Amundi Decoding: Savers report 2026
Savers DECODING 2026 Marketing Communication
Introduction This year, alongside our global investor survey, we have spoken to 4,574 savers across 12 markets. We have a robust understanding of investors through our Decoding Investments series, but we cannot fully explain investment participation without also understanding those who actively choose to save rather than invest, and those who for several reasons, have not yet taken steps to start investing. We have surveyed savers to compare perspectives and pinpoint the barriers – and triggers – that move people from saving to investing. We define savers as those who have savings held across cash savings, bank deposit accounts and savings accounts, but no forms of investable assets. The survey was conducted online, in local languages in April and May of 2026. We set quotas on age and gender to ensure that we have a representative view of savers. Market Total Male Female 18-20 21-30 31-40 41-50 51-60 61+ Belgium 208 49% 51% 4% 14% 17% 16% 15% 34% Denmark 415 50% 50% 2% 21% 12% 18% 14% 33% France 414 47% 53% 5% 14% 16% 16% 16% 34% Germany 418 49% 51% 3% 16% 13% 16% 17% 36% Hong Kong 420 49% 51% 4% 14% 15% 18% 18% 31% Italy 416 48% 52% 4% 11% 16% 16% 15% 38% Netherlands 205 49% 51% 3% 18% 13% 16% 16% 34% Spain 416 48% 52% 6% 9% 16% 19% 17% 33% Singapore 418 50% 50% 4% 17% 19% 21% 16% 24% Sweden 412 49% 51% 3% 14% 17% 17% 16% 32% Taiwan 420 51% 49% 3% 14% 15% 24% 14% 30% UK 409 48% 52% 4% 13% 19% 16% 16% 32% A profile of savers Unlocking appetite for investing Three in ten savers hold more than €60,000 in savings 43% of savers say they are likely to start investing within the next 12 months Household income levels are not dramatically different to that of investors, but gaps in knowledge and self‑belief are pronounced. Many savers aim to start investing, but intent does not translate seamlessly into action. Fear of loss, cash security and perceived complexity continue to hold many back. 04 ‑ 05 06 ‑ 27 Headlines People with savings but no investments are not simply disinterested in investing. Many are actively saving, holding significant amounts of cash, and aware of investing’s long‑term value – but low confidence and uncertainty around risk are holding people back. Patterns vary by life stage, wealth and market context.
A profile of savers 1 4 DECODING | Savers People with savings but no investments typically sit in the lower savings bands, with nearly one in three holding less than €5,950 and three in five holding less than €60,000. However, around three in ten savers (28%) hold more than €60,000, and a minority (8%), hold significant balances of more than €595,000. Fig. 2: Financial literacy scores for savers vs. investors (all comparable markets)* Fig. 3: Self-defined investment knowledge for savers vs. investors* 5 DECODING | Savers As we might expect, many savers recognise they have a low level of financial understanding and confidence, with 47% of savers describing themselves as beginners. This is reflected in their relative financial literacy levels - only 16% of savers answer all three financial literacy questions correctly, compared with 48% of investors, while over half score one or zero. That demonstrates a significant opportunity for providers to take on the role of the educator. Taken together, this suggests that the transition from saving to investing is as much about education as it is about wealth. Engagement seems to be closely associated with greater understanding and confidence, with those who invest displaying greater financial confidence. This indicates that the right support can create a reinforcing cycle, where taking the first steps toward investing helps people feel more capable over time. Savers Savers Investors Investors 0/3 score Beginner 1/3 score Somewhat knowledgable 2/3 score Confident 3/3 score Expert 25% 47% 10% 26% 17% 35% 25% 25% 48% 11% 16% 9% 33% 24% 26% 16% Fig. 1: Total value of savings held* Less than €5,950 (31%) €5,950 - €29,749 (20%) €119,000 - €237,999 (5%) €29,750 - €59,499 (9%) €238,000 - €594,999 (9%) €59,500 - €118,999 (6%) €595,000+ (8%) Prefer not to say / Unsure (12%) * Base size: all savers, n=4,574 * Base size: all savers, n=4,574 / Investor Base size: total investors across all comparable markets, n=6,106
