Italian financial assets grow in Q4 2025

Italian households' financial assets increased by €34.2 billion in the fourth quarter of 2025, while non-financial corporations acquired €4.9 billion. Both sectors also saw an increase in their financial liabilities.

Households shift portfolios

In the fourth quarter of 2025, Italian households' net acquisition of financial assets totaled €34.2 billion.

This was primarily driven by increases in deposits (€20 billion), purchases of debt securities (€10.2 billion), and asset management products (€4.2 billion).

These gains were partially offset by net sales of shares and other equity, which amounted to -€7.9 billion.

Concurrently, households' financial liabilities rose by €15.6 billion, largely due to increases in other financial liabilities (€6.5 billion, mainly trade debts) and medium- and long-term bank loans (€5.9 billion), indicating a mixed financial picture for the sector.

Firms' mixed asset picture and data revisions

Italian non-financial corporations acquired financial assets totaling €4.9 billion in the fourth quarter of 2025.

This growth stemmed from increases in deposits (€14.1 billion), other financial assets (€9.5 billion, mainly trade credits), debt securities (€2.6 billion), and asset management products (€2.3 billion).

However, these acquisitions were significantly tempered by substantial sales of shares and other equity, amounting to -€23.6 billion.

Firms' financial liabilities increased by €27.9 billion, primarily driven by other financial liabilities (€14.6 billion, mainly trade and fiscal debts), loans (€6.8 billion), and the issuance of shares and other equity (€5.1 billion).

It is important to note that the Bank of Italy released revised Financial Account data on October 15, 2024, as part of a general five-year national accounts revision, incorporating innovations in data sources and revisions from other statistical domains.

Underlying shifts in financing

The divergent trends in asset acquisition, particularly the household shift towards safer assets and away from equity, suggest a cautious sentiment in the Italian economy.

For firms, the substantial equity sales alongside rising liabilities point to complex financing strategies, possibly driven by a need for capital or restructuring.

The pervasive increase in trade credits and debts across both sectors underscores the growing importance of inter-company and inter-household financing channels, reflecting broader liquidity dynamics.