I disagree. - Returns of Savings accounts were better accross the industrialized world back then. - The amount of people investing in equities was low before

I disagree. - Returns of Savings accounts were better accross the industrialized world back then. - The amount of people investing in equities was low before the "Volksaktie". It only declined thereafter even throughout the latest, longest bull-run in history. But yes, events like the dot-com bubble or now Wirecard just strenghten the prejudice Germans have toward the whole topic.