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Savings and investment in Europe: trends in 2026 and their impact on economic competitiveness

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European savings are undergoing a transformation as investment patterns are changing in response to economic challenges and evolving individual expectations. What are the trends currently shaping household savings in Europe – and how can these funds be directed towards tomorrow’s challenges? BNP Paribas provides its analysis and perspective.

Savings in Europe: how do countries compare in 2026, and which investments are preferred? 

Contrasting household savings rates: the role of pensions, housing and demographics

€35 trillion: this is the total amount of European financial savings by the end of 2025. After peaking during the pandemic, the savings rate within the European Union (EU) remains high (14.2% at end 2025 according to Eurostat). Figures from The European Savings Observatory show that the highest rates are in Germany (19%) and France (18%), while some countries have lower levels such as Belgium (13%), Spain (12%) and Italy (11%).

Factors behind these differences include: 

  • Diverse pension systems: supplementary savings develop more where the welfare state can no longer fully provide for retirement and where pension funds play a more important role
  • Risk aversion, tax incentives, concerns about deteriorating public finances (anticipated tax increases), and different homeownership rates (in Spain, for example, the proportion of homeowners exceeds 76%, compared with 50% in Germany)
  • Uneven trends in disposable income and prices
  • Diverse demographic structures: savings rates for people aged 45 to 64 (who are preparing for retirement) are higher than those of other age groups.

Safety versus returns: why do Europeans still favour low-risk investments? 

 At €11.5 trillion, bank deposits represent a third of Europeans' liquid assets (1)… and this despite sometimes very low net returns. Households are also seeking “defensive” investments, such as active bond funds, which attracted nearly €310 billion in 2025 (2) - a level not seen for 10 years. Capital-guaranteed euro funds also remain popular: in France, at end 2025 (3), they still represented more than 68% of the total life insurance assets under management.

These investments reflect the uncertainties of our time: geopolitics, inflation, national debt, etc., not to mention concerns about future retirement income. With fewer than three working people for every retiree, nearly half of Europeans are unsure they can maintain a comfortable standard of living in retirement, according to the study European Retail Banking Radar 2025 from the Kearney consulting firm.

European savers’ behaviour: key figures for 2025

2/3

Europeans

save as a precaution

50 %

of European households

say their main reason for saving is to prepare for retirement

70 %

of household financial assets

are low-yield investments; only 17% are invested in financial instruments

Source : Why do europeans save? Micro-evidence from the household finance and consumption survey

Productive investments: a key lever for Europe's competitiveness

Savings accounts, shares, investment funds and retirement savings: where do Europeans invest their savings? 

While guaranteed-interest savings products contribute to the economy (like the Livret A in France which finances social housing but also small and medium-sized enterprises), another part of European savings is invested in growth-oriented investments that support European businesses: 

  • listed equities (company shares and stock market indices),
  • venture capital funds that invest in unlisted companies (FCPR and FCPI in France),
  • funds investing primarily in infrastructure: roads, district heating systems, water distribution, etc

The share of these investments varies greatly from one country to the next. According to Eurostat, deposits and cash account for 30% of household financial assets held in France and Belgium, compared to more than 50% in Poland but less than 15% in Denmark or Sweden. Holdings in shares and investment funds reach 50% in Hungary, more than 40% in Belgium and Spain, 30% in France but barely 20% in Poland and Slovakia. Finally, assets held in insurance products and supplementary pension schemes exceed 50% in the Netherlands, 40% in Ireland, but remain below 10% in Greece and the Czech Republic.

Retirement savings, however, remain limited within the EU, compared to other advanced economies: in fact, they represented 28% of GDP at the end of 2023 in Europe, compared to an average of 143% in the United States (4). 20% of Europeans have a company pension plan and 18% have taken out an individual pension product. However, instruments such as the Individual Retirement Savings Plan (or equivalent, depending on the country) are essential to the European Union: they channel household savings into long-term investments that finance growth and innovation.

