Consumer Survey on
Impact Investing in Japan
2022
February 2023
Japan Social Innovation and Investment Foundation (SIIF)

Preface
The Japan Social Innovation and Investment Foundation (SIIF) is delighted to announce the publication of its
Consumer Survey on Impact Investing in Japan 2022.
This is the fourth year of the survey, which began in 2019, and is still the only consumer survey on impact
investing in Japan.
This consumer survey continuously monitors consumer awareness of impact investing and their interest in
making impact investments. Moreover, the report contains a wealth of data and insights useful forunderstanding current consumer sentiment as well as forecasting future trends.
SIIF has been conducting an annual wholesale survey of financial institutions titled "The Current State andChallenges of Impact Investing in Japan" as the secretariat of The Japan National Advisory Board, the Global
Steering Group for Impact Investment (GSG-NAB Japan) since 2017.
(https://impactinvestment.jp/en/news/20220615.html)
We believe that reading this "Consumer Survey on Impact Investing" in conjunction with the wholesale survey
will provide you with a comprehensive understanding of the most recent developments in impact investing inJapan. Satoshi Oda and Kyoji Sasaki, who are also involved in the wholesale survey, conducted the consumer
survey.
Your feedback on this report would be greatly welcome and appreciated.
Mitsuaki Aoyagi
Vice-chair of Executive Committee
The Japan Social Innovation and Investment Foundation (SIIF)

2
Copyright© 2023 SIIF All Rights Reserved.

Table of Contents
・Summary of survey results

4・Purpose of the survey

6・What is impact investing?

7

・Attributes of respondents (4,414 persons)8・General investment experience of consumers

12

・Awareness of and interest in impact investing

20

・Amount of money to allocate to impact investing

31

・Attitudes toward financial institutions and institutional investors

37

・Implications for retail market development of impact investing45

・Postscript

47

3
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Summary of survey results 1 of 2
【General investment experience】• Only 46.0% of consumers surveyed have made investments such as stocks and bonds, though
this rate has been slightly increasing in recent years.
【Consumers’ awareness of impact investing】• The percentage of respondents who are aware of impact investing and have some understandingof what it means is 7.1%.
• Those in their 20s and 30s with investment experience have a high level of awareness.
【Level of interest in impact investing, Amount of money allocable to impact investing】• 17.7% of consumers surveyed have an interest in making impact investing.
• The rate is on recovery after a period of decline during the pandemic.
• As is the case with the awareness, the level of interest is high among those in their 20s and 30s
with investment experience.
• "Contribution to solving social issues" is a consistent reason for respondents of all ages tobecome interested in impact investing.
• A constant portion of consumers exist across generations who are willing to spend more than
¥500,000.
• The top investment areas of interest include renewable energy, the environment, healthcare, andelderly care.
• However, those in their 20s and 30s are more interested in childcare (for males and females) andinfrastructure and urban development (for males).
Copyright© 2023 SIIF All Rights Reserved.

4

Summary of survey results 2 of 2
【Implications for retail market development of impact investing】• In addition to those in their 20s and 30s with investment experience, those over 60 with a large
amount of financial assets are a prospective customer segment.
• The amount of household financial assets is more important than annual household income inscreening target segments.
• "Social contribution" is regarded as an effective selling point for prospective customers of allages.
• “Benefit of investment returns" is particularly effective for those respondents in their 20s and30s.

Copyright© 2023 SIIF All Rights Reserved.

5

Purpose of the survey● SIIF conducted a quantitative consumer survey to better understand consumer perceptions ofimpact investing and to analyze the data useful for the future development of Japan’s retailmarket.

