Europeans are investing more, but €1.17tn wealth gap remains

Europeans could have accumulated €1.17 trillion of additional wealth had just a quarter of deposit savings been invested in funds over the last two decades, according to new ING Research¹. The study examines how European policymakers can mobilise household savings into investments, supporting household wealth accumulation and business financing while helping to mobilise domestic capital for future growth. A summary of ING Research finds at the bottom of this page.

The study argues that Europe's growing financial savings pool could become a powerful source of investment capital if more money gradually moves from precautionary saving towards productive investment.

Europe’s savings pool is growing – but remains concentrated in deposits

Europeans are not the lifelong "super-savers" they are often portrayed to be. Between 2010 and 2021, eurozone households on average devoted a smaller share of income to financial wealth accumulation than their US counterparts. A significant reversal only occurred after 2021. Eurozone households now save around 6% of their disposable income in financial form, roughly twice the US rate and significantly above pre-pandemic norms.

Yet despite rising savings, the largest share of Europe's liquid financial assets remains concentrated in deposits, limiting the capital available for business growth and innovation. This is a stark contrast with Americans, whose investments are worth about five times their deposits.

Within Europe, household behaviour varies considerably. Germany and France continue to register some of the highest saving rates, while Spain and Italy save less. The research finds that greater concern about future retirement provision is linked to stronger financial saving behaviour.

Europeans are already starting to invest more

Based on the actual returns Europeans made on deposits, investment funds, and listed shares, ING calculated the opportunity costs of not investing. Had Europeans invested just a quarter of the money they directed into deposits since 2002 into investment funds instead, household wealth could have been €1.17 trillion higher by 2025, equivalent to 7.4% of eurozone GDP. The missed gains are even larger when considering listed shares, which could have lifted household wealth by €2.79 trillion, or 17.7% of GDP.

A shift is already underway: since 2025, Europeans have been directing more- financial savings into stocks, bonds and funds than into bank deposits. Given the relatively higher returns on investments, the share of deposits has come down from 67% of liquid household assets in 2019 to 62% in 2025, its lowest share since 2008. Investment funds (which include ETFs) now account for 23% of eurozone liquid assets in 2025, the highest share since the beginning of the century.

Investment behaviour is shaped by policy, not culture

The survey suggests significant interest in investing: among households that have savings, half already invest and a further 30% say they would consider investing in the future. Younger generations are more positive about investing than older generations.

The report challenges the view that Europeans simply don't like investing, arguing that this is too simplistic. Marieke Blom, Chief Economist and Global Head of Research and author of the report says, “Countries such as Sweden, Denmark and the Netherlands show that investment behaviour is shaped by institutions, not culture. The success of the US 401(k) system reinforces that point: when governments and employers create the right incentives, households participate in capital markets at scale.”

Financial literacy remains a barrier

Despite growing market participation and an interest in investing, 42% of Europeans still agree with the statement that investing is 'like gambling at a casino', highlighting the scale of the financial literacy challenge facing policymakers.

“The irony is that the basic principles of successful investing are actually quite simple: diversify, invest for the long term and don't trade too much. Yet many people, including experienced investors, struggle to follow them. They still tend to sell when markets fall and remain heavily biased towards familiar assets close to home,” says Blom.

Given the political ambition to increase the share of wealth Europeans invest, the report concludes on a positive note. Blom adds, “Europe knows what is in the policy toolkit and has a large pool of potential investors. More savings are flowing into investments, countries such as Germany are introducing new incentives, and younger generations are far more willing to invest than older ones. The transition from saver to investor is already underway.”

• Read the full report on ING Think by ING Research

[¹] This survey was conducted by Ipsos on behalf of ING Research among consumers aged 18 and over in Belgium, France, Germany, Italy, the Netherlands, Poland, Romania, Spain, Switzerland, Türkiye, the United Kingdom, and Australia. The samples were representative of gender, age, and region in each country. Approximately 1,000 respondents per country participated in the online survey. Fieldwork for this wave was conducted between 27 July and 7 August 2026.