An investment deficit in Europe: a €1.4 trillion annual investment shortfall

According to the European Banking Federation (EBF), Europe's productive investment gap is expected to reach €1.4 trillion per year by 2031 – or 7% of European GDP (5). These funds are needed to finance strategic sectors such as:

  • The energy transition (€480 billion needed),
  • European defence (€320 billion),
  • Digital technology (€160 billion),
  • Innovation (€150 billion),
  • Social infrastructure (€150 billion),
  • The environment (€120 billion).
Investment needs are concentrated on long-term, capital-intensive and high-risk assets, whose returns are often uncertain or only realised over the long term.

A strategic imperative: redirecting savings towards productive investment in Europe

Faced with these colossal needs, the EU must accelerate its roadmap so European companies can continue to mobilise the financial resources needed to preserve their competitiveness and capacity for innovation. In this context, redirecting savings towards productive investment has become a structural lever at the heart of the Savings and Investments Union (SIU). However, the challenge remains significant: according to the Cercle de l’Épargne (6), currently, 20% of European household savings are invested outside the continent each year,  i.e. close to €300 billion, mainly flowing to the United States due to the fragmentation of European markets and the perceived higher returns across the Atlantic.

However, a trend is beginning to emerge: investors are gradually rebalancing their portfolios in favour of Europe, recognising its potential for resilience and economic stability. BNP Paribas is supporting this momentum, as a key player in financing the transition and innovation on the continent.

We are convinced that the transitions related to energy, technology and sovereignty are major challenges that require our commitment and support. Furthermore, our clients' appetite for these sectors has grown significantly. BNP Paribas is ready to play its role as a leading financial player in Europe to support these transitions and meet the needs of our clients in this area, by accelerating the development of our specific solutions and funds.

Renaud Dumora

Deputy Chief Operating Officer of BNP Paribas, in charge of Investment & Protection Services

Youth investment in Europe: ETFs, crypto-assets and financial influence – 2024-2026 Trends 

ETFs and crypto-assets: why are young Europeans adopting these growth-oriented investments?

Beyond national differences, the savings strategies in Europe vary significantly across generations.
Individuals over the age of 50 traditionally favour financial security and wealth transfer with a stable share of secured assets (life insurance with capital-guaranteed euro funds, regulated savings accounts or equivalent) from age 35 (7).

Conversely, young European investors (18-34-year-olds) are increasingly turning to growth-oriented investments:

  • Stocks and ETFs: a YouGov study (2024) reveals a year-on-year 13% increase of the number of stock market investors among 25-34-year-olds in Europe (8). This trend can be explained by the accessibility of trading platforms (neobanks, mobile applications)and the growing popularity of ETFs (Exchange-Traded Funds), whose adoption progressed by 52% between 2022 and 2025 in this age group (9).
  • Cryptoassets: their popularity has increased by 8% a year since 2022. In 2026, 11% to 20% of Europeans (depending on the country) hold cryptoassets, to which they allocate 13% to 23% of their savings. In France, 18–34-year-olds account for 50% of buyers (10).

While cryptoassets are appealing, their volatility and their evolving regulatory framework require a measured approach.

The largest intergenerational wealth transfer in history

These shifts could intensify due to demographic changes. The coming decades will witness an unprecedented transfer of wealth between generations, with major implications for savings and investment strategies.  According to the Capgemini World Wealth Report 2025, approximately $83.5 trillion—equivalent to nearly €72 trillion—could change hands globally by 2048, as a substantial portion of current assets is held by individuals aged over 60.

Beyond legal and tax considerations, a key challenge lies in proactively engaging with future heirs—today, rather than waiting for succession. Their expectations are evolving: digital solutions, responsible investments, and personalised advice rank among their top priorities. For savings & investment players, the ability to support families holistically across generations—while addressing these new demands—has become a decisive factor in strengthening trust and driving growth in assets under management.

Finfluencers: how do they impact the decisions of young European savers?

