Scottish investors paid more into their portfolios during the second quarter than in the first three months of 2026 despite ongoing market uncertainty, according to new data from Scottish Widows.
Average portfolio contributions totalled £3892.18 between April and June, up from £1790.59 from January to March.
And just under half (44%) of Scottish investors reported positive returns this quarter, down marginally from 45% who said the same at the start of the year.
The data comes from the latest Scottish Widows Investment Pulse, which surveyed 2,000 non-advised UK retail investors on their confidence, outlook, motivations and plans for the months ahead.
Across the UK, average portfolio contributions rose by 47%, reaching £3,554 between April and June, up from £2,413 from January to March.
And just under half (48%) reported positive returns this quarter, down marginally from 50% at the start of the year.
The number of Scottish investors increasing contributions in Q2 (24%) was down slightly from the 26% recorded in Q1.
At the same time, the number of people in Scotland who said they invested less than usual has gone up from 24% to 26% since the last quarter.
Over a quarter (28%) of Scots made no or very limited changes to their portfolios in Q2, while others opted to:
- Move some investments into cash (14%)
- Sell some investments (10%)
- Invest more in individual shares (14%)
- Invest more in cryptocurrency (10%)
- Invest more in gold (5%)
Looking ahead, 32% of Scottish investors expect their portfolios to perform well in Q3 – continuing the positive sentiment recorded ahead of Q2. 17% will increase the amount they invest over the next three months, down from the 29% who said the same in Q1 but still reflecting stable confidence levels. Just 13% of Scottish investors plan to reduce contributions.
The leading factors driving their decisions remain broadly consistent with Q1, with a desire to build long-term wealth (43%, vs 44% in Q1) and a feeling that it is a ‘good time to invest’ (28%, vs 29% in Q1) continuing to top the list. More than one in five (21%) are now driven by having more spare money than usual, while others are still making use of their ISA allowance and tax benefits (19%).
Cost of living and personal finances remained the biggest factors driving decision-making on investments, but a sharp rise in influence from geopolitical conflict and UK political uncertainty showed that major events are increasingly weighing on these investors’ minds.
In terms of investment themes, AI was the most popular choice (35%), followed by renewable and clean energy infrastructure (25%). While nearly a quarter (23%) said no themes or sectors interested them, safe-haven assets like gold (17%) and healthcare/biotech (17%) were top areas of interest.
Manuel Pardavila-Gonzalez, Managing Director of Investments at Scottish Widows, said: “Investors have shown real resilience this quarter, increasing their contributions even as global conflict has escalated and the UK political landscape has shifted expectations.
“The increase in average contributions in Q2 reflects a familiar seasonal trend, with investors topping up their portfolios and making use of ISA benefits as the tax year drew to a close on 5th April.
“It also suggests many are continuing to look through short-term uncertainty and focus on building long-term wealth.
“There’s a clear sense that investors are remaining level-headed. Even as the cost of living continues to bite, most aren’t reacting to short-term noise or alarmist headlines – they’re staying the course rather than making knee-jerk decisions.
“While we’re expecting more of the same uncertainty in the next quarter, the principles of investing remain the same and it’s important not to let short-term volatility derail long-term plans.”
