Borsa & Finanza | April 2026
Are Italians ready for the new era of investing?
Italians continue to save more than they invest. The context of growing economic and financial uncertainty is certainly not helping. Unfortunately (for Italians), the very changes underway globally, both geopolitically and commercially and financially, require a change of pace. With Nicola Ronchetti, founder and CEO of Finer, Borsa&Finanza attempted to answer the question of whether Italian savers are ready to face the new era. It would seem not, given the snapshot Ronchetti painted of a system still stalled: a lot of stagnant liquidity and little planning.
Lack of awareness
The picture is stable, if not immobile: “57% of Italians save and 30% invest,” the expert immediately clarifies. Over half of Italians believe they can count on a public pension, a figure that, surprisingly, “reaches 70% among young people.” In short, we’re not there yet. These numbers speak to people accustomed to a world that belongs to the past, not even the present, let alone the future. Among those who invest, another structural limitation emerges: the lack of planning. “Thirty-five percent don’t know how long to invest, and about half have a time horizon of less than five years,” a sign of a vision that’s too short.
Even operational methods remain fragile and anchored to the past: “Many invest occasionally, without regularity or strategy,” says Ronchetti, who continues: “There’s no time horizon, no planning.” In a context marked by longer life expectancies and an uncertain pension future, this fragility risks being fatal.
The Decisive Role of Consulting
Fortunately, financial advisors appear to be better prepared for the impact of the emerging new world. Financial advice is becoming a key factor. At least Italians recognize this: “80% say they need someone to guide them. So-called do-it-yourself investors remain a minority.”
The data confirms the impact of professional support. Those supported by an advisor hold approximately 13% of their assets in liquidity, compared to 42% of those who rely on other channels. The gap demonstrates how consulting facilitates more efficient choices, capable of weathering turbulence.
Yet, access remains limited to just over 5 million people, those ready to face the new era. “The problem,” observes Ronchetti, “is also one of matching supply and demand. Many don’t find the right person, but on the other hand, we need to overcome laziness and take action.”
And here a critical issue emerges, one of many: “75% of Italians with €200,000 haven’t spoken to their advisor in 12 months.” This is what Finer’s research reveals. It’s not just client laziness. Advisors are also required to be more proactive, given that the other side seems to be lacking. “Effective financial advisors call you and tell you what to do,” explains Finer’s founder. It’s this capacity for initiative that has fueled the sector’s growth, with assets growing from €400 billion to over €1 trillion in ten years.
Products, Needs, and Growing Complexity
In an increasingly complex financial world, Ronchetti urges us to shift our focus from products to needs. “Products are a second derivative,” he says. The starting point must be the diagnosis: life goals, family, and protection.
The advisor thus becomes the “architect” who builds solutions, not a salesman of tools. Solutions tailored to the client’s needs, capable of achieving their goals. To do this, “modern consulting,” he explains, “must integrate three dimensions: savings management, protection/pension, and access to credit. These three interconnected levers are crucial for addressing an environment where inflation and uncertainty reduce the value of liquidity. “The problem is also psychological,” he adds: “Taking care of your own money is unattractive. Investors know they don’t know, but they tend to procrastinate, increasing the risk of ineffective decisions or inaction.” And in the new world, inaction comes at a cost.
The Future Model
Traditional banks are strengthening their networks and increasing proactivity, while challenger banks are pushing digital innovation. Companies like Trade Republic and Revolut are attracting a new segment of investors, more independent and less tied to physical relationships.
Ronchetti, however, warns: “Advice remains central. 90-92% of fund investments still involve financial advisors. The model destined to prevail will therefore be hybrid, capable of combining technology and relationships.”
The real issue, in conclusion, remains the investor’s preparation. “You can’t expect everyone to be a mechanic just because they drive a car,” he observes. In an increasingly uncertain world, financial education and professional support become indispensable. Without these, the risk is that Italians will continue to save a lot but invest little and poorly, missing out on crucial opportunities for their future.
Alessandro Più