Financial influencers (Finfluencers), who are highly active on social media (TikTok, YouTube, Instagram), play an increasing role in the investment decisions of young Europeans. They help democratise access to financial information and raise awareness among a new generation about savings and investment issues. Their advice, often accessible and simplified, can, however, carry risks:

  • disinformation: some content lacks rigour or downplays the risks associated with financial markets;
  • conflicts of interest or even scams: many influencers are not subject to the same regulatory obligations as finance professionals (11).

BNP Paribas' recommendation?

  1. Verify the information by checking it against trusted sources. Examples: check the international I-SCAN portal for its blacklist of investment companies and websites not authorised by more than 150 regulators worldwide (or on the website of the competent national authority – AMF, CONSOB, FSMA, BaFin, KNF, etc.).
  2. Cross-reference sources and rely on licensed financial advisors to build a long term and diversified savings strategy.

Savings in Europe by 2030: 3 key trends - AI, tokenisation and public-private cooperation

  • Cryptocurrencies and tokenised assets could become major growth opportunities for European savers. According to projections, the cryptocurrency market could grow at an average annual rate of 27.1% between 2025 and 2033 (13), while tokenisation – the digital representation of real-world assets (real estate, art, etc.) – could generate €2.7 billion in revenue in Europe by 2030 (14).

    Responsible investment trends diverge, according to a Morningstar analysis in 2025 (15):

    • Article 8 SFDR funds (Sustainable Finance Disclosure Regulation), which promote environmental or social characteristics, attracted €52 billion in net flows in the first quarter of 2025.
    • Conversely, Article 9 funds (with a measurable sustainable impact objective) suffered net withdrawals of €7.9 billion over the same period.
    • For comparison, Article 6 funds (which do not incorporate ESG criteria) attracted €112 billion in net inflows.

  • Artificial intelligence (AI) is transforming the way European savers decide on their investments. A global study by Accenture (2026) (16) reveals that:

    • 65% of respondents would be willing to use an AI-based financial assistant (such as ChatGPT),
    • 71% would appreciate the presence of an AI chatbot in their main bank's mobile application.

    However, despite this enthusiasm for digital tools, human support remains essential:

    • 37% of European customers prefer to visit a branch to resolve a problem (Oliver Wyman survey, 2026) (17),
    • 57% prefer face-to-face interaction for important matters (financial review, long-term investment strategy, complex investments, inheritance, etc.).

    European banks must therefore combine technological innovation and personalised customer relationships, particularly to meet current challenges: market volatility, inflation, and increasing complexity of financial products.

  • To boost European economic competitiveness, the institutions and member states are relying on strengthened public-private cooperation. Launched in March 2025, the Savings and Investments Union (SIU) aims to make savings a lever for growth in the European Economic Area (EEA).

    One concrete measure is to establish a “Finance Europe” label. The implementation of the “Finance Europe” label is currently supported by several member states and should be the subject of public announcements soon:

    • Its objective will be to give savers greater visibility of products that directly support the European economy.
    • The label will require a minimum allocation to European assets (at least 70% of assets in the European Economic Area) and an incentive for long-term holding (minimum investment period of 5 years).
    • Any tax incentives associated with the label will be determined by individual Member States, according to their tax policies.
    • Each Member State participating in this initiative is continuing its work to determine, by the end of 2026, which savings products are to be labelled.

    Member States are therefore working to identify products eligible for the label to simplify access for individuals and businesses to local and sustainable investment solutions.The objective is clear: this initiative is part of a broader strategy to further mobilise the savings of the 450 million citizens of the EEA in support of the ecological and digital transition.

Europe has considerable assets, of which it has yet to fully take advantage. These include abundant savings, which could be channelled into the European economy. The Savings and Investments Union, which has been under discussion for quite some time now, would allow us to mobilise these savings towards financing European companies, and in turn foster innovation, spur economic development and, ultimately, boost employment.

