欧洲股票持有：消费者预期调查的证据

Stockholding in Europe: Evidencefrom the Consumer ExpectationsSurvey Dimitris Christelis, Dimitris Georgarakos,Tullio Jappelli, Geoff Kenny, Justus Meyer Abstract:We examine recent changes in stock market participation using newly availablesurvey data from eleven euro area countries over the period 2020–2024. The evidence points tosubstantial turnover, with around 10% of non-stockholders entering the market each year, andmore than 20% of stockholders exiting. New entrants tend to have lower education, income,financial literacy, and risk tolerance than established investors, indicating a shift in thecompositionof market participants.We also highlight the growing importance ofcryptocurrency investments among retail investors. Overall, these findings shed new light onevolving household financial behavior and its implications for market participation andfinancial stability. JELClassification codes: D14, E21, G51 Keywords: Stocks, Mutual Funds, Crypto Assets, Household Finance, Consumer ExpectationsSurvey Non-technical summary Households in Europe remain surprisingly reluctant to invest in equities despite the long-termbenefits, and when they do enter financial markets, their participation is often short-lived andunevenly distributed across the population. Drawing on survey data from the ECB’s ConsumerExpectations Survey, this paper offers a detailed and timely picture of how Europeanhouseholds engage with risky financial assets, including stocks and mutual funds (incl. ETFs),as well as newer, more speculative instruments such as crypto assets. At the centre of our analysis are simple but policy-relevant questions: who participates infinancial markets in Europe, how stable that participation is over time, and what holds backbroader engagement with risky assets. These issues are important to current policy debates.Increasing household participation in capital markets is seen as a key element of strengtheningEurope’s financial system and improving wealth accumulation. Recent research also suggestsit might enhance the transmission of monetary policy. Yet, despite technological progress andeasier access to financial products, participation remains limited and uneven among consumers. Our analysis reveals three main findings. First, barriers to stock market participation arewidespread and multifaceted. While financial constraints are significant, especially for lower-income households, they are not the only obstacle. Many non-investors lack funds, highlightingliquidity and entry costs. Even wealthier households avoid investing due to concerns aboutrisks, limited knowledge, or distrust in financial institutions. These barriers are common acrossincome levels and countries, indicating that increasing participation goes beyond boostingincomes or cutting costs. It involves addressing issues like financial literacy, perceivedcomplexity, and confidence in the financial system. Second, participation in risky assets is dynamic yet stable at low levels. The data shows highturnover: annually, about 10% of non-investors enter the stock market, and 20% of investorsexit. These changes offset each other, keeping overall participation stable. Around one third ofhouseholds hold stocks or mutual funds, with direct stock ownership closer to one quarter. Thissuggests markets attract new participants but struggle to retain them. The timing of these flows is important. Early in the COVID-19 pandemic, market entryincreased due to higher savings, fewer spending options, and strong market performance. However, much of this participation was fragile, with many households exiting as economicuncertainty grew. This indicates recent rises in participation are temporary, not indicating alasting shift to broader market engagement. New entrants differ from established investors; they tend to be younger with lower income,education,financial literacy,and risk tolerance,resembling non-investors more thanexperienced ones. This shift affects financial stability, as these households may react more tomarket fluctuations and withdraw from risky assets during stress. Third, the rise of crypto assets influences household financial behaviour. Though less commonthan traditional investments, about 8-10% of households own crypto. It is mainly used byyounger, male, risk-tolerant individuals, with small investment amounts. Evidence indicatescrypto is mainly for speculation, not long-term investing. Barriers to crypto investments differfrom stocks, mainly due to trust issues. Non-investors worry about safety, technology, andregulation, highlighting the importance of consumer protection in new financial markets. These findings show household financial behavior in Europe is influenced by both structuralbarriers like limited resources and costs, and behavioral factors such as risk perceptions, trust,and financial knowledge. These factors affect both entry and duration in financial markets. From a policy perspective, the results imply that broadening parti