Sardinia: plenty of liquidity but few investments

The assets are there, but part of that wealth remains idle, in liquid form or tied up, and too little of it is transformed into financial capital capable of supporting accumulation, innovation and growth. And savings that do not become capital ‘are not just a problem for households: they are one of the factors limiting the region’s financial depth and, consequently, the ability of Sardinian businesses to grow, invest and compete’.

This is the finding of the report “Savings that do not become capital: financial wealth and the investment deficit in Sardinia”, produced by the Confindustria Sardegna Research Centre. “We have analysed the phenomenon – which is significant across the region – of the total volume of bank deposits that do not translate into investments,” emphasises Andrea Porcu, director of the Research Centre. “ It is a brake on the economy that we have a duty to alleviate by fostering an entrepreneurial culture amongst young people. Today, families no longer invest to help their children set up their own businesses. Instead, they build up savings that are then used to fund stays abroad or other paths that are, in any case, distinct from entrepreneurship.”

The study begins with the following observation: ‘Sardinia’s gap compared with other Italian regions is not merely reflected in infrastructure, demographics, human capital or the size of the domestic market,’ the report states. ‘There is also an asset and financial component that directly affects households’ ability to accumulate wealth and the productive sector’s ability to access sufficient capital to invest, innovate and grow.’ Moreover: ‘Households’ real wealth does not appear to be lower than the national average; indeed, in per capita terms, it is higher.’

The gap, however, is most evident in terms of financial wealth. “This is where the disparity with the rest of the country is most pronounced,” the study continues, “not so much in terms of the availability of homes, property or tangible assets, but rather in the lower level of financial assets.” In Sardinia, this amounts to just over 53,000 euros per capita, compared with over 100,000 euros on average across Italy. The gap is therefore almost 49,000 euros per inhabitant. In relative terms, Sardinia’s per capita financial assets amount to just over half the national average.

The gap also relates to the internal composition of financial assets. “In 2024, the total financial assets of Sardinian households amounted to 83.3 billion euros,” the report states. Of this, 32.3 billion was held in the form of banknotes, coins, bank deposits and postal savings, accounting for 38.8 per cent of the total; 33.7 billion, on the other hand, consisted of securities, shares, equity holdings, units in investment funds and loans to cooperatives, accounting for 40.5 per cent; the remaining 17.3 billion fell under ‘other financial assets’, which include insurance and pension reserves, trade receivables and other receivables’.