Jean-Laurent Bonnafé

Director and Chief Executive Officer of BNP Paribas

BNP Paribas' commitment to boosting savings in Europe

European savings facing today's challenges: a key role for banks

Banking groups, through their strength and resilience, play a key role in stimulating savings in Europe, through three key levers:

  1. Working with public authorities to stabilise regulatory and fiscal frameworks,
  2. Developing products with long-term, national or pan-European investment horizons, tailored to the needs and profiles of all savers,
  3. Strengthening individuals' financial literacy when it comes to informed savings choices, via instructive and transparent tools.
BNP Paribas contributes to this effort by working hand in hand with European institutions (European Commission, ECB, ESMA) and banking federations (EBF) in order to: harmonise practices between member states,remove tax obstacles to cross-border savings,guarantee the transparency of financial products, particularly regarding their sustainability credentials (ESG criteria, risks, etc.). 

BNP Paribas Asset Management: a major player in asset management in Europe

Following the Group’s acquisition of AXA IM, BNP Paribas Asset Management has become one of Europe's leading asset managers, with operations in 19 European countries and 35 countries worldwide. Its strong European footprint and expertise enable it to: 

  • design and distribute savings solutions for all client segments (individuals, institutions, companies),
  • cover all asset classes, from bonds to alternative assets (real estate, infrastructure, private equity, etc.),
  • offer responsible investment solutions that integrate ESG criteria, with funds aligned with the ecological (green bonds, low-carbon infrastructure, etc.) or social transition, certified by independent labels such as GreenFin, LuxFLAG and ISR). 

BNP Paribas is among the leading European players in bond management and money markets.

The Group also stands out as a European and global leader in private assets through its alternatives platform (BNP Paribas Asset Management Alts) and its securities services (BNP Paribas CIB), drawing on longstanding expertise and significant assets under management; and also in thematic investment solutions, aligned with major transitions (energy, digital/AI, green infrastructure, etc.). 
BNP Paribas Asset Management is also accelerating its ETF strategy, with the objectives for 2030 to propose over 185 ETFs (up from 110 ETFs as of July 2026) and to reach more than €100 billion in net assets under management from ETFs.

To meet the cross-border needs of European savers, BNP Paribas offers cross-border products eligible in multiple jurisdictions, like UCITS-compliant mutual funds, as well as dedicated solutions for international clients or to French expatriates in Europe. 

We need to channel household savings into long-term savings, for the benefit of both individuals and European businesses.

Sandro Pierri

Chief Executive Officer of BNP Paribas Asset Management

Savings and investment advice tailored to the specific characteristics of each European market 

Providing personalised, long-term support to clients: BNP Paribas’ approach

A leading expert in savings and investment advice, BNP Paribas supports its European clients in building balanced portfolios, aligned with their short-, medium- and long-term goals. This approach is based on local expertise in its four main domestic markets (France, Belgium, Italy, Luxembourg) as well as in Germany and Poland, with specific expertise in safeguarding financial assets through its Securities Services business within the CIB division. This expertise was also recognised with the award for “Europe's Best Bank for Securities Services” at the Global Euromoney Awards 2026, highlighting the Group's commitment to the security and transparency of its clients' assets.

Savings management in Europe: how BNP Paribas combines digital innovation, AI and human expertise

BNP Paribas is deploying digital and artificial intelligence solutions to support its clients in managing their savings and investments.

Through tools available via its mobile apps and websites (dashboard), savers benefit from real-time portfolio monitoring through interactive dashboards (performance by asset, allocation by asset class) and automated services such as, in France, the payment simulation tool and the Cascade service (scheduled transfers) or, in Poland, GOdreams (savings by objective: travel, training, personal projects).

BNP Paribas is using artificial intelligence in its investment advisory services to enhance efficiency and personalisation across the entire value chain. Combined with human expertise, the Bank uses it in particular to:

  • instantly analyse financial and non-financial information flows, in order to assess, in particular, the risks associated with issuers,
  • optimise portfolios using dedicated algorithms,
  • personalise recommendations based on clients' risk profile, investment horizons, and sustainability (ESG) preferences, and
  • provide dynamic portfolio reviews for business owners, family offices or wealthy individuals, with alerts on risk thresholds, arbitrage opportunities or adjustments related to macroeconomic events.

