2
million＜Total financial assets ¥ 900,000＞

B. 31 years old, company employee,married, no children-Household income 10-12 million-Personal income 6-8 million＜¥40,000,000＞

C. 39 years old, company employee,
unmarried, living alone-Household income 6-8 million-Personal income 6-8 million＜¥15,000,000＞

D. 39 years old, company employee,
living with fiancée-Household income unanswered-Personal income 4-6 million＜¥8,000,000＞

Bank
deposits

StocksBank deposits

Mutual funds

StocksBank deposits

Bank deposits Mutual funds

Mutual funds

StocksCrypto currencies

OthersMutual funds

FX deposits

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Group 2: Men 60 years and older• Men in their 70s after the retirement tend to have more financial assets than those in their 60s.
• They have a long investment history (over 30 years) and “used to dabble in various stocks and made somemistakes.”• Except for a few respondents, their current expectations of return are low.
• This segment is unanimous about the risk: "It is good as long as I don't lose the principal. I am investing in aloose mode, supporting my favorite companies for the sake of shareholder benefits."
A. 73 years old, unemployed,
married, with children-Household income 4-6 million-Personal income 4-6 million
B. 70 years old, unemployed,
married, with children-Household income 2-4 million-Personal income 2-4 million

C. 65 years old, company employee,
divorced, single-Household income 4-6 million-Persona income 4-6 million
D. 62 years old, business owner,
married, with children-Household annual income 8-10
million-Personal income 8-10 million＜ Total financial assets ¥ 30,000,000>
Bank
deposits

OthersStocks＜¥ 25,000,000＞
Bank deposits

Mutual funds

Stocks＜¥ 13,000,000＞
Bank deposits

Real estates＜¥ 5,000,000＞
Bank deposits

StocksFX
deposits

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Group 3: Women in their 20s and 30s• Financial assets are typically low (especially among those in their 20s), as is knowledge of investment.
• Some respondents expressed a vague desire to “prepare for future (retirement) worries,” whereas others
desired to “supplement immediate spending money (travel, fashion, etc.).”• This group has a higher proportion of bank savings than its male counterparts and is known for being
cautious.

A. 36 years old, free enterprise,
unmarried, living alone-Household income of 6-8 million- Personal income of 6-8 million＜ Total financial assets ¥ 10,000,000＞
Bank deposits

B. 27 years old, company employee,married, no children-Household income 10-12 million-Personal income 4-6 million＜¥ 3,000,000＞

C. 25 years old, company employee,
unmarried, living alone-Household income 2-4 million-Personal income 2-4 million＜¥ 1,400,000＞

D. 23 years old, university student,
unmarried, parents’ house-Household income unknown-Personal income N/A＜¥ 1,000,000＞

Bank deposits

Mutual funds

StocksStocksCryptocurrencies

OthersCrypto currencies
Mutual funds

Bank deposits

Bank deposits

StocksMutual funds

Others9
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Group 4: Women 60 years and older• They have larger financial assets than the other groups.
• Occupations include freelancers, part-time workers and housewives with little security, and they invest
with the awareness that they should be prepared in case of emergency or unexpected unemployment.

A. 60 years old, free enterprise,
unmarried, married-Household income of 4-6 million- Personal income of 2-4 million
B. 63 years old, self-employed,
married, with a child-Household income of 6-8 million-Personal income of 2-4 million
C. 65 years old, housewife, married,with children-Household income 6-8 million-Personal income less than 2 million
D. 73 years old, part-time, unmarried,
living alone-Household income 2-4 million-Personal income 2-4 million＜ Total financial assets ¥ 3,000,000＞
Bank deposits＜¥

StocksMutual funds

Real estates

40,000,000＞
Bank deposits(Ordinary and Term)＜¥

Cryptocurrencies

80,000,000＞
Bank deposits＜¥

Mutual funds

StocksMutual funds

19,000,000＞
Bank deposits

StocksMutual funds

Gold

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Interview results

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Main information sources on the economy and investment• Information channels differ according to the group.
• The Internet is the primary source of information for young people, but men primarily consult "X," "stockbroker’s
newsletters," and "digital magazines and economic newspapers."• Meanwhile, women were significantly more likely to refer to “YouTube” videos and “X.”• Older generations also use the Internet, but also watch television and read newspapers, with men using theInternet to delve deeper into the information they learned from TV and other media.
• Women communicate through a variety of channels and appear to be actively keeping their antennas up.
Male

FemaleGroup 1 20s and 30s

Group 2 60 and overGroup 3 20s and 30s

Depended on magazines andbooks at the early stage.

