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A record number of Italians are investing their savings, strengthening the country’s position as the second-largest retail investment market in the Eurozone and highlighting growing financial confidence across generations.
Italy is increasingly proving that it is not only a nation of savers, but also a country of investors. According to the latest annual survey released by Assogestioni, the Italian association representing the asset management industry, a record 12.4 million Italians now invest in mutual funds. This represents a 7% increase compared to the previous year and means that more than one in five Italians now use investment funds as part of their financial planning.
The figures paint a picture of a country that is becoming more financially engaged and confident about the future. Total household investments in mutual funds reached €679 billion by the end of 2025, up from €608 billion the year before. While large investors continue to account for a significant share of total assets, the data also show that mutual funds remain widely accessible. Half of Italian investors have invested €20,000 or less, confirming that these products are not reserved for wealthy individuals but are increasingly used by ordinary families.
One of the most encouraging developments is the growing participation of women. They now represent 47% of all mutual fund investors, compared with just 34% in 1996. The gap between male and female investors continues to narrow, reflecting broader changes in financial literacy and economic participation across Italian society.
The survey also highlights a major demographic trend: Italy’s investors are getting older, but younger generations are slowly becoming more active. The average age of an Italian mutual fund investor is now 61, reflecting the country’s ageing population. However, there are clear signs of change.
During 2025 alone, approximately 1.5 million Italians invested in a mutual fund for the first time. Nearly one-third of these new investors were under the age of 45, a significant increase compared to previous years. According to the report, this trend is partly driven by the growing availability of digital investment platforms, which make investing simpler and more accessible for younger people.
Although Generation Z and Millennials still hold smaller portfolios than older generations, their participation is steadily increasing. This suggests that a long-term generational transition is already underway, with younger Italians gradually becoming more involved in managing and investing their savings.
Perhaps the most striking result of the study emerges when Italy is compared with the rest of Europe.
For the first time, the report included a detailed European comparison, revealing that Italy is now the second-largest retail mutual fund market in the Eurozone, behind only Germany. Italian households hold approximately €902 billion in investment funds, representing around 21% of the entire European retail fund market.
This is a remarkable achievement. Despite having a smaller population than some of its European peers, Italy accounts for more than one-fifth of all retail fund assets in the Eurozone. In fact, the Italian market is more than twice the size of the French retail fund market, highlighting the increasingly important role that investment funds play in the financial habits of Italian households.
The data also show that Italians allocate a larger share of their financial wealth to investment funds than the European average. While mutual funds represent about 13% of household financial assets across the Eurozone, the figure rises to 17% in Italy.
Another area where Italy stands out is its support for domestic companies. Of the €535 billion that Italian households invest in listed shares, either directly or through funds, 21% is invested in Italian companies. This is particularly significant considering that Italy represents only a small fraction of the global stock market. It demonstrates a strong level of confidence in the country’s businesses and economic potential.
The survey also reveals important regional differences. Northern Italy continues to lead in terms of participation and investment volumes, with regions such as Emilia-Romagna, Piedmont and Lombardy recording the highest levels of investor engagement. However, analysts believe that Southern Italy and the islands represent the greatest opportunity for future growth, as many households in these areas still keep a large proportion of their wealth in cash rather than investments.
Finally, the study confirms that Italians remain generally cautious investors. Bonds continue to be the preferred asset class, especially among older generations, while younger investors show a greater willingness to invest in equities and pursue long-term growth.
Taken together, these findings tell a positive story about Italy’s financial evolution. More citizens are investing, younger generations are entering the market, and the country has established itself as one of Europe’s leading centres for household investment. In a period marked by economic uncertainty across much of the world, Italy’s growing culture of investment represents a significant national strength and a promising foundation for future prosperity.
Alessandro Fiorentino