✔Survey period:

August 8~9, 2022

✔Survey mode:

Internet survey✔Survey population:

General consumers nationwide, aged 20 to 79 years old✔Number of respondents: 4,414 (4,127 in the previous year)✔Sampling method:

Stratified two-stage random sampling to approximate the national

gender and generational population distribution✔Survey conducted by: Satoshi Oda (SIIF) and Kyoji Sasaki (SIIF)

6
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What is impact investing?
•Impact investments are those that intend to generate positive, measurable social and environmental
impact alongside a financial return (GIIN’s definition).
•Impact investments can target returns ranging from below market to market rate, depending on
investors' strategic goals.
Focus on financial return

Focus on social impact
Impact investment
ESG investment

Regular investment

Financial Only

(Negative screening)

Responsible(Positive screening)

Regular donation

ImpactSustainable

Impact Only

Investment in companies/projects capable ofgenerating market-competitive financial returns
Providing investment and funding focused on ESG considerations and mitigating risk

Providing investment and funding for companies/
projects actively engaged in ESG initiatives
Providing investment and funding for companies/projects for whichsocial impact can be ascertained for the purpose of solving social issues

With market-competitive
financial returns
With financial returns
lower than market rates✔ Conventional
investment style
aimed at financial
returns✔ No active interest
in ESG✔ Investment style✔ Investment stylefocused on ESG
considerations
and risk
mitigation fromthe standpoint of
not damaging
corporate value
and not only on
financial returns

that emphasizes
the ESG from thestandpoint of
increasing value✔ Generating
marketcompetitive
financial returns
to investors while
simultaneously
providing social
impact✔ Generating
financial returns
while
simultaneously
providing social
impact✔ Economic returns
may be below
regular market
rates in somecases

✔ Generating
financial returns
while
simultaneously
providing social
impactFinancial returns
not intended /Only social impacts✔Helping to solve
social problems✔Providing financial
returns to investors
is not the objective✔ Financial returns
below regularmarket rates

Source: Position Paper on Expanding Impact Investing 2019 (GSG-NAB Japan)

7
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Attributes of respondents (4,414 persons)

8
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1/3 - Demographic factors

Respondents’ traits

Gender

Occupation（unit in %)FemaleNot
employedMale（unit in %)Civil
servant
Executive

Other

Company employee(clerical work)

Student

Part-time job
Company employee(Engineering work)(n=4,414)

Age
20s

30s

40s

50s

（unit in %)60 and over

Housewife/
Househusband

Company employee(Other)Independent
business
Self-employedprofession(n=4,414)
Copyright© 2023 SIIF All Rights Reserved.

(n=4,414)

9

Respondents’ traits- Household income and financial assets

2/3

Annual household income

Household financial assets（unit in %)Don’t know or
decline to answer（unit in %)X< ¥2 million

X< ¥0.5 million

Don’t know or
decline to answer

0.5 million ≦X< 1 million

X≧15 million

2 million ≦X< 4 million

10 million ≦X< 15 million

1 million ≦X< 5 million

8 million ≦X< 10 million
5 million ≦X< 10 million
6 million ≦X< 8 million

4 million ≦X< 6 million

X≧50 million
10 million ≦X< 20 million
20 million ≦X< 50 million(n=4,414)(n=4,414)
10

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Respondents’ traits

3/3 - Two-dimensional distribution● Household income and household financial assets are represented in two dimensions.
● As annual household income rises to ¥8 million or more, the percentage of respondents withhousehold financial assets of ¥20 million or more (the width of the red box) rises.
Household financial assets
5 ---10m

0.5---1m～ ¥ 2 million

DK or decline to answer

194

Annual household income

2 --- 4m

162

4 --- 6m

117

34

108

63

6 --- 8m

43

8 --- 10m

22

10 --- 15m

6 7

23

30

15m ～

1

8

8

5

DK or
declineto answer

28
1
1

56

153

99
87

53

33

1
0

139

(n=532)

85

81

2
6

230

(n=943)

76

63

3
4

202

(n=811)2
4

111(n=505)21

71(n=353)58(n=265)(n=97)

35

98

157
96

49

50m～

10 --- 20m

1 --- 5m

～ ¥ 0.5 million（unit in person)

20 --- 50m

31

56

60

56
49

70
51

16

41
42

17

(n=908)841
67

Copyright© 2023 SIIF All Rights Reserved.