Watch TV for general trends.

Watch news apps rather than TV.

Use newspapers & apps

✔ Beginners’ guidebooks✔ investment magazine such.
asMoney SPA and Diamond
ZAI.

✔ Usually check news programs.
✔ NHK is trustworthy.
✔ Also watch variety programs.

✔ Watch morning information
programs casually.
✔ Check LINE News andYahoo!

✔ Check morning newspapers.
✔ Watch the Yahoo! News app.
✔ Listen to the radio on Radiko.

Internet-focused

Watch TV first and dig deeper online.

✔ X (Twitter), see posts by✔ Search for details online ofinteresting things on TV.
✔ Look at two or three articles
from the top of search results.

✔
✔

influencers.
Brokerage newsletters andcolumns.
News apps for current affairs.

Don’t watch YouTube due tolengthiness.
＜Other 1 person＞◆ Read economic magazines for
macro trends (Nikkei,
Bloomberg).

Mainly use internet for financial
product information.

✔ Securities firms' newslettersand websites.
✔ Web videos and economic
magazines via d-magazine.

Watch YouTube and X forinvestment information.

✔ Refer to YouTubers with many
registrants.
✔ Sometimes use X.

Group 4 60 and overUse various sources, whichvary from one to another.

◆ Brokerage firms' websites andemployees.

◆ Investment magazines (e.g.
View stock charts on the app.

✔ Once a day (morning or
break time between work).
◆ Japan Company Handbook.
Got into the habit of reading it
during the job search.

Toyo Keizai).

◆ Yahoo! Finance.
◆ Books for beginners.
◆ Investment-related TV
programs (Teletext, MX).

◆ Influencers like Takuro
Morinaga, Gen Yamazaki,
Hiroko Ogihara.

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Social issues of interest and concern• Men are generally concerned about macro-social issues, such as climate change issues.
• Men in their 60s are concerned about pension and social welfare benefits for the elderly as their own affairs.
• Women, on the other hand, generally sympathize when they can “see” the faces of those in need’ andappear to be stimulated in their sense of social contribution.
• When approaching from a broad (macro, global) perspective, such as “social issues” or “environmental
problems,” women tend to be hesitant, stating its difficulty or that they do not understand.

Male

Group 1 20s and 30s

FemaleGroup 2 60 and overConcerned about global warming and environmental issues.
What will the Earth look like in 30-50
years?
✔ This summer was extremely hot andthere have been many disasters. Not
someone else's problem.
✔ I wonder if humans have destroyed
too much nature, such as
deforestation.
Japan's future looks bleak due to aging
population and declining rural areas.
✔ Rural areas will be unsustainable.
✔ Japan is going to be a hard place
to live for our children-to-be.
＜Other comments＞◆ Food loss is another serious issue◆ Clothing loss problems is alsosignificant. Cloths sent to Africa arein fact not actually worn, turning into
garbage there.

What will retirement life be like in 1020 from now?
✔ Global warming is developing every
year and disasters occur in many
places.
✔ Already harsh today and it will beeven harder to live 10-20 years later.

(60s) Elderly welfare and pension
issues. Can I enjoy my retirement?
✔ Have paid pensions during ourworking life, but will we haveaccess to pension services after
retirement?
＜Other comment＞◆ （70s）Japan has a problem oflacking in gender diversity andwomen’s empowermen.t

Group 3 20s and 30s

Group 4 60 and over(20s) Perceive social issues vaguely anddo not see them as their own problems.

