Europe's Investment Gap: Why Investors Are Turning to New Technologies to Access Markets

Europe's Investment Gap: Why Investors Are Turning to New Technologies to Access Markets

Increasingly, policymakers and the public recognise the role investing can play in building wealth, preparing for retirement and achieving long-term financial security. Yet retail participation in capital markets in Europe lags participation in the United States, limiting many European households' ability to benefit from long-term market growth.

According to a 2025 Global Retail Investor Study, conducted by the World Economic Forum in partnership with Robinhood, approximately 30% of U.S. household wealth is invested in securities. Across Europe, participation remains markedly lower, with around 9% of household wealth invested in securities in Germany and 5% in France.

Against this backdrop, Robinhood commissioned new research into investor attitudes toward financial markets and tokenized assets — digital tokens issued on a blockchain that provide exposure to assets like stocks and ETFs. Stock Tokens, as referenced here, are derivatives that reflect the price of the individual stocks and ETPs. Based on a survey of 6,811 current and prospective investors across 14 EU member states, the research offers new insights into investor behaviour, perceptions of tokenisation, and the opportunities to expand participation in capital markets.

Affordability, fees, and accessibility are the most significant barriers to investing 

Six in ten current investors (60%) say they have considered purchasing a share but ultimately found the price unaffordable. Cost acts as a meaningful deterrent: 22% of non-investors report that fees have discouraged them from considering investing altogether, while nearly half of current investors (47%) say they have abandoned a trade before execution because of associated fees.

Market accessibility was another recurring challenge. Almost half of retail investors (48%) reported being unable to trade a specific stock because the relevant exchange was closed, highlighting how traditional market hours can restrict participation and limit investment opportunities.

Understanding of tokenised assets increases interest

While awareness of Stock Tokens remains relatively low among retail investors, interest increases significantly once investors understand what tokenized assets are and how they work.

Across all age groups, genders, and awareness levels, 55% of respondents expressed interest in Stock Tokens. Interest rises sharply with familiarity: 89% of respondents who reported knowing a lot about Stock Tokens were interested or had already invested, compared with 83% of those who knew a little. 

Notably, even among those with no prior knowledge of Stock Tokens, 46% expressed interest after receiving a detailed description, highlighting their potential to attract new investors.

Tokenisation's appeal lies in greater flexibility today and broader access tomorrow

Nearly half (49%) cite the ability to trade at any time as a key advantage, while 45% are attracted by lower fees. A further 40% value the ability to gain fractional exposure to assets, and 35% highlight the appeal of near-instant settlement.

Importantly, investors view Stock Tokens as complementary to other investment products. 

Nearly six in ten (59%) respondents interested in Stock Tokens see them as a way to invest alongside traditional shares and ETFs.

The potential for tokenisation to expand access to private markets also resonates with investors. Among those interested in Stock Tokens, 30% say their interest is driven, at least in part, by the prospect of investing in companies that are not publicly listed.

Implications for Europe’s retail investors

The research suggests an emerging generation of digitally native investors looking for more accessible, flexible and efficient ways to participate in financial markets.

“The EU has a once-in-a-generation opportunity to drive ownership and position itself as a global leader in innovation,” said Johann Kerbrat, SVP, GM of Crypto & International at Robinhood. “We believe blockchain technology and Stock Tokens can help make investing more accessible, lower barriers to entry and enable more Europeans to participate in long-term wealth creation.”

Since launching in Europe in 2023, Robinhood has sought to expand access to investing across the region. Today, eligible customers in every country in the EU and EEA* can access more than 2,000 Classic Stock Tokens linked to U.S.-listed stocks and ETPs, with 24/5 trading, dividends, no added spreads from Robinhood and low foreign exchange fees. 

*Some product restrictions in certain countries, including Belgium (crypto perpetual futures) and Hungary (crypto trading), as of September 2025 (source)

Research methodology

Robinhood designed and carried out an online survey of 6,811 people across 14 EU member states between 16 February and 30 March 2026, split evenly between existing investors and those who do not currently invest but say they are interested in doing so. The survey was fielded by Yonder Data Solutions. Results were weighted to be representative of each market by age and gender, with each country given equal weight in the aggregate so that larger markets do not crowd out smaller ones. 

To aid in the development of questionnaire content, the survey was preceded by two qualitative phases in late 2025: approximately 15 anonymous in-depth interviews with senior policymakers across the EU institutions, member state authorities and relevant industry bodies; and exploratory consumer interviews in France and Germany. Secondary data sources used are referenced throughout the report.

Disclosures:

Investment and crypto asset services for EU customers are offered through Robinhood Europe, UAB, ("RHEU" or "Robinhood") who is authorized and regulated by the Bank of Lithuania as a financial brokerage firm, a crypto-asset service provider, and a payment institution. 

Classic Stock Tokens are derivative contracts between you and Robinhood. They are priced at the prices of the underlying securities without granting rights to them. Classic Stock Tokens carry a high level of risk and are not appropriate for all investors. Investors may lose up to the full amount of their invested capital due to market conditions or the insolvency of Robinhood.  Please review the Description of the Services, Financial Instruments, and Risks and the Key Information Document and fully understand all associated risks before investing.

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