ECB Says Euro Area Households Hold €10 Trillion In Cash, Avoid Markets

Euro area households hold nearly €10 trillion in cash and low-yield bank deposits, while around 80% own no stocks or other market investments, the European Central Bank said Tuesday. According to BeInCrypto, the ECB said the cash pile equals about a third of households’ financial assets and that more than 60% keep most wealth in property, with only 4% holding a sizeable share directly in shares, bonds or funds. The ECB said perceived risk, weak financial literacy and low trust are the main barriers to investing, and urged faster progress on savings and investment accounts across the bloc.