Domestic poverty issues. Infant youth poverty is particularly acute.

Food crisis and poverty issues inAfrica.

✔ Often see news about single mothers.

✔ Environmental change is serious
with islands disappearing due torising sea level.
✔ Wildfires abroad leave a lasting
impression.

I feel very sad when I hear the news ofcafeterias for kids in need and many
people suffer food shortage.
✔ Heard that more than half of young
people owe scholarships. The debt
must be a burden on those in irregular
employment with low wages.
✔ Our generation will just barely getpensions for ourselves. Younger
generations may not get them.

(Vaguely stating) What about pensions
and elderly care? Our retirement isgoing to be hard and gloomy...

Doesn't ring a bell when people speak
about 'environmental issues’. Unclear
what we can do for solving them.

✔ Impressive was the YouTube
video on starvation.
Environmental problems seem acute.

＜Comments from the 30s＞
◆ Interested in wealth redistribution◆ Want to help others as a single
person.
◆ Donating to the World Food Programand Médecins Sans Frontières.

✔ Typhoons and guerrilla rains arecertainly on the increase, butthey are not clear to me as myown issues when it comes tothe 'environment’.
✔ How will our own investments
be utilized? Need explanations.

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Awareness of impact investing• Approximately half of the respondents in each group knew the name, but their comprehension wasnoticeably vague.
• It was noted that "it is difficult to connect the name with the meaning" and that "it does not appear in the
media with which I normally interact (it is a story from a different world)."

Male

CognizantpersonFemaleGroup 1 20s and 30s

Group 2 60 and overGroup 3 20s and 30s

Group 4 60 and over

(2 persons) Have heard the name andhave a general understanding of its
meaning.

(2 persons) Saw the name, but I
don't know its meaning. Just
passed it by.

(1 person) Know the name, but themeaning is uncertain.

(2 persons) Have heard the name.
Not sure of its meaning.

✔ (Financial) Heard in a work-related
context.
✔ Saw it in an online article.
Social contribution is in vogue.
Interested in whether it’s an investment
with potential for growth in the future.

✔ Saw it in an online✔ Think I found out about it

publication (stock Journal)
but don't remember its
meaning.
✔ Found it while net-surfing,but only "hmmm."

during my job search(financial industry seminar orinternship).
✔ Impact on something? I
don't know the meaning indetail.

✔ Was it played on a TV

program? I remember
hearing it somewhere.
✔ Feel like I saw a glimpse of
it in an investment
magazine.

(2-3 persons in each group) Have never heard this name before. Am exposed to numerous media on a daily basis, but it never caught my attention.

Noncognizant
personI knew about ESG investing fromuniversity lectures, but impact
investing was not mentioned.
Have been gathering information on
the internet there, but it didn't show
up on X or Telegram.

I personally invest in start-ups. Is
that close to it?

I know about ESG investing, and is
it close?

It goes something like 'hmmm’ evenwhen I hear that word.

The multitude of similar terms
makes it difficult to remember.

It won't ring a bell when written in
katakana or alphabets.

It is difficult to connect the name with the meaning, which is why it is not memorable even if it is in the eye. Impact is a direct translation of “shougeki”
or shock, which is not necessarily associated with the 'solving social issues.'

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Perception of the naming “impact investing”• Many respondents expressed dissatisfaction with the term “impact investment.”• In the Japanese language environment, the term "impact" is frequently associated with "shock," rather
than "solving social problems," which is thought to be a barrier to raising awareness and interest.

Male
Group 1 20s and 30s✔ The meaning is different from

Cognizantpersonwhat is perceived from theword ‘impact.‘ It gives theimpression as 'an impactful stockthat is likely to go up in price very
quickly.'✔ Indeed, I was surprised that it isnamed as impact investing: theimage of investing in a company
that has a significant social impact,
such as Apple's launch of theiPhone.
✔ I wish there were a better word

Noncognizant
personfor it. I don't think there is adirect association between
the term ‘impact investing’and what it means

FemaleGroup 2 60 and overGroup 3 20s and 30s✔ When I hear the word

✔ It should be replaced with

'impact', the first thing thatcomes to my mind is not agood image.

