[新聞] 歐盟以瑞典為榜樣 鼓勵民眾投資股票
原文標題：The EU sees Sweden as a model as it looks to encourage investors
原文連結：https://tinyurl.com/5ds78d3c
發布時間：Updated Sun, August 17, 2025 at 7:59 PM GMT+8
記者署名：Lydia Löthman
原文內容：
The European Union wants to unleash trillions of euros in household savings by
encouraging people to invest in capital markets — and it sees Sweden as a
template of how to do so.
歐盟希望透過鼓勵民眾投資資本市場，釋放出數兆歐元的家庭儲蓄——而它將瑞典
視為推動的範本。
Europe is expected to detail its plan this quarter to mobilize citizens’
funds sat in bank deposits as part of its Savings and Investments Union. By
making it easier for people to invest, it aims to lift household wealth and
boost firms’ access to funding. Analysts say it might promote wider adoption
of Swedish-style bank accounts that enable people to easily invest savings in
stocks.
歐盟預計本季度將公布其「儲蓄與投資聯盟」計畫，動員目前沉睡在銀行存款裡的
資金。透過簡化投資方式，它的目標是提升家庭財富，並增加企業取得資金的管道。分析
師指出，這可能促進「瑞典式帳戶」在歐洲更廣泛採用，讓民眾更容易把儲蓄投入股票。
That’s as Poland earlier this month proposed an investment savings account
modeled on Sweden’s InvesteringsSparKonto, or ISK system, to create an “
equity culture” attracting 100 billion zloty ($27 billion) in its first three
years.
波蘭本月稍早也提出建立以瑞典「InvesteringsSparKonto（ISK）」為藍本的投資
儲蓄帳戶，希望培養「股權文化」，並在前三年吸引 1000 億茲羅提（約 270 億美元）
的資金。
Sweden’s retail-trading base is “among the best in the world” due to the
ease by which people been able to invest in listed companies, Philip Scholtze,
savings economist at Avanza Bank Holding AB, said.
Avanza 銀行的儲蓄經濟學家 Philip Scholtze 表示，瑞典的散戶投資基礎「是世
界上最優秀的之一」，因為投資上市公司非常便利。
The Nordic nation is regarded as a “best practice” model, said a
spokesperson for the financial services department at the European Commission,
the EU’s executive arm. The spokesperson added that the bloc aims to provide
citizens with “a wider range of tools and knowledge to invest their savings
in ways that can directly benefit their personal economy, while simultaneously
turbo-charging the investment landscape in the EU.”
歐盟執委會金融服務部門發言人指出，這個北歐國家被視為「最佳實踐」的範例。
歐盟的目標是提供公民「更廣泛的工具與知識，讓他們能投資儲蓄，不僅直接改善個人經
濟，同時也能為歐盟投資市場注入動能」。
Decades of policymaking in the country of about 10 million people has helped
make equity investing more akin to a national sport. Swedish households invest
over half of their savings in stocks, more than twice the average in the euro
area, according to a report by European Savings Institute this year.
在這個僅約一千萬人口的國家，數十年的政策累積使得股票投資幾乎成為「全民運動」
。根據歐洲儲蓄研究所的報告，瑞典家庭將超過一半的儲蓄投資在股票上，是歐元區
平均水平的兩倍以上。
Anyone with a bank account can trade, while the ISK account — in place since
2012 — is not subject to capital gains tax. Securities can be easily bought
and sold directly from mobile banking applications.
任何有銀行帳戶的人都可以交易，而自 2012 年實施的 ISK 帳戶則免除資本利得稅。
證券可直接透過手機銀行應用程式輕鬆買賣。
“Swedes have good reason to be thankful for the ISK account,” said Mohammed
Salih, a 32 year-old communications manager who lives in Listerby in southern
Sweden. He has invested with the system for more than ten years. “I have
always saved money and tried to build an economically stable future, but I
didn’t know how to make the money grow.”
