Households in the euro area, the 20 countries using the euro, hold nearly €10 trillion ($11.5 trillion) in cash and low-yield bank deposits, representing about a third of their financial assets. Around 80% own no stocks or other market investments, according to the European Central Bank (ECB), while more than 60% hold most of their wealth in property, usually their primary residence. ECB economists identified four household groups using ownership data: about 25% keep savings almost entirely in deposits, roughly 10% gain market exposure indirectly through workplace pensions and insurance policies, and only 4% invest a sizeable share directly in shares, bonds or funds. The findings draw on thousands of euro area families and a comparable U.S. survey. The ECB says perceived risk, rather than affordability alone, is the main barrier for households able to invest in stocks or equity-based mutual funds. Weak financial literacy may reinforce distrust and risk aversion. The participation gap is particularly wide among the richest fifth, where more than 65% of Americans hold shares, bonds or funds compared with under 45% in the euro area. The ECB attributes the difference to investment habits, available products and national pension-system design, and says no single policy can reach every group. It highlighted Slovenia’s national financial education program, Finland’s simple equity investment accounts and Dutch workplace pensions that invest on savers’ behalf. Finland now has 37% of households holding funds, listed shares or both. The ECB is calling for faster progress on savings and investment accounts across the bloc, while acknowledging that long-established savings habits may not change through policy alone.