Despite the growth of the Philippine Stock Exchange, retail participation among Filipinos remains notably low. This study investigated the barriers preventing engagement among 105 non-investing income earners in Baguio City using a descriptive qualitative exploratory research design. Data were gathered through online surveys utilizing open-ended questions and analyzed through thematic coding and frequency distribution. The findings reveal a multi-dimensional landscape of obstacles. Financial constraints emerged as the primary barrier (42.9%), particularly for younger earners facing limited disposable income. However, cognitive and psychological factors were equally significant; 38.1% of respondents cited a lack of personal confidence and self-efficacy, while 36.2% identified knowledge gaps. Interestingly, the study found that information overload often acts as a deterrent rather than an enabler, leading to novice disengagement. Emotional factors, including loss aversion and trust-related concerns regarding scams (14.3%), further suppress market entry. These results suggest that objective financial literacy is insufficient without accompanying efforts to build investor confidence and market trust. The study concludes that fostering participation requires a holistic strategy: promoting micro-investment platforms to bypass capital hurdles, simplifying complex financial information to prevent cognitive overload, and implementing targeted mentorship to enhance the self-competence of potential investors.