32 歲的通訊經理 Mohammed Salih（住在瑞典南部 Listerby）表示：「瑞典人有充
分理由感謝 ISK 帳戶。」他已經使用這個制度投資超過十年。「我一直都有存錢，
想建立穩定的未來，但我以前不知道如何讓錢成長。」
He started an Instagram account to document his journey toward his goal of
growing assets to 1 million Swedish Kronor ($105,000). He says he achieved it
a few years ago, but still posts stock market tips that attract interest. “
The youngest person who has written to me was 13 years old. His parents had
helped him set up an ISK account,” Salih said.
他還開了一個 IG 帳號，紀錄自己資產累積到 100 萬瑞典克朗（約 10.5 萬美元）
的過程。他說幾年前就已經達成，但仍持續發表股市心得，吸引年輕人關注。「最
年輕寫信給我的人只有 13 歲，他父母幫他開了一個 ISK 帳戶。」
The ISK simplified the tax structure around capital investments, removing
bureaucratic barriers that had previously discouraged participation. “It’s
just a much simpler way to buy stocks,” Frida Bratt, savings economist at
Nordnet Bank AB, said. “This has been especially important for young people.
”
ISK 簡化了資本投資的稅制，移除了原本阻礙參與的官僚壁壘。Nordnet 銀行的儲
蓄經濟學家 Frida Bratt 說：「這就是一種更簡單的買股票方式，對年輕人特別重要。
」
Almost a quarter of Swedes directly own shares in publicly listed companies,
with stakes totaling around 540,000 Swedish Kronor ($56,552) on average,
according to data from Euroclear Sweden. The most recent available data from
the Swedish Investment Fund Association show that about 70% of all Swedes
directly invest money in mutual funds.
根據 Euroclear Sweden 的數據，將近四分之一的瑞典人直接持有上市公司股票，人均
持股價值約 54 萬瑞典克朗（約 5.6 萬美元）。瑞典投資基金協會的最新數據顯示，
約 70% 的瑞典人直接投資於共同基金。
In the UK, only 8% of personal wealth is saved in equities and mutual funds,
data from a January review by Aberdeen Group Plc showed.
在英國，僅有 8% 的個人財富被投入股票與共同基金。
It remains to be seen what effect the introduction of a EU-wide savings and
investment account could have on the wider European market.
歐盟範圍內的投資儲蓄帳戶若真的實施，對歐洲更廣市場的影響仍有待觀察。
According to Jonas Strom, CEO of the Nordic investment bank ABG Sundal Collier
Holding ASA, it is “definitely possible” to export the Swedish success with
the ISK accounts to a wider European audience.
北歐投資銀行 ABG Sundal Collier CEO Jonas Strom 表示，將瑞典 ISK 的成功經
驗推廣到歐洲「絕對是可能的」。
The European Commission would only offer a blueprint of how a EU-wide savings
and investment account could be constructed, leaving member states to
implement it. The success of the proposal ultimately depends on the “
political will” of the member states, Strom said.
歐盟執委會僅會提供一個藍圖，說明如何建構全歐儲蓄與投資帳戶，具體實施仍需
各會員國自行推行。Strom 認為，最終能否成功，取決於各會員國的「政治意願」。
心得/評論：
美國資本主義模式 歐洲社民模式（大陸型） 北歐混合模式
稅制 資本利得稅相對低 資本利得稅高（25–30%+） 資本利得稅高（約 30%）
（長期 0–20%） 缺乏長期免稅帳戶 但提供免稅投資帳戶
股市 高 低（德法約 10–20%） 中高
參與率 約50–60%家庭 瑞典近40%，因免稅帳戶鼓勵
家庭財富 高 投資報酬 低 依賴政府保障 中高
累積能力 推升長期財富 資產增值有限 兼顧市場報酬與政府福利
貧富差距 高 中低 靠再分配縮小 中 靠再分配減差距
投資者vs非投資者差距大 差距 但總財富積累低 但也讓家庭投資市場化
--
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