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Stockholding in Europe: Evidence from the Consumer Expectations Survey

Author

Listed:
  • Dimitris Christelis

    (University of Glasgow, CSEF, and CFS)

  • Dimitris Georgarakos

    (European Central Bank, University of Glasgow and CEPR)

  • Tullio Jappelli

    (University of Naples Federico II, CSEF, and CEPR)

  • Geoff Kenny

    (European Central Bank)

  • Justus Meyer

    (European Central Bank, University of Glasgow)

Abstract

We examine recent changes in stock market participation using newly available survey data from eleven euro area countries over the period 2020–2024. The evidence points to substantial turnover, with around10% of non-stockholders entering the market each year, and more 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 the composition of market participants. We also highlight the growing importance of cryptocurrency investments among retail investors. Overall, these findings shed new light on evolving household financial behavior and its implications for market participation and financial stability.

Suggested Citation

  • Dimitris Christelis & Dimitris Georgarakos & Tullio Jappelli & Geoff Kenny & Justus Meyer, 2026. "Stockholding in Europe: Evidence from the Consumer Expectations Survey," CSEF Working Papers 780, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    • Handle: RePEc:sef:csefwp:780
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    Keywords

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    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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