Not in a Single Ruble: Factors Deterring Russians from Participating in Crowdfunding

The article raises the issue of the attractiveness of investing through crowdfunding platforms for Russians. The authors present the results of quantitative online surveys conducted in 2025 with the participation of individuals, namely private investors, potential investors, and non-investors. The research is aimed at determining the prospects for the development of crowdfunding in Russia by solving the following tasks: 1) identification of motivation and description of investor behavior; 2) identification of factors that increase the investment activity of citizens on investment platforms; 3) identification of factors that deter citizens from investing through investment platforms; 4) identification of factors determining the choice of an investment platform; 5) analysis of factors affecting confidence in crowdfunding and how platforms can adapt to the needs of investors. The sampling method is a non–random, streaming (spontaneous) sampling with quota elements. The sample for private investors in the CFP was 532 people. The sample for potential and non-CFP investors was 1,027 and 1,004 people, respectively. 5 main groups of factors that deter citizens from investing through investment platforms have been identified and described: 1) risk perception and trust factors; 2) legislative and protective factors; 3) information and educational factors; 4) economic and market factors; 5) platform infrastructure and service. Increasing the investment activity of citizens on investment platforms is possible by taking into account the five factors identified in the survey.: 1) economic and market factors; 2) offers of investment products and companies; 3) infrastructure and platform service; 4) legislative and protective factors; 5) educational and socio-cultural factors.

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