(n=4,414)

11

General investment
experience of consumers

12
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Investment experience and future investment intentions● Consumer investment experience rate is less than half as high, at 46.0%.
● Stocks and mutual funds have the highest experience rate among asset classes.
● A majority (53.3%) are interested in investing, including those who want to get started.
Q. What kind of investment would you like to make in the future(including continuing)? (MA)Q. What kind of investments have you made so far?
(MA)

46.0% have investment
experience(n=4,414)(n=4,414)

Have investment
experience

Intend to makeinvestments

StocksStocksMutual funds

Mutual funds

Bonds
FX
Cryptocurrency

Bonds
FX
Cryptocurrency

Real estates

High experience
rate for stocks andmutual funds

Real estates

Loan-type crowdfunding

Loan-type crowdfunding

Investment crowdfunding

Investment crowdfunding

OthersOthersDon’t have investment
experience

Not interested in
making investments

Majority intend to invest

54.0% are investment-unexperienced

13
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Time series of investment experience rates● The rate of investment experience has risen slightly in recent years, owing to consumers’
growing concerns about pensions.
● Mutual funds have increased relatively significantly, while FX and real estate have remained
flat.
Slight upward
trend

(%)
Investment
experience rate

Growth inmutual funds

StocksMutual
funds

Bonds
FX
CryptocurrencyRealestates

v

v

v

v

Note: Crowdfundings (loan-type and investment) are omitted.

14
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Investment experience rate-by gender and generation● For males, the investment experience rate plateaus in their 40s and 50s before rising again in
their 60s and higher.
● Females’ investment experience rate rises steadily as generation rises.

(n=4,414)(n=272)(n=318)(n=426)(n=396)(n=747)(n=269)(n=316)(n=426)(n=409)(n=835)15
Copyright© 2023 SIIF All Rights Reserved.

Investment experience rate - by household income● There is a clear relationship between annual household income and investment experience rate.
● However, even among those with annual household income of ¥15 million or more, 20% of men and 30%
of women have no investment experience.
● This demonstrates Japanese consumers’ conservative tendency not to move away from savings toward
investments.

(n=4,414)(n=202)(n=446)(n=457)(n=284)(n=209)(n=155)(n=55)(n=351)

By annualhouseholdincomeInvestment experience
世帯年収ととrate rises as annual
もに投資経験
householdincomerises
率上昇(n=330)(n=497)(n=354)(n=221)(n=144)(n=110)(n=42)(n=557)

16
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Investment experience rate - by household financial assets● The correlation between household financial assets and investment experience rate isstronger than that between annual household income and investment experience rate.
● However, even among those with ¥50 million or more in household financial assets,
approximately 10% of both males and females have no investment experience.

(n=4,414)(n=202)(n=446)(n=457)(n=284)(n=209)(n=155)(n=55)(n=351)

By
householdfinancialassetsInvestment experience
世帯年収ととrate rises as
もに投資経験
householdfinancialassetsrise
率上昇(n=330)(n=497)(n=354)(n=221)(n=144)(n=110)(n=42)(n=557)

17
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Reasons for not investing● Convincing reasons for not investing include "Not being interested in investing from the start" and "Risk oflosing money with no principal guarantee,” which have a solid foundation across all generations.
● Conversely, resource-constrained reasons such as "Don't have enough knowledge to invest" and "Don't
have a large sum of money" become less prevalent as one gets older.
Q. To those who don’t have investment experience: What are yourreasons for not investing? (MA)Not being interested
in investing from thestart

Don’t have investment
experience (%)

Risk of losing moneywith no principal
guarantee(%)

All
Male 20s

Don't have enoughknowledge to invest

(%)

(%)

(n=4,414)

53.3(n=272)

15.4

5.9

15.1

6.6

19.5

15.1

7.0

16.2

16.2

24.3

12.4

43.7

(n=318)40s

46.2(n=426)50s

45.2(n=396)

23.2

9.1

14.9

(n=747)

22.9

9.6

10.4

(n=269)

24.2

8.6

30s

72.8 (n=316)

24.7

40s

70.4

(n=426)

27.9

20.0

50s

63.1

(n=409)

27.1

21.3

36.9

Female20s

60+

(%)

54.0

30s

60+

Don't have a large
sum of money toinvest75.3

54.5(n=835)

20.0

31.5

22.7

19.0

20.6

20.2

18.4
13.8
39.0

14.6

15.6

24.2

39.2

27.2

33.8
29.3
22.3

27.9
22.7
15.2

Solid foundation
Copyright© 2023 SIIF All Rights Reserved.

18

General investment experience of consumers - Summary● Only 46.0% of consumers surveyed have made investments such as stocks and bonds, though the rateof investment experience has been increasing slightly in recent years.

