Fabi: around 6,500 billion in Italian households’ piggy banks

An increase of over 1,600 billion euros in financial wealth over six years. The financial wealth of Italian households has grown by over 1,600 billion euros compared with 2020, bringing total assets to just under 6,500 billion. This is according to a report by Fabi, the Independent Federation of Italian Bankers. Liquidity continues to be a key component, but the proportion of investments and insurance products is increasing. The greatest growth has been in shareholdings, with a rise in value of 1,103.3 billion (+113 per cent) over approximately six years. Even compared with 2024, the equity component recorded the most substantial increase, with an additional €293 billion in 2025 (+16.4 per cent).

Italian households’ total wealth stands at almost 6,500 billion euros, representing a 35 per cent increase compared with 2020. Fabi emphasises that this rise confirms the strength of Italian private savings and brings household wealth to its highest level ever. But the figures also reveal an equally significant trend: it is not just wealth that is growing; the way people save is also changing. Cash remains one of the main pillars, but the proportion of financial investments and insurance products is also rising, resulting in a broader and more diversified portfolio of assets compared with 2020.

The value of shares held by households rose from 973.9 billion to 2,077.2 billion, an increase of 1,103.3 billion (+113 per cent). Securities also rose, increasing from 247.6 billion to 523.6 billion (+275.9 billion; +111%), as did mutual funds, which rose from 689.1 billion to 901.9 billion (+212.8 billion; +30.8%). These asset figures reflect not only the investments made by households during the period, but also the performance of the financial markets, which contributed to the appreciation of assets already held in portfolios.

Cash, however, continues to represent a key component of households’ assets. Between 2020 and 2025, banknotes and deposits rose overall from 1,556.3 billion to 1,603.0 billion, an increase of 46.7 billion (+3%). This increase is mainly attributable to current accounts, which grew by 53.7 billion (+4.8%), whilst other deposits fell by 7 billion (-1.6%). Whilst remaining the main component of financial assets, cash and cash equivalents are therefore growing at a slower rate than other instruments. Overall, a comparison between 2020 and 2025 reveals a picture of assets that are not only more substantial but also more diversified in their composition. Indeed, growth is affecting, to varying degrees, almost all the main components of households’ financial wealth, highlighting greater diversification of assets across cash and cash equivalents, investment instruments and the insurance sector.

A comparison between 2024 and 2025 confirms that the financial wealth of Italian households continued to grow over the past year, rising by 446.3 billion euros, from 6,041.4 billion to 6,487.7 billion (+7 per cent). Shares recorded the most substantial growth, rising by €292.9 billion (+16.4%) to reach €2,077.2 billion. These were followed by unit trusts, which grew by 58.1 billion (+6.9%) to 901.9 billion, insurance policies, up by 46 billion (+4.1%) to 1,174.4 billion, and securities, which rose by 27.7 billion (+5.6%) to 523.6 billion. Growth in liquidity, however, was more modest. Current accounts and deposits increased by 23.5 billion euros (+1.5%), reaching a total of 1,603.2 billion. This increase was driven exclusively by current accounts (+34.8 billion), whilst other deposits recorded a decline of around 11.4 billion. The differing rates of growth highlight how, during 2025, the increase in financial wealth primarily concerned components other than liquidity, contributing to a more diversified asset mix compared with the previous year, in which prudence and the pursuit of returns coexisted without conflicting.