Leaving money sitting in the current account is expensive: in the last four years the real value of the liquidity deposited in the bank has decreased due to inflation.
Some savers, aware of the situation, have chosen to move their money towards investments with higher returns. This is what emerges from the Bank of Italy data, which captures the evolution of household bank deposits between April 2022 and April 2026.
1,163 billion euros remain in current accounts
Italians, as we know, are a people of savers. The choice to leave money in the current account derives from habit, distrust towards other instruments or from lack of knowledge of alternatives.
According to Bankitalia’s analysis updated to 30 April 2026, 1,163 billion euros are deposited in the current accounts of Italian families.
In the period considered, the stocks of deposits remained almost unchanged, recording a decrease of 0.4%. Behind this apparent stability, however, lies a much more significant phenomenon: the purchasing power of those savings has been significantly reduced, eaten up by inflation.
How much they lost the money left in the account
By applying the trend of inflation to deposits through Istat’s Foi coefficients – as highlighted by the Sun 24 Hours – it emerges that the sums remaining in current accounts have lost 11.6% of their real value.
In practice, 1,000 euros deposited in April 2022 today have a purchasing power of approximately 884 euros. The balance in the account may have remained the same, but the quantity of goods and services that can be purchased with that sum has been decreasing.
Because many Italians are moving their liquidity
In recent times, more and more families have started to allocate part of their assets towards more profitable financial instruments.
The bond market has grown in recent years, among other things. At the same time, the household savings rate has also decreased, while investments have become one of the ways to try to limit the effects of inflation.
The Milan case
Milan is a significant case: in the Lombardy capital, the current accounts of resident families have decreased by 4% compared to 2022. This is approximately 3.75 billion euros less deposited in the bank. Despite this decline, Milan continues to collect around 90 billion euros, almost 8% of all the liquidity held by Italian families. The decrease in deposits is linked both to the effects of the inflationary crisis and to the shift of a part of savings towards investments such as government bonds, funds, shares and asset management.
The ranking of the provinces with the most liquidity
The provinces with the highest liquidity per capita are:
- Bolzano – 37,000 euros;
- Milan – 32,500 euros;
- Piacenza – 31,200 euros;
- Sondrio – 30,500 euros;
- Trento – 29,700 euros;
- Belluno – 29,500 euros.
At the other end of the list are:
- Crotone – 11,600 euros;
- Trapani – 12,900 euros;
- Syracuse – 13,000 euros;
- Ragusa – 14,200 euros;
- Palermo – 14,300 euros;
Between the province with the greatest availability of liquidity and the one with the least, the gap exceeds 25,000 euros per inhabitant.
Protect money from inflation
Those who wish to maintain good availability of sums can evaluate instruments such as monetary ETFs or free (i.e. non-restricted) deposit accounts.
Among the simplest solutions there are also BOTs and BTPs with short maturities, which have benefited from the increase in yields in recent years.
Warning: these are not tools for immediate enrichment, but solutions for parking capital while having some protection from inflation and, possibly, a margin. These are valid alternatives to the current account or postal passbook. Or the classic mattress.
Let’s get into the specifics.
BTp Italia is today probably the instrument considered most suitable against inflation. The capital is in fact revalued with Italian inflation. Coupons are also revalued. And there is the guarantee of the Italian State.
Short-term BOTs and BTPs are not indexed to inflation, but when rates are high they can offer returns that should not be underestimated. They are the main tool for parking liquidity.
Deposit accounts offer higher interest than current accounts and if the yield exceeds real inflation they allow you to buffer its effects. There’s just one problem: most savings accounts offer high returns for a few months and then the returns start to wane. In this case you have to get used to moving money from one account to another.
Monetary ETFs have become increasingly popular in recent years: they invest in very short-term monetary instruments and follow the trend of central bank rates. They are suitable for those who have high liquidity and aim for a small return. Other forms of ETFs should also not be underestimated, such as those related to the classic S&P 500, especially accumulation ones, and thematic ones in growth sectors. Remember that in the long term the stock market has always beaten inflation so stock ETFs can be a good alternative.
Gold is a safe haven asset that does not generate coupons or dividends, but tends to retain value during periods of high inflation or uncertainty. Many investors also purchase it through physical gold ETFs. Pay attention, however, to the right time to buy.
We can then consider bonds indexed to inflation: in addition to the BTP Italia, there are bonds indexed to European inflation or Tips (Treasury Inflation-Protected Securities) of the United States.
Let’s then talk about shares: investing in the stock market is also possible for those with a medium-low risk propensity. There are solid stock companies that are less affected by market fluctuations and which reward shareholders with more generous than average dividends. Anyone who invests in such companies, in jargon, is defined as a “drawer drawer”. For example, those of MPS, BPM and banks in general, those of Poste Italiane, those of utilities such as Eni and Enel, etc. are stock-drawer actions. Many foreign companies can also offer good dividends, but be careful about double taxation. But be careful: never invest in the stock market if you don’t know exactly what you are doing. The typical mistake is to focus on companies considered unsinkable by buying the stock at the highest levels. Some examples (with shares that aren’t worth the money, though): Fincantieri exceeded 19 euros in January and today is at 12/13 euros; Ferrari was at 440 euros last summer and today it is around 325 euros.
