The 2026 survey on savings and financial choices of Italians by Intesa Sanpaolo and Centro Einaudi was presented in Milan on September 15, 2026, by Intesa Sanpaolo Chairman Gian Maria Gros-Pietro, Gregorio De Felice, Giuseppe Russo, and Stefano Firpo. The research is conducted on 1.800 heads of households with current accounts, with a focus on technology and an oversampling of 300 individuals.
Income and savings culture
84 percent declare full financial independence, with a gender gap: 86 percent men, 82 percent women. By age, 47 percent of 18-24 year-olds are independent, compared to 88 percent of 55-64 year-olds. Only 52 percent are satisfied with their current income, and 34 percent expect to have a sufficient income in the next ten years.
More than half are able to save: 56 percent in 2026, up from 58 percent in 2023, setting aside an average of 11,9 percent of their disposable income. Graduates are above average at 14,9 percent, and self-employed workers at around 20 percent. Saving is considered essential by 28 percent, a level near historic highs. Precautionary reasons dominate at 40 percent, followed by pensions at 19 percent, housing at 19 percent, and children at 11 percent. Savings earmarked for investment are growing, albeit at a small rate: 6 percent of the sample has set aside savings, above pre-pandemic levels.
Household income is expected to remain stable. The balance between expectations of improvement and deterioration for the national and international economy is negative, approaching 90 percent. For the first time, pessimism about the national context is equal to that about the geopolitical situation.
Risk and liquidity
Volatility, tariffs, inflation and geopolitical tensions raise the alertThe risk aversion ratio, measured as the ratio of those unwilling to take risks to those willing to do so, will reach 33,6 in 2026, an all-time record: it was 8,1 in 2017, 15,1 in 2024, and 20,5 in 2025.
The paradox is generational: 18-24 year olds are the most opposed with 84 against to 1 in favour, contrary to what life cycle theory predicts. It is the generation of multiple scarring, between pandemic, inflationary trauma, and geopolitical crises, informed but incapable of translating knowledge into trust. Women show more pronounced aversion than men, 41,9 versus 27,6, and the peaks are reached among the unemployed at 113,9 and the less educated at 111,4.
The preference for liquidity grows with uncertainty. If in 2019, capital protection was a priority for 62,2 percent, in 2026 it will fall below an absolute majority for the first time, to 48,8 percent, while orientation towards liquid instruments rises to 18,7 percentNearly 72 percent of investors have poorly or completely undiversified portfolios. A fragile level of literacy weighs heavily: only 36 percent know that an equity fund is less risky than a single stock. The most significant challenge is risk assessment (50,3 percent), followed by timing (41,2 percent), asset allocation (31,3 percent), and instruments (29,4 percent).
Bonds, stocks and managed savings
In 2026, those who bought bonds, stocks, and funds in the last 12 months will outnumber sellers. Bonds concern 23,5 percent of respondents, with an average portfolio weight of 26,6 percent. The buyer/seller ratio is 2,0 and the satisfaction ratio is 4,9, or almost 5 satisfied to 1 dissatisfied. The scar from 2022 remains: 43 percent fear losses if they sell early, and 40 percent feel unprotected from inflation.
Stocks show the widest gap between awareness and participation: 45 percent are aware of them, but only 7,8 percent have held them in the last five years. For investors, the experience is excellent, with a satisfaction ratio of 8,5, almost double that of bonds. Barriers are perception of risk of losing capital at 78,5 percent and a lack of experience of 60,9 percent. The net attractiveness ratio stands at 0,4, the lowest among the products.
Managed savings are owned by 25-30 percent of the sample, a share similar to bonds, but Italy lags behind Europe, where funds absorb 40-50 percent of financial wealth. The satisfaction ratio is 12,5, the highest overall, and the buyer/seller ratio is 4,77, nearly five subscribers for every redemption. The accumulation ratio is 2,0: for every occasional investor, two use savings plans. Low-cost ETFs are growing among 25-34 year-olds.
The bank manager remains the most trusted advisor at 47 percent. The role of independent consultants and private bankers is growing to 16 percent from around 10 percent in 2024, but do-it-yourself also remains significant at 24 percent.
