Using a unique set of data on the pension portfolio choices of individuals eligible for a new public, mandatory, defined-contribution pension system in Sweden, this paper analyses the extent to which individuals integrate personal values and societal concerns with economic and financial decision-making. Preferences for ethical investments have not previously been analyzed empirically from the standpoint of individual investment decisions and the present paper aims to fill this gap with new results on investors ’ behavior. Despite the cost of an ethically guided portfolio arising from the limited diversity, 13 percent chose at least one ethical fund, thus showing themselves willing to forego a return for non-economic values. Several hypotheses on characteristics correlated with the demand for ethical investments are tested in a Tobit model. First, education is significantly and increasingly decisive for ethical investments, supporting the conjecture that education may foster attitudes on ethics or generate knowledge on anticipated societal changes. Second, women have a higher demand for ethical investments, which is consistent with earlier research that found women to be more altruistic. Third, the choice of occupation predicts the demand for ethical investments. Fourth, an active