Six out of ten Italians save, a twenty-year high. For seniors, the goal is to buy a house for their children.

MILAN – More Italians are saving than ever in the last twenty years. There are some signs of improvement in portfolio management and financial budgeting, but a "basic" attitude toward money still prevails, closely linked to poor financial literacy . And an increasingly significant segment of the population, those over 60, is proving to be vibrant, a true "economic actor" who plans and consumes and, above all, is generous toward future generations, believing that leaving them a home is the least they can do.

Savers at 58%

The latest Survey on Italian Savings and Financial Choices, just published by Intesa Sanpaolo and Centro Einaudi, states that in 2025, the share of savers in the total number of respondents will continue to rise: they will represent 58 percent of the sample. "This is the highest figure in the last twenty years (the lowest was in 2014, when only 39 percent of the sample were savers), up from both 2023 (52 percent) and 2024 (56 percent)." Giuseppe Russo, director of Centro Einaudi, presented the report, quantifying this growth: "It means we have included 500,000 families who were not saving over the twelve-month period."

Average income (2,552 euros) satisfactory

According to the responses of the 1,700 interviewees, bank account holders who are effectively responsible for the family finances, net income per individual has increased in recent years, reaching €2,552, and the balance between those who are satisfied and those who are not is largely positive (65%) . This satisfaction index worsens significantly when the question concerns the prospect of retirement: here the balance of satisfied respondents drops to 38%. Thus, current satisfaction is evident, but there is concern about future pension prospects .

Men save slightly more (61 to 57 percent) and it is not surprising that the rate is directly correlated to variables such as income brackets, educational qualifications (65% of graduates versus 42% of those with an elementary school diploma), and home ownership.

Why do you save?

These families save 11.5% of their income, essentially unchanged from last year's 11.7%, although the share is no longer growing. This is a reflection of the broadening of the savings base, with new saving families characterized by lower incomes and therefore a lower propensity to save.

The report reveals that 36% of those interviewed believe their savings are intended to address future unforeseen circumstances , but it also highlights the emergence of a new category of "intentional" savers alongside these "precautionary" savers. These aren't just "deliberate" savers who save to be prepared for the winter, but also save for a specific purpose : whether it's for a home, their children's education, or their own retirement needs: these "deliberate" savers represent 38% of savers.

On the other hand, despite pensions being a growing concern (the report describes it as a "generational concern"), just under a quarter of the sample (24.5%) has subscribed to a supplemental pension plan . Although this percentage has doubled in recent years, it is still significantly deficient and demonstrates how translating awareness into action is a priority. This is even more true given the extremely low prevalence of Long Term Care (LTC) policies , which protect against risks associated with the inability to provide for oneself, especially in old age. but also health and life insurance, especially among young people. Fewer than two in ten Italians have insurance (individual or family, collective, or company) that covers, in whole or in part, medical expenses .

Bonds yes, stocks no

Looking at how savings are invested, bonds remain the preferred investment instrument, with one-fifth of Italian savers in the sample owning them: 44% of these have invested in them in the last year, with a 2-to-1 ratio between buyers and sellers. Equities, however, remain marginalized, with only 4.6% of respondents having invested in the stock market in the last twelve months. "Safety" is the primary investment objective, but for the first time this year, it fails to earn an absolute majority of citations (at 47 percent).

The "Silver" shines, the house for the children

Finally, the Report focuses on the so-called Silver Age (60-85 years), populated by true "active economic agents." Precautionary savings remain dominant among the over-eighties, primarily due to health concerns and unexpected events. Nearly 60% of men and more than four in ten women are still working after age 60. "Silver-elders appear to be the driving forces of family welfare, financially supporting their children and grandchildren and dedicating time to them," the report continues. In a landscape where 80% of respondents live in owned homes and 7% of over-60s continue to want to buy a home, perhaps to improve their own or move for retirement, 70% of "silver-elders" believe that "at least the house should be left to the children"; approximately half believe that "inheritance is a moral duty." In fact, a full 22% of actual purchases by those over 55 involve housing for their children.

Savings that struggle to become investments

A lurking theme beneath these numbers is the need to transform this "wealth reserve"—as Intesa's president, Gian Maria Gros-Pietro , calls savings—into investments. And the numbers from Ca' de Sass's chief economist, Gregorio De Felice , paint a snapshot of untapped potential: over the last decade, the gap between savings and investments has been €543 billion annually for the Eurozone, and €43 billion for Italy. This difference is partly channeled abroad, as demonstrated by the balance between direct investments entering and leaving the Eurozone, which has consistently been in the red.