Japanese words if possible✔ Or you could show 'impact

investing' and attach a set of
appropriate Japanesewords for a while✔ Young people often thinkthey know katakana words,
but they might notunderstand what they reallymean.

✔ (In response to the question‘Is it difficult to understandwhat is meant by impact onsocial issues?’) I don't
understand. First of all, it’s
not the right word that makes
sense.
✔ 'Impact' means the samething as 'normal impact'?
Ordinally speaking, impact islike shock. But I can't quite
imagine what the word
‘impact’ means in terms ofsocial return

Group 4 60 and over

✔ The side word 'impact'

doesn't come in very
quickly. I would be moreinterested in it if it isillustrated and explained in
more detail, whether by
brokers or influencers.
✔ What is impact? Impact on
what?

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Level of interest in impact investing and why• Impact investing is thought to be "killing two birds with one stone" because it benefits both respondents
and society.
• However, there are concerns that "it does not appear to be profitable" and "I doubt if the company cancontribute to society (= I want to check"• Those in their 20s, who have less money to invest, recognize that "it is too soon for me right now."
Male
Group 1 20s and 30s

FemaleGroup 2 60 and overGroup 3 20s and 30s

Group 4 60 and overIt would be great if the money I invest is used for social good. Feel glad if I am convinced that I 'contribute to the society.'✔ I am happy if my ordinary investment has social significance, whether return is big or small. I have a sense of justice as long as I live as a human being. I would
be satisfied if my investment has a meaning in this society.

Positive

Sounds trendy. Would besatisfied with being able to moveahead of the curve.
Want to invest in companies withwhich I sympathize. That's what
investment is supposed to be.

(70s) Similar to a donation while
disregarding return. Sense of entrusting
funds to younger generations.

✔ I have been trading stocks foryears but it is difficult to make aprofit. I can be satisfied if thecompany I trust and support
grows.

It is a win-win situation if the company I invest in grows and hencesocial issues are solved.
✔ My own retirement anxiety will be mitigated If social issues are solved.
Impact investing is less stinking than donations. It is also expected togenerate a certain return.
✔ Donations are untransparent about their use. Investments are moretrustworthy.

Does it generate returns? / Don’t wish the investees to go out of business in an effort to contribute to the society / it ispolitics or donations that should solve social issues unless investments make profits.
✔ Will the return be less? It's tough to settle for principal loss or lower return. Impact investing is for rich people if it’s like donations.
✔ Isn't it politics or donations that help solve social issues? Impact investing should generate returns as long as it is investing.

Negative(20s) A bit early for me. It's for richpeople who can afford it.
✔ I will think about it if I have 50
million in assets and achieve
FIRE.

(60s) Is it really a social
contribution and also beneficial tome? Wish to check the outcomes.
✔ Acceptance would be difficult
without a sense that one's life is
becoming more comfortable.

(20s) Seems too early for me.
Would consider it in the futurewhen I can afford it.
✔ For rich people in their 50s and
60s.
✔ Will Invest after I achieve assetsof JPY 20 million or over.

Can it really contribute to society
and help the vulnerable? I want
to check the vision.
✔ How will it (an investee) tackle
social problems? I would like to
see the policy.

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Target areas for impact investing: Male group results• Men are more likely to judge from a rational standpoint: “As an investment, is it viable as a business?”• Older generations are especially eager to “check the tangible results,” whereas those in their 60s arealso looking for short-term benefits for themselves.
MaleGroup 1 20s and 30s

Group 2 60 and overMen are more concerned with rationality, such as whether the
economy will circulate well and solve a wide range of issues, andwhether it is likely to generate a return.

Investing preference is based on whether the outcomes can beverified in as short a term as possible. In particular people in their60s focus on what is in their own interest.

