Stockholding in Europe: Evidence from the Consumer Expectations Survey

Dimitris Christelis (), Dimitris Georgarakos (), Tullio Jappelli (), Geoff Kenny () and Justus Meyer ()
Additional contact information
Dimitris Christelis: University of Glasgow, CSEF, and CFS, https://csef.it/people/dimitris-christelis/
Dimitris Georgarakos: European Central Bank, University of Glasgow and CEPR
Tullio Jappelli: University of Naples Federico II, CSEF, and CEPR, https://csef.it/people/tullio-jappelli/
Geoff Kenny: European Central Bank
Justus Meyer: European Central Bank, University of Glasgow

CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy

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.

Keywords: Stocks; Mutual Funds; Crypto Assets; Household Finance; Consumer Expectations Survey (search for similar items in EconPapers)
JEL-codes: D14 E21 G51 (search for similar items in EconPapers)
Date: 2026-04-28
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.csef.it/WP/wp780.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sef:csefwp:780

Access Statistics for this paper

More papers in CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy Contact information at EDIRC.
Bibliographic data for series maintained by Dr. Maria Carannante ().