FESE：2025年对ESMA关于零售投资者旅程的证据收集的回应报告（英文版）

FESE believes the problem is multifaceted, with key factors including a lack of incentives, insufficient financial education, and a weak investment culture. First, it is important to note that retail participation in capital markets varies significantly across Member States. While some countries are more advanced, such as Sweden and Denmark, others have midrange and low levels of participation. Therefore, it is crucial to consider local differences and, where possible, draw lessons from best