Emotion dominates the portfolio: 28% of Italians do not invest for fear of losing money

XTB-YouGov study: 75% of Italians did not invest in the past year; fear of losing money, poor financial literacy and lack of starting capital weigh heavily.

According to the latest study by XTB - the international fintech offering investment services online – and YouGov[1], conducted to explore Italians’ attitudes and barriers towards financial markets. The survey paints a picture in which emotions, perceptions of risk and economic constraints continue to hold back access to investment instruments, despite the growing digitalisation of financial services.

The study shows that 75% of Italians did not make any investment in the financial markets over the past year, confirming a “cultural lag” with respect to investing as a way of managing savings. Among non-investors, the main reasons point to very concrete obstacles: 41% say they do not have enough starting capital to begin investing. Alongside the financial dimension, there is also a psychological one, with 28% of respondents saying they are afraid of losing their money.

The perception that investing is “something for those who already have a lot” is confirmed by the fact that many Italians link the possibility of investing to a sudden increase in available resources: 24% believe they would only start if they won a major prize, such as the lottery or an inheritance, while 16% would do so only if they received a salary increase or extra income. In practice, Italians see their current financial situation as the bare minimum and have no intention of risking undermining it.

In their relationship with investments, a trust deficit towards the players in the system also weighs heavily. Among the reasons cited by non investors are, in fact, a lack of trust in brokers and financial institutions (15%), the belief that investing is just gambling (12%), and a preference for more traditional solutions, such as keeping savings in savings accounts or in property (20%) or, to a lesser extent, “under the mattress” (5%). The research also highlights a significant share of citizens who could potentially be activated through information and contextual levers.

Among non-investors, 10% say they would start investing if they had clearer, more transparent information, while 9% say they could be persuaded by reliable advice from someone they trust, confirming the key role of clear communication and high-quality advice. Of particular note, however, is the presence of a group of “hardliners”: 26% of non-investors say nothing could convince them to invest. This figure testifies to deep-seated distrust, or complete disaffection with the financial markets, which makes long-term work on financial education, risk awareness and understanding of the available instruments all the more urgent.

According to the study, then, many Italians keep away from investments not because they are uninterested, but because they feel unprepared, vulnerable or simply insecure when faced with choices they perceive as risky and which reveal their fear of ending up losing their money. Added to this is a degree of mistrust in industry experts such as brokers, who today still do not manage to be seen by Italians as a reliable source of information on the subject.

[1] Research conducted by YouGov on behalf of XTB. The total sample size interviewed for this survey was 1,036 adults. The interviews were conducted online from 9 to 10 October 2025.