Stockholding in Europe: Evidence from the Consumer Expectations Survey

Dimitris Christelis, Dimitris Georgarakos, Tullio Jappelli, Geoff Kenny and Justus Meyer

No 3239, Working Paper Series from European Central Bank

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 around 10% 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. JEL Classification: D14, E21, G51

Keywords: consumer expectations survey; crypto assets; household finance; mutual funds; stocks (search for similar items in EconPapers)
Date: 2026-05
Note: 483508
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20263239

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