Italians a people of savers: EUR 6 trillion in piggy banks

The financial wealth of Italian households has exceeded the 6 trillion euro mark for the first time. The total amount of savings held in financial instruments from 2024 to date - including current accounts, securities, shares, mutual funds and insurance - has reached, in detail, 6,030 billion, an increase of more than 249 billion compared to 2023, equal to a growth of 4.3 per cent. Looking at the change from the 'pre-pandemic' period, i.e. from 2019, the total amount of household piggy banks rose by 1,367 billion (+29.3 per cent). These are the findings of a study by the Autonomous Federation of Italian Bankers.

For Fabi secretary general Lando Maria Sileoni, 'The savings of Italian families continue to represent a pillar of our economic and financial system, a social anchor that requires ever greater attention and protection. Over 6,000 billion euros are held and invested, the fruit of the industriousness, prudence, and sense of responsibility of millions of citizens. This is an enormous patrimony, which must be protected by every means and which calls for serious reflection on the part of politicians, institutions and the banking sector: because savings cannot be left to itself or abandoned to speculative logic. A strategic direction is needed, a vision is needed. This savings must be put to use to support the real economy, to finance innovation, to give businesses a break and create new jobs'.

The most significant figure concerns mutual funds, which in 2024, compared to the previous 12 months, recorded a leap of +17.6%: from EUR 722 billion to almost EUR 850 billion. This is a clear sign of the growing appetite for more dynamic and diversified products, against a backdrop of still attractive returns and a greater appetite for risk on the part of savers. The increase recorded in the government securities and bonds segment was also very strong: btp and bonds, thanks to the success of the latest retail issues and the rise in rates over the past few months, rose from 431 to 493 billion, an increase of 14.3% or 62 billion more in just one year. This turnaround, particularly for public finance, confirms the attractiveness of Italian debt for households, thanks in part to higher yields and savings formulas dedicated to small investors.

More contained, but still positive, was the increase in insurance policies (+4.3%), which returned above the 1,130 billion lire mark, recovering ground after years of uncertain performance. The value of shares held by households grew: from 1,738 to 1,755 billion lire (+0.94%), an increase of around 17 billion lire, apparently modest but significant, a sign that the stock market held up despite the volatility. On the liquidity front, current accounts and deposits grew slightly (+1.02%) to 1.593 billion. Although up, this figure is much smaller than in the pandemic years, when parked liquidity exploded due to uncertainty and reduced consumption. It is a sign that households are beginning to reallocate some of their money towards yield-bearing instruments.

Only the sector classified as 'other' (i.e. loans, derivatives and foreign accounts), which includes residual or less widespread instruments, declined: from EUR 225 billion to EUR 206 billion, a drop of 8.1%. Overall, the numbers confirm a structural trend towards diversification: less cash, more funds, more bonds, more policies. And they demonstrate greater sophistication in the financial choices of Italian households, which are seeking to protect their assets in a context still marked by macroeconomic uncertainty, but also by new investment opportunities.