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This article contributes to a better understanding of the social acceptance of the investment model of volunteering, that is, the view that volunteering can enhance employability through the development of professionally relevant knowledge and competences. Based on the analysis of Eurobarometer data, the article explores (1) the prevalence of the investment model of volunteering in the EU-27 countries and the extent to which this varies between individuals with the potential to make hiring decisions (IHP) and the general population, (2) the demographic factors associated with the acceptance of this model, (3) whether national differences in the acceptance of the model are better explained by variation between countries or cross-national demographic factors and (4) whether national institutional characteristics related to the competitiveness of the national labour market, the specificity of the education system, the strength of the continuing vocational training system and cultural factors influence acceptance. The results show that the acceptance of the investment model of volunteering is relatively widespread in Europe and that variation in the acceptance of the investment model among the general population is driven by both individual (age and class) and between-country differences (related to the strength of training for unemployed people), but variation is more attributable to differences between countries than cross-national demographic groups. IHP, on the other hand, tend to be more homogenous in their acceptance of the investment model than the general population. [ABSTRACT FROM AUTHOR]