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The Department of Applied Social Sciences (APSS), in collaboration with the Investor and Financial Education Council (IFEC), has completed the 2025 Behavioural Science Study on Investor Behaviour in the Virtual Asset Markets.
As part of APSS's ongoing commitment to integrating academic research with professional service, the study’s key findings were recently presented to international counterparts at the International Organisation of Securities Commissions (IOSCO) Virtual Workshop on Investor Resilience. This engagement highlights how APSS faculty translate empirical evidence into actionable, behaviourally informed strategies that promote social well-being and real-world impact.
Tailoring Education Through Behavioural Insights
Building on baseline research conducted in 2022, the study surveyed 1,000 retail virtual asset investors between November and December 2025. Using 13 distinct heuristic measures, the research examined how retail participants navigate volatile virtual asset markets through mental shortcuts and latent behavioural patterns.
Prof. Eric CHUI, Head of APSS, Co-Director of PReCIT, ADoRCESGA and Chair Professor of Social Work and Criminology, noted, “Virtual assets, as a relatively new investment product, are often influenced by market sentiment and information from social media and other emerging channels, which can significantly affect investors’ emotions. The study indicates that behavioural biases remain among retail investors, underscoring the importance of building investor resilience and self‑awareness. As investor behaviour does not follow a single fixed pattern, integrating behavioural insights into tailored investor education can help individuals reflect on their attitudes towards investing, stay grounded amid market volatility, and make informed decisions. PolyU is honoured to present these findings to the global regulatory community, in collaboration with IFEC, and to share our experience with international counterparts.”
Ms Dora LI, General Manager of IFEC and member of the IOSCO Committee 8, said: “The study reveals positive changes in the behaviour of Hong Kong virtual asset investors, reflecting ongoing efforts to enhance a more regulated market environment, strengthen stakeholder collaboration, and advance investor education. IFEC is pleased to collaborate with PolyU on this innovative research and to share the findings with IOSCO counterparts. The study provides valuable evidence to support global regulators in strengthening investor resilience, contributing to more effective investor education and enhanced protection for retail investors worldwide.”
The study has received wide coverage from local and international media, highlighting both key findings and practical guidance to support more informed investment decision-making.
The full report, 2025 Behavioural Science Study on Investor Behaviour in the Virtual Asset Markets, is available via the IFEC official publication page.
Online coverage:
Now TV - https://polyu.me/4eSjSRl
Metro Radio - https://polyu.me/4xFMVQG
Ming Pao Daily News - https://polyu.me/4oABsO6
Hong Kong Economic Journal - https://polyu.me/4uG19xW
Hong Kong Economic Times - https://polyu.me/4a5B3x9
Oriental Daily News - https://polyu.me/4xvSbpT
Headline Daily - https://polyu.me/4uRXWvC
Hong Kong Commercial Daily - https://polyu.me/4oySE6k
HK01 - https://polyu.me/4vYvQQf
etnet - https://polyu.me/4eeIO6i
aastocks - https://polyu.me/3S5Zogb
Yahoo HK - https://polyu.me/4oySGuY
Stockfisher - https://polyu.me/4eMnGV8
Sing Tao Canada - https://polyu.me/4fS1pGA
Business Times - https://polyu.me/4gyzKuo
