Italy's Household Deposits Lose 11% Purchasing Power to Inflation

Banking data show that Italian families still hold about €1.163 trillion in non‑interest‑bearing current accounts, but inflation has eroded the real value of these balances by roughly 11.6% between April 2022 and April 2026. The equivalent purchasing power of €1,000 at the start of the period is now about €884. The loss is most acute in northern industrial provinces such as Asti (‑10.3%) and Biella (‑8.9%), while southern regions like Sardinia (+11%) and Benevento (+8.6%) have seen modest deposits growth.

At the European level, Consob vice‑president Chiara Mosca has urged that a larger share of household wealth be redirected toward innovation‑driven financing, but research from the ECB indicates that firms are not actively seeking new capital. A survey of 64 euro‑area companies, representing 4% of EU GDP, found stable or declining investment plans, with most growth projected in non‑euro economies. Consequently, the limited demand for fresh financing reinforces the shift of private capital toward bonds, government securities and money‑market ETFs.