● Men’s investment experience rate plateaus in their 40s and 50s before rising again in their 60s andhigher.

● Women’s investment experience grows in lockstep with the generation.
● As the generation grows older, fewer respondents cite a lack of knowledge and the shortage of funds asreasons for not investing.

[Insight]● It will be beneficial to introduce investment products that do not require a large amount of funds or
knowledge and are simple to start in order to increase the investment population.

Copyright© 2023 SIIF All Rights Reserved.

19

Awareness of and interest in
impact investing

20
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Awareness of impact investing● 7.1% of respondents understand what impact investing entails.
● A similar survey conducted by another organization reveals that 8% of respondents know of impact investing.
● In Japan, the actual level of awareness appears to range between 7% - 8%.
Q. The investing made with the intention to generate positive, measurable social and environmental
impact alongside a financial return is defined as "impact investing."
Have you ever heard of the term "impact investing"? (SA)Have heard the term
"impact investing" andknow its meaning wellHave heard the term "impact investing," but don't know its meaning(n=4,414)

Awareness withthe knowledge ofthe meaning: 7.1%

Have never heard the term "impact investing"
Have heard the term "impact investing" and know a little about its meaning

Know a little
about itKnow it well【Reference】

Have heard of it

Have never heard of it

Impact investingawareness

Survey by The
Research Institutefor Policies on
Pension and Aging ESG investing(RIPPA)awareness
Know it well

Know a little about it

Have heard of it

Have never heard of it

Source： “Consumer Survey on Pension and Investment,” The Research Institute for Policies on Pension and Aging, August 2022
Copyright© 2023 SIIF All Rights Reserved.

21

Time series of impact investing awareness● The level of awareness with the knowledge of the meaning has surpassed 7% for the first time since thesurvey started in 2019.

(%)

18.1%
17.2%

17.6%

17.6%

Have heard theterm "impact
investing," but
don't know its
meaning

6.8%

6.1%

Have heard the term
"impact investing" andknow a little about its
meaning

6.6%

7.1%

Awareness withmore or lessknowledge ofthe meaning

Have heard the term
"impact investing" andknow its meaning well

22
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Awareness of impact investing ｰ by investment experience,
gender and generation● The awareness of impact investing varies greatly depending on investment experience.
● More than 30% of those in their 20s and 30s with investment experience, known as
Generation Z and Millennials, have a high level of awareness.
Awareness with the knowledge of the meaning: 7.1%

(n=4,414)
Have investment experience
Don’t have investment experience

Wide difference by investment
experience

With investment
experience

投資経験ある20代、30High
awareness among their
20s
and 30s with investment
代（ミレニアル世代）
experienceの認知度高い(n=2,031)(n=2,383)(n=127)(n=179)(n=229)(n=217)(n=471)(n=65)(n=86)(n=126)(n=151)(n=380)With no investment
experience(n=145)(n=139)(n=197)(n=179)(n=276)(n=204)(n=230)(n=300)(n=258)(n=455)23
Copyright© 2023 SIIF All Rights Reserved.

Interest in impact investing● 17.7% of consumers surveyed have an interest in making impact investing.
● The rate is on recovery after a period of decline during the pandemic.
Q. Are you interested in making "impact investing"?

(SA)(n=4,414)
17.7% interested in
impact investing
(%)

20.7%

19.1%
17.2%

17.7%

2021

2022

Recovering
after pandemic

Time series
Slightlyinterested

Veryinterested
2019

2020

24
Copyright© 2023 SIIF All Rights Reserved.

Interest in impact investing ｰ by investment experience,
gender and generation● Interest in impact investing varies greatly depending on investment experience.
● Those in their 20s and 30s with investment experience, known as Generation Z andMillennials, are particularly interested.
17.7% interested in
impact investing

Wide difference by investment
experience(n=4,414)(n=2,031)(n=2,383)

Have investment experience
Don’t have investment experience

With investment
experience

High level of interest among
投資経験ある20代、30代がイ
20s and 30s with investment
ンパクト投資への関心高い
experience(n=127)(n=179)(n=229)(n=217)(n=471)(n=65)(n=86)(n=126)(n=151)(n=380)With no investment
experience(n=145)(n=139)(n=197)(n=179)(n=276)(n=204)(n=230)(n=300)(n=258)(n=455)25
Copyright© 2023 SIIF All Rights Reserved.