【11; Supporting SMEs】【4; Renewable ennergy】【14; Mitigating climate change】✔

I can feel the severity of financing as I work for a small company
myself. There are many competitive SMEs that shouldn’t be buried.

【12; Providing affordable and quality housing】✔

Increasing the mobility of vacant houses would help reduce regional
disparities. It could be established as a business and generate profits.
【9; Soling social issues through IT and advanced technologies】✔ Likely to be more profitable than public-oriented genres such as theenvironment and social welfare.

【2; Protecting the environment】【4;Renewable ennergy】✔
✔

Want to invest as I am worried about the global warming issue.
Isn’t it a political task? Wouldn’t it be profitable?
【16; Facilitating elderly care】【18; Facilitating child care】✔ I know how hard it is to see my parents caring for my grandparents.
✔ I have colleagues who are struggling to raise children.
✔ I will feel a sense of contribution if the company I have invested ingrows and is reported in the press.

※I will feel a sense of contribution if the company I haveinvested in grows and is reported in the media.

✔
✔

✔

Climate change is one of the most serious global problems. It will bea win-win situation if climate change is mitigated and my livelihood isprotected by investing.

【(60s）8; Providing quality medical and elderly care】✔

Wish that the problems arising from ageing society will be solved
while my own retirement will be secured.

【(60代)10; Infrastructure and urban development】✔ Environmental protection and climate change are serious issues, but it
is likely to be difficult to see improvements in the short term. As forinfrastructure development, it would be possible to check visible results(e.g. construction of roads) in the short term. I could also benefit from it.

【(70s）12; Providing affordable and quality housing】✔

I hear that people over 65 and on low incomes are having
problems with housing; there is only so much one person can do,
but a group of like-minded people could solve the problem.

※（60s）I would be less interested unless I can enjoy thebenefits.

I agree with all of the items, but it matters which business areas will make a real contribution to the society.
As long as it is an investment, it is important whether it is viable as a business and is likely to generate a return. If not
profitable, it should be classified as a donation (i.e. hypocritical, something rich people do).
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Target areas for impact investing: Female group results• Women tend to evaluate social issues based on whether they can relate to or sympathize with them,rather than from a macro-perspective.
• They are vision-oriented and do not take outcomes too seriously.
• Compared with older generations, younger people have less knowledge of social issues and are lesslikely to regard them as their own.
FemaleGroup 3 20s and 30s

Group 4 60 and overIn general, they cannot have images of social issues throughtextual instructions and find it "difficult to choose" and "hard to
make it their own". Tend to be moved when they can see thefaces of people in need through images, etc.

Show interest in information they have seen or heard about intheir own immediate surroundings, or in subjects where they
can see the faces of people in need. Whether they can
sympathize with the company's vision is a criterion for selection.

【Expected span to outcomes】【1; Contributing to culture and art】✔
✔

It's better sooner than later, but it could take up to 30 years.
I'm happy when my retirement is secure.
【13; Supplying safe water】【14; Mitigating climate change】✔ it is very important though it is difficult to understand.
✔ The images of endangered koalas make it all the more urgent.

【3; Quality education and parenting 】✔ I want to support poor children as I grew up in a less affluent family.
【2; Protecting the environment】【4; Renewable ennergy】✔ I want to invest as I am worried about global warming. time.
✔ However, I feel it is a political task, isn’t it? Does it make profits?

【8; Providing quality medical and elderly care】✔

I will eventually become an elderly person myself, so theinvestment will benefit me too?

【7; Sustainable agriculture and food security】✔

I am concerned about Japan's low food self-sufficiency as I
majored in agriculture.

※ Pet animal issues should also be included.

✔
✔

As I am interested in the arts myself (music college graduate andmuseum-goer), I see and hear how artists are struggling because
the state does not pay for the arts.
I want to invest if I can contribute to supporting artists’ life.

【5; Microfinance】【11; Supporting SMEs】✔

I recognize it matters to support SMEs as a freelance worker
myself. The COVID-19 has driven many SMEs into bankruptcy.