The relationship with the bank and the house
Banking remains central: 92 percent of respondents credit their salaries82 percent pay utilities, 55 percent pay taxes. Current account liquidity, which in 2023 was 68 percent of financial wealth, will return to around 50 percent in 2026. The cashless transition is proceeding without a resounding victory: cash is still regularly used by 56,2 percent. Fintech penetration remains marginal. Consumer credit is a delicate issue: 32,3 percent have taken out a loan in the last twelve months for current expenses, furniture, and dental care. 2026 will see the return of mortgages with minimal rejection rates, but four in ten borrowing families dedicate more than 20 percent of their income to the repayments.
The home remains the cornerstone of wealth: it accounts for two-thirds of the average wealth, estimated at approximately €320.000, and 79 percent live in owner-occupied homes. In 2025, sales reached approximately 767.000 units, 97,5 percent of pre-2008 levels. Potential demand is 1,5 million transactions, but only 13,7 percent plan to purchase within twelve months. Sixty-six percent still consider real estate a safe investment, but this share has fallen for the second consecutive year after 72,6 percent in 2024 and 67,5 percent in 2025. Real estate is emerging as a dual asset, combining inheritance and lifelong protection. 23,5 percent appreciate using it to supplement income in retirement, while only 5 percent would sell their bare ownership. Converted into a life annuity, the average real estate asset would guarantee approximately €12.140 per year at age 65, with a replacement rate close to 29 percent of the median earned income of €41.000 per year.
Social security and insurance
Families trust in the public systemThe optimist-pessimist balance on income at 65-70 years of age remains positive at 34,5 percent, although declining, and the expected replacement rate between pension and current income rises from 70,5 to 79,6 percent between 2025 and 2026.
Supplementary pension provision remains at 22 percent of the sampleOver two-thirds of members contribute severance pay, and 68,7 percent are unaware of the tax advantages of voluntary contributions. Just under 30 percent of those who don't participate cite a lack of liquidity. Life insurance policies cover 26,7 percent, health insurance 16,9 percent, and long-term care 13,9 percent. This is the short end of the stick for family protection.
Savers and technology
The focus returns a polarized image: 28,2 percent of the sample does not use the internet, while 27,9 percent use it fully integrated into all activities. Age, education, and income are the main differences between the two groups. Intensive users are 38,8 percent among 18-44 year-olds and 40,2 percent among college graduates. In terms of actual money management, the branch maintains a clear lead: 58,1 percent operate primarily at the counter, 26,5 percent use a mixed model, and only 12,8 percent use a mobile app.
Trust in digital tools is the real watershedAbout a third don't trust at all, and only one says they trust a lot. The dominant concern is security: the risk of fraud and data protection are cited by 76,5 percent, followed by the loss of control at 45,1 percent. A quarter have already had direct or indirect experience with online scams.
The most popular features are spending notifications at about 52 percent and AI-powered predictive analytics at 36 percent. Resistance grows as technology reduces the active roleVoice assistants are deemed too risky by over 60 percent, and fully automated AI-based systems are opposed by approximately 87 percent. Innovation is welcome when it enhances control, transparency, and simplicity.
The newest tools remain on the sidelines: Cryptocurrencies used as investments by less than 2 percent, approximately 88 percent are unfamiliar with them or are not interested in them, crowdfunding and peer-to-peer lending are ignored by over 80 percent, the digital euro and stablecoins are unknown, and online trading is a niche market with over 96 percent lacking a dedicated app. The discovery of new tools still relies on in-branch advisors (69 percent), while social media and influencers have only a marginal influence.
The survey distinguishes digital savers at 41,9 percent and analog savers at 58,1 percent. Counterintuitively, analog is more present in organized marketsThey have more funds, with 21,7% versus 16,7%, more managed accounts, with 11,5% versus 8,2%, and more ETFs, with 4,6% versus 2,7%. Greater digital familiarity does not translate into broader participation. The picture is still of a hybrid system, where innovation and traditional relationships will coexist for a long time. Digital adoption is selective, as an operational support, but human oversight still counts for significant decisions.