Why interested in making impact investing?
● Nearly half of those interested in making impact investing (17.7%) cited “Because I can expect tocontribute to solving social issues" and “Because I can expect a return on my investment" as major
reasons.
● Many of those expecting financial returns expect medium- to long-term returns rather than short-term
returns.
(%)

Interested in impact investing(n=4,414)

Question asking reasonsQ.

Why are you interested in making "impact investing"? (MA)Can expect to contribute to solving social
issues through impact investing(n=4,414)
Nearly half each

Can expect financial returns(n=4,414)

Can expect short-term financial returns(less than one year)(n=4,414)

Can expect medium- to long-term
financial returns (more than one year)(n=4,414)

Impact investing seems to bear low risk of lossof principal(n=4,414)

Not for a specific reason(n=4,414)

Copyright© 2023 SIIF All Rights Reserved.

26

Why interested in making impact investing? -- by gender andgeneration● “Can expect to contribute to solving social issues” has a stable and solid foundation that spans
generations.
● Younger generations (those in their 20s and 30s) are more interested in impact investing for financial
returns than older generations.
Q.

Why are you interested in making "impact investing"? (MA)Can expect tocontribute tosolving social
issuesInterested in impact
investing (%)

Can expect
financial returns

(%)

All

17.7

(n=4,414)
34.6

Male 20s
30s

30.8

40s

22.1

(%)

8.7

(%)

6.1

2.4

21.0

11.8

12.5

5.5

19.2

9.7

13.2

3.5

10.1

(n=426)

Low risk ofloss ofprincipal
(%)

4.1

12.9

(n=318)

Medium- tolong-term
financial
returns

(%)

9.1

10.3

(n=272)

Short-term
financial returns

14.8

6.8

10.1

1.4

50s

15.7

(n=396)

7.6

8.1

2.0

6.3

2.8

60+

16.9

(n=747)

8.6

8.6

3.2

5.8

1.7

8.2

Female20s

21.2(n=269)30s

18.0(n=316)

13.0

14.3

(n=426)50s

12.0(n=409)

6.8

60+

10.2

(n=835)

6.9

8.5

7.8

1.1

3.2

4.4

3.8

4.9

2.1

3.8

2.3

5.1

2.7

10.8

40s

6.7

7.0

3.0

1.0

The 20s and 30s
1.5
show higher
preference forfor1.1
2.0 expectation
financial returns
3.2

Solid foundation
across generations
Copyright© 2023 SIIF All Rights Reserved.

27

Which investment areas are popular among prospective customers?
• Those respondents interested in making impact investments responded to the investment areas of interest
for addressing social issues.
• Renewable energy, the environment, healthcare, and elderly care are among the most popular topics.
Q. Investing in companies that work to solve social issues will help support those companies.
Would you be willing to buy stocks or mutual funds in those companies or to finance them throughcrowdfunding?
(n=783)Companies that develop or provide renewable energy
Companies that provide products and services that help protect the environment
Companies committed to providing quality medical and elderly care services and to reducing their costs

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

Companies that provide products and services to ensure safe water supply and public healthCompanies that provide products and services to solve or mitigate climate change
Companies that provide products and services for infrastructure and urban development

Of higher interest are
renewable energy, theenvironment,
healthcare, and elderly
careCompanies that try hard to reduce environmental impact in the corporate activities
Companies that promote the diversity and inclusion of employees
Companies that provide a work environment that facilitates childcare while continuing to work
Companies that provide quality educational and parenting products and services

Companies that provide a work environment that facilitates elderly care while continuing to work
Companies that provide products and services that contribute to culture and arts
Microfinance institutions that provide small loans, savings, and other financial services to the poor
Companies that provide quality housing at affordable prices
Companies that provide innovative financial services using fintech and other technologies
Companies that provide products and services that support small and medium-sized businesses