【15; Promoting diversity and inclusion】✔

women and challenged people should be given more opportunities
under the situation of labor shortage.

【2; Protecting the environment】【4; Renewable ennergy】✔ Environmental issues are dire, but it is not clear what companies✔

should do what to improve the situation.
I don't want to invest because I don’t have a clear image of it.

※Long-term perspective doesn't sit well with me; I wish to see
the directions in the next three to five years.

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Implications from the 2022 quantitative survey： Investment areasof interest by gender and generation• The quantitative survey supports gender trends in group interviews.
• Renewable energy, which men pushed to the top of the list, is not particularly appealing to women.
• Men in their 20s and women in their 20s and 30s are more interested in two aspects of child rearing thanother gender-generation groups.
Male

Female

Total
rank

20s

30s

40s

50s

60+

20s

30s

40s

50s

60+

Companies that develop or provide renewable energy

1

2

1

1

1

1

6

3

3

4

1

Companies that provide products and services that help protect the environment

2

9

8

5

8

3

3

1

4

2

2

Companies committed to providing quality medical and elderly care services and to reducing their costs

3

8

4

4

5

5

2

4

2

3

5

Companies that provide products and services for sustainable agriculture

4

13

7

7

2

4

13

9

1

5

3

Companies that provide products and services that help solve social issues by applying IT and advanced technologies

5

5

6

2

3

2

4

11

12

8

7

Companies that provide products and services to ensure safe water supply and public health

6

10

3

6

13

6

12

5

8

6

4

Companies that provide products and services to solve or mitigate climate change

7

12

5

10

12

7

15

7

11

1

6

Companies that provide products and services for infrastructure and urban development

8

1

2

9

10

8

11

13

13

11

9

Companies that try hard to reduce environmental impact in the corporate activities

9

7

12

8

4

9

9

12

5

7

8

Companies that promote the diversity and inclusion of employees

10

6

9

17

9

13

8

8

6

10

11

Companies that provide a work environment that facilitates childcare while continuing to work

11

4

13

14

11

17

1

2

7

15

12

Companies that provide quality educational and parenting products and services

12

3

11

13

14

11

5

6

15

12

14

Companies that provide a work environment that facilitates elderly care while continuing to work

13

15

14

11

15

12

7

10

10

9

13

Companies that provide products and services that contribute to culture and arts

14

18

17

16

16

10

10

15

9

13

10

Microfinance institutions that provide small loans, savings, and other financial services to the poor

15

17

16

3

6

15

14

16

18

16

15

Companies that provide quality housing at affordable prices

16

16

10

15

7

14

16

14

14

14

16

Companies that provide innovative financial services using fintech and other technologies

17

11

15

12

17

16

18

18

17

17

18

Companies that provide products and services that support small and medium-sized businesses

18

14

18

18

18

18

17

17

16

18

17

783

94

98

94

62

126

57

57

61

49

85

n=

Source： SIIF, Consumer Survey on Impact Investing 2022 (quantitative research)
Copyright© 2024 SIIF All Rights Reserved.

19

Orientations regarding the amount and return of investment•, It appears difficult to estimating the exact amount to be allocated for impact investing, because the concept of
impact investment is new and there is no image of the companies to be invested in.
• Impact investing will be allotted proximately 10% of total investment funds.
• Returns of 1%–2% less than usual are acceptable.
• Women, in particular, tend to view impact investing as a charitable endeavor and are more generous in terms of
returns than men.
Male

FemaleAllocation
Minimum required
amountExpected rate of return

Group 1 20s and 30s

Group 2 60 and overGroup 3 20s and 30s＜30s> I would like to start with about
10% of the total amount invested.

The upper limit is around 10% of
the total investment amount.

About 20% is likely to be theupper limit.

<20s> Too early for me. Will start after
financial assets reach 50 million yen.

<1 person in his 70s> Other
investments not being profitableanyway, I can transfer about 50% of
my investments.

✔ Mutual funds are easier to invest
in because they do not collapse
to zero.

