This study examines the structural and behavioral barriers to investment participation in the United States. Using nationally representative data from the Survey of Consumer Finances, the National Financial Capability Study, and the Survey of Household Economics and Decisionmaking, it investigates how liquidity constraints interact with institutional trust and social trust to shape investment behavior. The research highlights that financial inclusion extends beyond access to banking and credit, particularly in the context of rising housing costs, wage stagnation, and growing wealth inequality. It considers how demographic factors such as gender, education, and occupational class moderate these relationships and examines how localized trust shocks, such as banking scandals or fraud events, influence participation. The findings will provide evidence to inform policy and practice that moves beyond access toward fostering meaningful participation in financial markets for all households.