28
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Popular investment areas – by gender and generation• Males in their 20s and females in their 20s and 30s are more interested in two aspects of related to childrearing than other gender-generation groups.
• As young parent generations, these segments are acutely aware of the childcare-related issues.
• Males in their 20s and 30s are highly interested in "infrastructure and urban development”.
Rank by % of "Very interested" plus "Slightly interested" (top 5 are marked in red)
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

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=

29
Copyright© 2023 SIIF All Rights Reserved.

Awareness of and interest in impact investing - Summary● For the first time, consumers’ awareness with an understanding of meaning has surpassed 7%.
● More than 30% of those in their 20s and 30s with investment experience are aware of impact investing.
● After the pandemic, consumer interest in making impact investing in on the recovery.
● Those in their 20s and 30s with investment experience are particularly interested in impact investing.
● A consistent portion of respondents across generations say they are interested in impact investing
because it will help solve social issues.

● The top areas of interest are renewable energy, the environment, healthcare, and elderly care are.
[Insight]● As an implication for developing the impact investing retail market in Japan, it can be effective todifferentiate the appealing points depending on generation.

✓ Example: To emphasize the value and relevance of social contribution to a wide range of generations,while appealing to those in their 20s and 30s with competitive financial returns.

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Amount of money to allocate to impact
investing31
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Amount of money willing to make impact investing● Those who are interested in making impact investing are asked how much money they are willing to put
aside for it.
17.7% interested

Q. (repost) Are you interested
in making "impact investing"?
(SA)

Q. (Only those who answered“interested” to above question)
How much would you be willingto allocate to "impact investing"?
(SA)(n=4,414)(n=783)X≧1M yen

500T≦X<1M yen

100T≦X<500T yen

X<100T yen

100T≦X<500T yen

Consolidated answer distributionof the ①the level of interest and②the amount of money allocable
to impact investing

Can’t say either way

Not interested in impact investing(n=4,414)

X≧1M yen
500T≦X<1M yen

X<100T yen

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Amount for impact investing – by generation● Among those with investment experience, a consistent portion of respondents acrossgenerations exhibit high loyalty toward impact investing, with a willingness to allocate morethan ¥ 500,000.
17.7% interested(n=4,414)

Have investment experience(n=2,031)

Don’t have investment experience(n=2,383)(n=127)

With investment experience(n=179)(n=229)(n=217)

A consistent portion willing toallocate more than ¥500T(n=471)(n=65)(n=86)(n=126)(n=151)(n=380)Note: Graphs for those with no investment experience were omitted considering the importance of the analysis.
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33

Amount for impact investing – by household income● Although there are some ups and down, the higher the annual household income, thegreater the level of interest in impact investing.
● Similarly, the portion for ¥ 500,000 or more for impact investing will rise.
17.7% interested(n=4,414)(n=2,031)(n=2,383)

Have investment experience
Don’t have investment experience

With investment experience(n=76)(n=271)(n=259)(n=184)(n=154)(n=123)(n=43)(n=113)%of those willing to
50万円以上をインパク
allocate¥500,000 or
ト投資に割いてもよいと考える割合が増加
more
rises

(n=109)(n=192)(n=137)(n=89)(n=63)(n=50)(n=29)(n=140)Note: Graphs for those with no investment experience were omitted considering the importance of the analysis.
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34

Amount for impact investing – by household financial assets● As household financial assets rise, so does the percentage of those willing to allocate more than
¥500,000.
17.7% interested(n=4,414)(n=2,031)(n=2,383)

Have investment experience
Don’t have investment experience

With investment experience%of those willing to
50万円以上をインパク
allocate¥ 500,000 or
ト投資に割いてもよいと考える割合が増加
more
increases(n=175)(n=204)(n=165)(n=171)(n=173)(n=111)(n=224)(n=101)(n=95)(n=84)(n=92)(n=119)(n=73)(n=224)

Note: Graphs for those with no investment experience were omitted considering the importance of the analysis.
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35

Amount of money to allocate to impact investing - Summary● A consistent percentage of respondents in each generation are willing to allocate ¥500,000 or more to
impact investing.

● As annual household income and household financial assets rise, so does the percentage of those willingto allocate ¥500,000 or more to impact investing.

● There is a strong correlation exists between household financial assets and the percentage of respondents
willing to invest more than ¥500,000.