✔ Will start from small amounts with<30s> It would be great if we could
start at around ¥10,000.

The amount is difficult to answer as
the term itself is not yet widespread.

it's easy to start at around
100,000 yen.

Easier to invest if it is a reserve
type product in a monthly
instalments of ¥3,000 to ¥10,000.

<20-30s> The smaller the amount,such as a few hundred yen, theeasier it is to invest.

✔ I think it would be safer if there is✔ Considering starting with asmall amount and will increase
my investment if the results are
positive.

✔ The amount can be increased
according to investment results.

Can be less than a normal
investment; maybe 2-5% annual
rate of return?

Isn’t it difficult to expect a return?
Happy if principal loss is avoided.

The specific annual rate of return is
not clear. Is 2-3% enough?

Alright for less than a normal
investment. Annual rates of around
2-5%?

Would be happy if I can get a small
increase without losing the principal.

We do not need shareholder
benefits or other quid pro quo. We
want outcomes for that.

Impact investment is an upfront
investment and should take 1020 years to materialize.

government back-up. I would liketo see the maturity of the market.

(Assuming that there is a use
value), it would be interesting tosee a benefit in kind, like ashareholder benefit.

The rate should be comparable to thecurrent level of stocks (4%) as log as
it is an investment.

Group 4 60 and overLikely to start at around 1%10%.

a cautious wait-and-see approach.
I want to check whether fees arehigh.

An annual return of minus 1% is
acceptable compared to theinvestment I am currently making.
It is good to receive returns in kind,like shareholder benefits. Happy tofeel a connection with thecompany.

20
Copyright© 2024 SIIF All Rights Reserved.

Effective media channels to drive awareness of impact investing• There is a noticeable demand for designations that can also be interpreted as a collection of meanings(e.g., nicknames, and subtitles).
•The most frequently mentioned routes were “online brokerage firms (email newsletters, top pages,
rankings, etc.),” “online advertising,” and “X.”
• Women with low investment knowledge believe that although the Internet is their primary medium ofcommunication, “TV is better for building trust.”
Male

Group 1 20s and 30s

FemaleGroup 2 60 and overGroup 3 20s and 30s

Group 4 60 and over【As a prerequisite】 The name is not very good. It would be better to consider a name that is intuitively understandable.
Effective channels will be:
Timeline of X
✔ It's an SNS I see a lot on a daily basis.
Newsletters and websites of online
brokerage firms✔ Will often click it if it stands
out on an official website.
The news ‘A large investor madeimpact investing’ would raise profile.

✔ I can expect it to grow invogue when influential
investors make new moves.

Chennel is not the issue. Rather, thedifficulty lies in understanding andempathizing with the concept.

Because…
✔ Investing and solving social
problems are unlikely to becompatible, as we makeinvestments to earn returns.

✔ How does it differ from donation?
People without purposes areunlikely to turn to.

✔ A win-win relationship likehometown tax donation would
blow my mind.

Promote extensively on online brokers.

Online advertising✔ We will see it If it comes in the
newsletter.
✔ We will pay attention to it
when it is on the rankings.

✔ It is likely to jump into eyes if it

TV CM✔ It will draw much attention if it
stands out on the sites.

appears in banner ads orYouTube ads.

TV deserves to be trusted.
(Especially NHK)✔ it is likely to spread widely ifadvertised on TV with themeaning set together.

✔ Online influencers are suspicious
because of PR fees. Eventually I
feel more comfortable with TV as
the internet is an unfamiliar world.

21
Copyright© 2024 SIIF All Rights Reserved.

Attitudes towards donations and crowdfunding• Only a small percentage of people donate daily.
• They are tired of the negative image of scams and near-fraudulent activities.
• They are unfamiliar with crowdfunding, despite hearing much about it. There is also an impression that it isa “mixed bag.”
Male
Group 1 20s and 30s

FemaleGroup 2 60 and overGroup 3 20s and 30s

Group 4 60 and overNot very familiar with donations. It’s a bit fishy and there is an image of an act of the rich.
✔ The organization I donated to in thepast was a scam. Will my money
reach the right people?
✔ There are some bad people in theworld. Won't it eventually reachthose in need?

