Despite digital innovations that have made financial markets more accessible and have reduced participation costs, less than half of euro area consumers currently invest in the stock market directly or via mutual funds and private pension plans compared with 62% in the United States. Drawing on the ECB Consumer Expectations Survey (CES), this note highlights key findings from our recent research (see Christelis et al. 2026) studying who participates in equity markets in the euro area and the main reasons discouraging participation. Participation is higher among younger, male, more educated, financially literate and more trusting consumers. Among non-investors, a lack of financial resources is named as the main barrier among lower-income households, whereas higher-income households cite financial risk and limited trust in markets. Fostering trust through credible pan-European investment products (e.g. EU Savings and Investment Accounts), improving risk understanding and strengthening financial literacy emerge as complementary levers to deepen retail participation and support the plans for a Capital Markets Union.