[Insight]
It is thought to be more effective to search for prospective customers of impact investing using the amountof household financial assets rather than annual household income.

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36

Attitudes toward financial
institutions and institutional
investors

37
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Consumers' preference for financial institutions offering
impact investment products• Regardless of gender, younger respondents with investment experience, are more likely to start or expand
business with a financial institution that offers impact investment products.
Q. If you knew that a financial institution offers impact investment products, would you be interested in startinga new business with that financial institution, such as opening an account?
If you already have business with that financial institution, would you be interested in expanding your business,for instance, by increasing your assets in that financial institution? (SA)(n=4,414)
Have investment experience
Don’t have investment experience(n=2,031)(n=2,383)

With investment
experience(n=127)(n=179)(n=229)(n=217)(n=471)

With no investment
experience

Younger generations
若年層ほど取引を開are more likely to
始、または拡大する
start or expand
割合が高い
business(n=65)(n=86)(n=126)(n=151)(n=380)(n=145)(n=139)(n=197)(n=179)(n=276)(n=204)(n=230)(n=300)(n=258)(n=455)38
Copyright© 2023 SIIF All Rights Reserved.

Consumers’ support for impact investing by institutional investors• Around 20% of respondents support impact investing by institutional investors, which is roughly thesame as the level of interest in impact investing (17.7%).
• More than half of those surveyed say they say they don't know or have no opinion.
Q. What is your opinion on impact investing made by the institutional investors (public pension funds,
corporate pension funds, and life insurance companies) that manage your assets? (SA)(n=4,414)
More than half answer“Don't know or no
opinion"(n=4,414)(n=4,414)

Want institutional
investors tomake impact
investingWould rather wantinstitutional
investors to make
impact investing

Would rather not
want institutional
investors to make
impact investingDon't wantinstitutional
investors to make
impact investingDon't know or
no opinion

39
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Consumers’ support for impact investing by public pension funds• Those respondents with investment experience are more likely to support impact investing by public
pension funds than those without.
• In general, younger generations have strong support rate, though there is some zigzagging.

(n=4,414)(n=2,031)(n=2,383)

Have investment experience
Don’t have investment experience

Younger
generations
60歳以上でインパクト投
showhigh support rate
資への肯定度が再増加

With investment
experience(n=127)(n=179)(n=229)(n=217)(n=471)(n=65)(n=86)(n=126)(n=151)(n=380)With no investment
experience(n=145)(n=139)(n=197)(n=179)(n=276)(n=204)(n=230)(n=300)(n=258)(n=455)
Want institutional Would rather wantinvestors to make institutional investors
impact investing to make impact
investingWould rather not
want institutional
investors to make
impact investingDon't wantinstitutional investors
to make impact
investingDon't know or
no opinion

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40

Consumers’ support for impact investing by corporate pension funds• Similar to the case of public pension funds, those in younger generations with investment experience havehigh support rates for impact investing by corporate pension funds.

(n=4,414)(n=2,031)(n=2,383)

Have investment experience
Don’t have investment experience

With investment
experience(n=127)(n=179)(n=229)(n=217)(n=471)(n=65)(n=86)(n=126)(n=151)(n=380)With no investment
experience(n=145)(n=139)(n=197)(n=179)(n=276)(n=204)(n=230)(n=300)(n=258)(n=455)
Want institutional Would rather wantinvestors to make institutional investors
impact investing to make impact
investingWould rather not
want institutional
investors to make
impact investingDon't wantinstitutional investors
to make impact
investingDon't know or
no opinion

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41

Consumers’ support for impact investing by life insurance companies• In the case of life insurance also, younger generations are also supportive of impact investing.
• However, due to the private-asset nature of life insurance, there is less disparity in the support rates acrossgenerations when compared to public and corporate pension funds.