✔ Donation is what wealthy people
do. That’s what I have in mind.
✔ There is also a slightly hypocriticalimage.

✔ Occasionally, when I feel like it, I✔ UNICEF is questionable as it seems

donate a small amount.
✔ However, as it is a very small
amount, I consider it completely
different from impact investing.

to waste money on running theorganization and promotional
materials.
✔ I have heard that street donations
don't end up going to those in need.

Crowdfunding is a boulder. We hear a lot of words, but honestly we don't know how to spot the difference.
✔ It stinks to often see the realizationof personal dreams ascrowdfunding purposes. Seems
less public.
(1 person) I belong to an environment
conservation organization out of asense of justice.

✔ I am a powerless citizen but havestrong sense of justice. I belong toan environment protection
organization and participate in the
campaign for the legalization of
cannabis.

✔ I hear a lot about
crowdfunding, but I don’t
exactly understand it.
✔ What makes impact investing
different from crowdfunding
after all?

✔ What are the themes of
crowdfunding? I honestly don't
know much about them.

✔ I am interested but it is difficult
to join unless someone I know
is involved.

(2 persons) Joined crowdfundings forhelping and supporting others.

(1 person) I have the habit of donating
to UNICEF and of volunteering.

✔ I made crowdfunded donations to✔ I am investing a small amountof money in a healthcare
crowdfunding though it’s not a
fundamental solution.
✔ I want to support people inneed even if it is a small
amount although I am not rich.

Medecins Sans Frontieres (Doctors
Without Borders) and UNICEF.

✔ I joined the crowdfunding for
maintaining the Meiji Village. I likethe Meiji era.

22
Copyright© 2024 SIIF All Rights Reserved.

Insights and implications of the study① Attractive
product attributes✔ Promoting the social contribution nature of impact investing is effective for a wide range ofgenerations.
✔ Because men are more likely than women to position impact investing as an investment (rather
than a donation), investment products aimed at men must include both return and social
contribution characteristics.
✔ It’s necessary to position differently macro-impact investment products familiar to men, such as
climate change and renewable energy, from impact investment products familiar to women suchas D&I, because there are significant differences between men's and women's preferredinvestment areas;② Prospective
customer segments✔ Most respondents, young or old, men or women, have a strong perception that "solving social
issues = difficult to pursue profits = likely low returns."✔ On the basis of the foregoing, the segment with high financial assets, a desire to contribute tosociety, and a desire for immediate returns is regarded as a promising leading target.
✔ In terms of attributes, the potential is higher among men and women in their 60s and older thanamong younger people.
✔ However, even among men and women in their 30s, we found people in the segment with higher
income and financial assets who are trying to gain a sense of social contribution; thus, thissegment should also be developed.

✔ The fact that the word "impact" is not synonymous with "solving social problems" in the minds ofconsumers is a barrier to awareness and interest.
③ Effective✔ Adding a suitable Japanese term to 'impact investment' can thus raise awareness and interest.
promotions to✔ The Internet is very important to the segment interested in impact investing. As a result, 'online
securities firms (email newsletters, influencer columns)' and 'news apps' are regarded as effective
enhance awarenessmedia channels.
and interest✔ Although they are sub-targets, "X (men and women)" and "YouTube (women)" are also found to be
influential among young people.

23
Copyright© 2024 SIIF All Rights Reserved.

Consumer Survey on Impact Investing 2023 (Qualitative Research)
Publication date: February 22, 2024
Publisher: Japan Social Innovation and Investment Foundation
Akasaka 1-11-28
Minatoku, Tokyo 107-0052
Japan
Contact: info@siif.or.jp
The copyright of this report belongs to Japan Social Innovation
and Investment Foundation. This report may not be edited,published or reproduced without permission.

Copyright© 2024 SIIF All Rights Reserved.

24