Following the Digitisation Taskforce’s final report, which recommends the removal of paper certificates by 2027 in favour of a fully digital shareholding system, this study offers a timely snapshot of investor sentiment and behaviour. While the UK government has accepted the recommendations, the findings suggest that without targeted support, the country risks falling behind in its transition.
Digitising UK paper shares: a call for 4.7 million investors
New research published by Euroclear UK & International in collaboration with Thinks Insight & Strategy reveals that approximately 4.7 million UK adults still hold paper share certificates - despite an imminent 2027 deadline to digitise.
- 9% of UK adults still hold paper shares - around 4.7 million people.
- 24% of paper shareholders did not identify one single benefit of holding physical certificates.
- 33% of paper shareholders received them as a gift or inheritance.
- 75% reported a positive experience of converting shares from paper to digital.
- Only 36% plan to digitise their holdings before the 2027 deadline.
The research shows that paper shareholding is less about preference and more about inertia. Many simply haven’t gotten around to digitising or don’t know how. With clear guidance and assisted onboarding, the transition can be as smooth as the move to online banking.
Digitising shareholdings will modernise the UK’s capital markets, reduce costs, streamline operations and improve investor communication. It also lays the groundwork for better governance and increased participation.
Other markets are already demonstrating what a fully digital shareholding model can deliver. For example, in Sweden, households hold 40% of their assets in shares, compared to just 11% in the UK. A modernised framework could help democratise investment and deepen UK capital markets.
These insights were first shared at Euroclear’s Modernising Securities Markets Conference, during the panel ‘Digitising shares and democratising investment.’