(n=4,414)(n=2,031)(n=2,383)

Have investment experience
Don’t have investment experience

With investment
experience(n=127)(n=179)(n=229)(n=217)(n=471)(n=65)(n=86)(n=126)(n=151)(n=380)With no investment
experience(n=145)(n=139)(n=197)(n=179)(n=276)(n=204)(n=230)(n=300)(n=258)(n=455)
Want institutional Would rather wantinvestors to make institutional investors
impact investing to make impact
investingWould rather not
want institutional
investors to make
impact investingDon't wantinstitutional investors
to make impact
investingDon't know or
no opinion

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42

Opinion on divestment from environment-unfriendly companies• Those with investment experience in their 20s and 60+ are more likely to support divestment than otherage groups.
Q. Assume that institutional investors (public pensions, corporate pensions, life insurance companies) that manage
your assets are investing in industries or companies that emit large amounts of greenhouse gas.
What do you think should institutional investors do with such investments? (SA)(n=4,414)(n=2,031)(n=2,383)

Have investment experience
Don’t have investment experience

With investment
experience

The 20s and 60+ have
20代と60歳以上でダイベ
higher support for
ストメント志向が高い
divestment(n=127)(n=179)(n=229)(n=217)(n=471)(n=65)(n=86)(n=126)(n=151)(n=380)With no investment
experience(n=145)(n=139)(n=197)(n=179)(n=276)(n=204)(n=230)(n=300)(n=258)(n=455)43
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Attitudes toward financial institutions and institutional investors -Summary● Regardless of gender, younger respondents with investment experience are more likely to start or expand
business with a financial institution that offers impact investment products.

● Impact investing by institutional investors is supported by those in their 20s and 30s with investment
experience.

● Those in their 20s and 60+ are more likely to support the divestment from environmentally unfriendly
industries or companies, while those in their 30s, 40s, and 50s are less likely.

[Insight]● As Generation Z and subsequent generations become pension savers and life insurance policyholders,institutional investors can expect to gain a tailwind and increased support for impact investing in the future.

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44

Implications for retail market
development of impact investing45
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Implications for retail market development of impact investing• The findings of this consumer survey have the following implications for the development of
the retail market for impact investing.
Implications from this consumer survey

Prospective customer
segments

Investment
experience

・It is effective in developing customers by concentrating on those who have prior investment
experience and have already invested in stocks, mutual funds, and so forth.

Financial
attributes

・Instead of annual household income, household financial assets are an effective key forscreening prospective customers
・Those with household financial assets of ¥20 million or more are highly likely to purchase
impact investment products.

Age・20s and 30s (Generation Z, Millennials) with investment experience・60+ generation with a large amount of personal financial assets are the most promising.

Appeals

Product design

Investment
areas

・Social contribution should be emphasized as a key message for gaining the support of
future generations.
・Should appeal to those in their 20s and 30s who value economic benefits by offering marketcompetitive financial returns.
・Should, on the other hand, recommend low volatility products such as bonds and mutual
funds to middle-aged and older prospective customers who place a higher value on safety
and risk management.
・Companies that contribute to renewable energy, environment protection, healthcare, andelderly care.
・Companies that provide a work environment that facilitates childcare while continuing towork.

Copyright© 2023 SIIF All Rights Reserved.

46

Postscript
This is the fourth annual impact investing consumer survey. Every year, we revise or remove questions from thesurvey in order to uncover new insights that will help expand impact investing in Japan. We have also been
attempting to deepen our cross-analysis in order to gain a multidimensional understanding of market structure, basedon the belief that "there is little point in discussing simple averages.
In this year's survey, we newly added new questions asking- For what reason are people interested in making impact investing?
- Would consumers like to start or expand business with a financial institution that engages in impact investing?
Furthermore, we inquired about consumer support for impact investing by institutional investors, specifically (1) public
pension funds, (2) corporate pension funds, and (3) life insurers.
We attempted to create a picture of prospective customers in the cross-analysis by preparing various axes ofanalysis, particularly in terms of the level of interest in impact investing and the amount of money they are willing tospend on it.
It would be our greatest pleasure, as the authors of this report, if the content of this report piques your interest.
We would like to take this opportunity to express our heartfelt gratitude for all the advice and assistance we received
from both inside and outside SIIF in conducting this survey, from question formulation to report preparation. However,
we bear sole responsibility for the contents of this report.
Last but not the least, we would appreciate your feedback and suggestions.
Consumer Survey Team of SIIF
Satoshi Oda (Project Leader)
Kyoji Sasaki (Research Associate)

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47

Consumer Survey on Impact Investing in Japan 2022
Publication date: February 1, 2023
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© 2023 SIIF All Rights Reserved.

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