> most people have zero investments outside their house.
> stock market (even though many people's pensions are tied to it)
To the extent the average American has any non-house investments, they consist of retirement savings in (defined contribution) pension accounts. How does this differ from your description of the average European?
While the underlying mechanics are similar (pension funds), the average European (at least in my corner of the EU) is completely unaware. They know some (government-mandated) amount is withheld and paid out to the government (which then routes it to appropriate mix of pension funds), and that's it.
While you can be aware of the details (and make your own pension fund choice), most people are blisfully unaware.