To meet the specific needs of each European market, BNP Paribas also offers MiFID II-compliant robo-advisory solutions, such as EasyInvest (Belgium and Luxembourg), Hello Invest Pilot (Italy) and Consorsbank (Germany).

Despite these technological advances, human connection and dialogue remain fundamental: BNP Paribas advisors provide active and emathetic listening to their clients, guiding with clarity and expertise in their decision-making. As Renaud Dumora, Deputy Chief Operating Officer of BNP Paribas and Head of the Investment & Protection Services division, points out: “The real issue is not about making AI ever more powerful. It's about finding a balance with humans and preserving what machines cannot simulate: presence, attention, active listening, understanding and so on. Empathy cannot be delegated to a machine.”  

This balanced approach combines digital innovation with close human support for BNP Paribas clients in France, Belgium, Italy, Luxembourg, Germany and Poland.

Should you delegate the management of your investments to experts? Superior performance with discretionary portfolio management  

Due to a lack of time and financial expertise in an increasingly complex environment, a growing number of BNP Paribas clients are opting for discretionary portfolio management, which consists of entrusting the day-to-day management of their investment portfolios to financial market experts at BNP Paribas Wealth Management. This expertise also benefits individual savers of the Group's commercial banks. The result: over 5 years, the performance is on average 4 times higher than self-managed portfolios. A key driver of this performance is the asset allocation strategy, which accounts for three-quarters of the long-term performance of an investment portfolio.

find out morE about Discretionary Portofolio Management
In an increasingly complex and volatile financial landscape, savers need more than ever the support of a responsive, trusted expert to make informed decisions. Our goal is to become the leading partner in savings and investment by combining the long-standing expertise of BNP Paribas Wealth Management with the breadth of the Group's product offering and distribution network, while developing digital innovation and transparency in the net performance of portfolios.

Virginie Delaunay

Deputy CEO of BNP Paribas Wealth Management and co-pilot of the BNP Paribas Savings & Investment programme     

European savings are at a turning point: how they are channelled into productive and responsible investments will determine the continent's competitiveness tomorrow. With its pan-European roots and expertise in asset management, BNP Paribas is committed to supporting this transition by offering innovative, secure solutions aligned with savers' needs and the European Union's priorities.

Sources

  1. Turning openness into strength: The moment for the euro, European Central Bank, October 2025 
  2. Active bonds shine as European fund flows hit records in 2025, Funds Europe, january 2025
  3. No. 179: Life insurance in 2025 | Prudential Supervision and Resolution Authority (in french only) 
  4. Europe is missing over €19 trillion in stock market capitalisation and retirement savings, Molinari Economic Institute, May 2025 (in french only)
  5. European bank competitiveness, European Banking Federation, 2026
  6. A European label for savings, Cercle de l'Épargne, June 2025 (in french only)
  7. Ageing and demand for safe assets in the euro area, European Stability Mechanism, 2025
  8. People & Money, The trends shaping investing in Europe, Black Rock & YouGov, 2024
  9. People & Money, The next wave of ETF investors in Europe, BlackRok & YouGov, 2025
  10. 2026 Adan Ipsos Barometer dedicated to the adoption of crypto assets in France and Europe (in french only)
  11. Call for evidence on the retail investment journey, ESMA, 2025
  12. Understanding finfluencers: Roles and strategic partnerships in retail investor engagement, Journal of Business Research, 2025
  13. Europe Crypto Wallet Market Size & Outlook, GrandView Research 2026-2033
  14. Europe Tokenization Market Size & Outlook, GrandView Research, 2025-2030
  15. SFDR Article 8 and Article 9 Funds: Q3 2025 in Review, Morning Star, 2025
  16. Unconstrained Banking, Accenture Trends, 2026
  17. 7 top trends reshaping retail banking distribution, Oliver Wyman, 2026.

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