Equity ownership remains low in Europe due to undeveloped public equity markets, generous pension plans, and the lack of tax incentives. European bulls cite the following to argue that ownership will rise: (1) the bull market of the late 1990s raised awareness of equities, (2) with falling interest rates, Europeans are looking to equities for higher returns, (3) with the proportion of elderly rising, responsibility for retirement is shifting to the private sector, (4) new financial products, and (5) pro-market legislation.