The Italy has a large savings reserve, but a significant part remains stops on current accounts, while businesses continue to depend largely on bank credit. This is the paradox highlighted by the report "Venture capital and economic growth in Italy and Europe. The role of financial advisory: constraints and opportunities.", presented by Aipb e Casmef-Luiss During the event "Savings and Business: New Paths for Growth." In 2025, household financial wealth reached €6.488 billion, but approximately €1.600 trillion remained liquid in current accounts, and less than 0,7% was invested in Italian listed stocks.
Savings remain distant from the real economy
La caution of savers weighs on the investment choices: 63% prioritize capital security, compared to just 15% who focus primarily on long-term returns. Liquidity thus represents 36% of Italian households' financial assets, compared to 11% in the United States, while equities account for 3%, compared to 30% in the US. Furthermore, between 2018 and 2024, households' contribution to sovereign debt increased by 47%.
Financial wealth has grown by an average of 0,7% per year in real terms over the past twenty years. An Aipb simulation also shows that €10 invested thirty years ago would have become approximately €20.800 with a cash-only strategy, versus over €90 with a growth-oriented portfolio. This is historical data, not a forecast, which highlights the different impact of thecapital allocation in the long run.
Businesses still dependent on bank credit
In terms of companies, the report points out a poor openness to external capital and a market of Italian venture capital which is worth about a fifth of that of France and Germany. The stock market is also showing weak momentum: between 2023 and mid-2025, there were 86 delistings compared to 62 new listings, with a loss of over €44 billion in capitalization.
Yet, the Aipb-Prometeia analysis on 450 company balance sheets shows a relationship between some financial choices and turnover growth in 2022-2024: +106% for companies that have diversified sources of funding, +46% for those that have opened their capital to third parties and institutional investors and +64% for those that have planned for business continuity and generational transition. Despite this, more than one in three entrepreneurs has never considered financial diversification.
As underlined by the vice-president of Confindustria for Credit, Finance and Taxation Angelo Camilli: The Luiss Report presented today highlights a major opportunity for Italian growth: over €6.000 trillion in household financial assets, of which over €1.500 trillion is still held in liquid form. Mobilizing even a portion of these resources into the real economy can be an important lever for strengthening businesses' ability to invest, grow, and innovate.
The role of consultancy
It is in this space that the financial and wealth consultancyThe potential audience includes 88 businesses with more than 10 employees and an active banking relationship, and 12 million families with over 50 euros of investable financial wealth, for a total of approximately 3.500 trillion euros.
Il Consulting It manages €1.400 trillion, 30% of which is held by entrepreneurs, and brokers over 83% of the shares of listed Italian companies held by families. advice It can therefore connect family assets, business needs, and capital markets, also promoting more long-term management. This role also includes financial education: 91% of clients report having improved their skills thanks to discussions with their private banker.
Andrea Ragani, president of Aipb, stated: "To return to growth, we need to fully leverage two major resources we already have: business and savings. Financial and wealth management consulting can leverage a very broad potential: 88.000 businesses and 12 million families."
Three proposals to mobilize savings
To reduce the gap between savings and capital needs of companies, the report proposes three instruments. The first is a consumption-related micro-savings system, with a voluntary rounding up of 3-5% on digital transactions to be allocated, once a threshold is reached, to SME funds or co-investment instruments. The second is the "Cash Forward" social security, which would allocate 1% of the VAT revenue generated by digital payments to an individual social security position. The third provides for a 500 euro per year grant for university students, to be invested in a long-term individual position.
For George Di GiorgiOr, Director of Casmef-Luiss, we also need more financial education, supplemental pension plans, and institutional investments in the real economy: "Italy still has a lot of savings, but families allocate relatively few resources to venture capital investments, particularly in small and medium-sized enterprises. We need to work on financial education and push for increased supplemental pension plans and the contribution of institutional investors, including insurance companies and pension funds, to the country's real economy."
The European challenge
The Italian question is part of a broader problem. From 2000 to 2024, the United States' GDP nearly tripled, while Europe's GDP grew 1,4 times. To support this energy transition, innovation tecnologica e defense common, Europe must mobilize nearly €1.200 trillion in investments per year.
The knot, therefore, it's not the lack of savings, but the ability to transform it into growth capitalTo do this, it's necessary to address businesses' funding sources, families' investment choices, supplemental pension plans, and financial education, with consultancy services acting as a bridge between private wealth and the real economy.
