ING Research Finds Shifting More European Household Savings From Deposits Into Investments Could Add Trillions in Wealth and Strengthen Long-Term Economic Growth

ING Research Finds Shifting More European Household Savings From Deposits Into Investments Could Add Trillions in Wealth and Strengthen Long-Term Economic Growth

(IN BRIEF) ING Research has found that European households could have accumulated substantially more wealth if a greater portion of their savings had been invested rather than retained in bank deposits, while also providing more domestic capital for businesses and long-term economic growth. The analysis estimates that eurozone household wealth could have been €1.17 trillion higher by 2025, equivalent to 7.4% of GDP, if one quarter of deposit flows since 2002 had instead gone into investment funds; allocating the same amount to listed shares could have generated an additional €2.79 trillion, or 17.7% of GDP. Although deposits still represented 62% of liquid eurozone household assets in 2025, down from 67% in 2019, investment behaviour is shifting, with funds reaching a 23% share and households directing more new savings toward stocks, bonds and funds since 2025. ING also found that half of savers already invest and another 30% would consider doing so, but 42% still view investing as comparable to gambling. Chief Economist Marieke Blom argues that institutions, incentives and financial education can significantly influence participation and help accelerate Europe’s transition from saver to investor.

(PRESS RELEASE) AMSTERDAM, 10-Sep-2026 — /EuropaWire/ — ING Research has published new analysis showing that European households could have accumulated substantially greater financial wealth if a larger share of savings traditionally held in bank deposits had instead been invested in capital markets.

According to the research, eurozone household wealth could have been €1.17 trillion higher by 2025 if just one quarter of the money directed into deposits since 2002 had instead been invested in investment funds. That amount is equivalent to approximately 7.4% of eurozone GDP.

Had the same proportion been invested in listed shares, the estimated additional household wealth would have reached €2.79 trillion, or 17.7% of eurozone GDP.

The study examines how European policymakers could encourage households to move a greater proportion of precautionary savings into productive investments, potentially strengthening personal wealth accumulation while also directing more domestic capital toward businesses, innovation and future economic growth.

Europe’s financial savings pool has expanded significantly

ING Research challenges the common perception that Europeans have always been exceptionally high savers.

Between 2010 and 2021, eurozone households on average allocated a smaller proportion of their income to financial wealth accumulation than households in the United States.

The pattern changed significantly after 2021. Eurozone households now direct around 6% of disposable income into financial savings, approximately twice the US rate and well above levels recorded before the pandemic.

ING argues that this expanding pool of household savings represents a potentially important source of capital for Europe if a greater proportion is gradually channelled toward investment.

Deposits still dominate European household financial assets

Despite the increase in saving, a large proportion of European liquid financial wealth remains held in bank deposits.

This contrasts sharply with the United States, where household investments are worth approximately five times the value of deposits, according to the research.

Savings behaviour also varies considerably across Europe. Germany and France continue to record some of the highest household saving rates, while Spain and Italy have lower rates.

ING Research found that concerns about future retirement provision are associated with higher levels of financial saving, suggesting that precautionary behaviour remains an important influence on how European households allocate their money.

Quarter shift from deposits to funds could have added €1.17 trillion

ING calculated the historical opportunity cost of deposit-heavy saving by comparing the actual returns generated by deposits, investment funds and listed shares.

Had households redirected only 25% of the money placed in deposits since 2002 into investment funds, eurozone household wealth could have been €1.17 trillion higher by 2025.

The estimated missed return becomes substantially larger when listed equities are considered. Investing the same proportion in listed shares could have increased household wealth by €2.79 trillion.

The calculations illustrate the potential long-term effect of asset allocation decisions even without requiring households to move the majority of their savings away from deposits.

Europeans are already directing more savings toward investments

ING Research found evidence that household behaviour is beginning to change.

Since 2025, Europeans have been directing more new financial savings into stocks, bonds and investment funds than into bank deposits.

As investment assets have generally generated higher returns, the proportion of liquid eurozone household assets held in deposits has fallen from 67% in 2019 to 62% in 2025, its lowest level since 2008.

Investment funds, including exchange-traded funds (ETFs), accounted for 23% of eurozone liquid household assets in 2025, their highest share since the beginning of the century.

ING said these changes indicate that the transition from saving predominantly through deposits toward broader investment participation has already begun.

Survey indicates significant willingness to invest

ING’s research also points to substantial potential for further participation in capital markets.

Among households that have savings, half already invest, while another 30% say they would consider investing in the future.

Younger generations are more positive about investing than older consumers, suggesting that demographic change could further accelerate participation in financial markets over time.

The report argues that European attitudes toward investing are not simply the result of ingrained cultural preferences.

ING says institutions and incentives shape investor behaviour

Marieke Blom, Chief Economist and Global Head of Research at ING and author of the report, said examples from Sweden, Denmark and the Netherlands demonstrate that household investment behaviour can be strongly influenced by institutional structures rather than culture alone.

She also pointed to the United States’ 401(k) retirement system as evidence that well-designed incentives from governments and employers can encourage households to participate in capital markets at scale.

ING argues that policy design could therefore play a central role in converting a larger portion of Europe’s savings pool into productive investment.

Financial literacy remains a significant obstacle

Despite increasing investment participation, financial knowledge and perceptions of risk remain important barriers.

The survey found that 42% of Europeans agree with the statement that investing is “like gambling at a casino.”

ING said this finding illustrates the scale of the financial literacy challenge policymakers face if they want to encourage more households to invest.

Blom said the core principles of successful long-term investing are relatively straightforward — including diversification, maintaining a long investment horizon and avoiding excessive trading — but many investors still struggle to follow them consistently.

Investors can be prone to selling during market declines and maintaining a strong preference for familiar domestic assets, potentially reducing the benefits of diversification.

European policy initiatives could accelerate the transition

ING Research concludes that Europe already possesses many of the tools required to encourage greater household investment.

More savings are flowing toward investments, governments are exploring and introducing incentives, and younger consumers display greater willingness to participate in financial markets.

Germany is among the countries implementing new measures intended to encourage investment participation.

The report argues that strengthening incentives, improving financial education and creating accessible investment structures could help households build wealth while simultaneously increasing the supply of domestic capital available to European businesses.

Household investments could contribute to business financing and economic growth

Encouraging households to diversify a larger portion of their financial assets away from deposits could have implications beyond individual wealth creation.

Investment funds, bonds and equities can channel household capital toward businesses and productive assets, potentially supporting corporate financing, innovation and economic expansion.

ING therefore positions household investment policy as part of a wider European discussion about how to mobilise domestic savings for future economic growth while helping individuals build stronger long-term financial positions.

Survey covered consumers across multiple European markets

The accompanying consumer survey was conducted by Ipsos on behalf of ING Research among adults aged 18 and older.

Markets surveyed included Belgium, France, Germany, Italy, the Netherlands, Poland, Romania, Spain, Switzerland, Türkiye and the United Kingdom, as well as Australia.

Approximately 1,000 respondents per country participated in the online survey, with samples designed to be representative by gender, age and region.

Fieldwork was conducted between 27 July and 7 August 2026.

Key findings ING Research

• ING Research calculates that eurozone household wealth could have been €1.17 trillion higher by 2025 if just a quarter of the money directed into deposits since 2002 had instead been invested in funds.
• The missed gains rise to €2.79 trillion if that money had been invested in listed shares, equivalent to 17.7% of eurozone GDP.
• Germany and France continue to register some of the highest saving rates, while Spain and Italy save less.

Media Contact:

Raymond Vermeulen
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Head of Media Relations & Issue Management

SOURCE: ING