Unlocking appetite for investing 2 6 DECODING | Savers 43% of savers say that they are likely to start investing within the next 12 months. This intent is strongest among younger age groups, peaking at 62% among those aged 21–30, but interest is not confined to the young. Across all age groups we see a meaningful willingness to consider investing in the short ‑ term. Savers are engaged and intentional, though often conflicted. Fig. 4: % of savers likely / very likely to starting investing within the next 12 months* 7 DECODING | Savers However, investment intent coexists with hesitation. Fear of loss, uncertainty about risk, and concerns about complexity remain the dominant barriers to action, even among wealthier and more financially literate savers. For providers, the opportunity lies in converting latent willingness into action by improving understanding, reducing perceived complexity, and supporting confidence around risk. 43% 49% 43% 62% 38% 34% 10% 20% 30% ‑ age 31 ‑ 40 ‑ age 41 ‑ 50 ‑ age 21 ‑ 30 ‑ age 51 ‑ 60 ‑ age 61 + 40% 50% 60% 70% * Base size: all savers, n=4,574 * Base size: all savers, n=4,574
1. Unlocking appetite for investing 8 DECODING | Savers ITA 26% ESP 35% FRA 27% NLD 30% GBR 33% BEL 24% DEU 24% DNK 79% SWE 44% Among those with lower household income (31%) almost 1 in 3 people express an interest in making a start in investing – representing an opportunity for providers to help make investing accessible and inclusive for all segments. While appetite for investing rises sharply with wealth, it is not limited to the wealthiest respondents. Where intent differs most clearly is by market. Savers in Denmark, Singapore, Hong Kong and Taiwan are far more likely to say they expect to start investing than those in many Western European markets. These differences are unlikely to reflect a single underlying factor. Higher intent may instead be explained by a combination of stronger investment cultures and a higher degree of personal responsibility for long - term financial outcomes. 2. Unlocking appetite for investing 9 DECODING | Savers TWN 49% HKG 58% SNG 73% HOUSEHOLD INCOME SAVINGS 31% Low Medium High Less than €5,950 €5,950 - €59,499 €59,500 - €356,999 €357,000+ 55% 77% 78% 67% 43% 29% Fig. 5: % of savers likely / very likely to starting investing within the next 12 months - by market, household income and savings* * Base size: all savers, n=4,574 * Base size: all savers, n=4,574
2. Unlocking appetite for investing Fig. 6: Reasons why savers are not currently investing* 10 DECODING | Savers 39% of savers cite fear of losing money as their primary reason for not investing, rising to 42% of savers with an income over €96,000. Fear and uncertainty are the primary barriers keeping savers on the sidelines. Barrier Recommendation 1 I’m afraid to lose money Perceived Risk: support savers in understanding the risks of not investing and the potential returns of a long ‑ term investment habit. 39% 2 I’m not interested in investing Engagement: provide interesting and engaging content to help savers understand the potential benefits of investing. 25% 3 I believe it is risky / speculative Risk: provide information about investment risk and the impact of inflation on savings. 21% 4 I prefer cash for immediate access Accessibility: build simple journeys and help savers understand that investing doesn’t always mean you can’t access your money when needed. 19% 5 I don’t trust institutions or brokers Trust: offer investment opportunities via trusted relationships, through their daily bank or savings platform. 18% 6 I don’t have enough money Perceived Restrictions: reduce minimum investment amounts, allow fractional shares, automate investment plans. 16% 2. Unlocking appetite for investing 11 DECODING | Savers While one ‑ in ‑ four savers say they are simply not interested in investing, many identify anxiety around risk and losses as barriers to investing. 21% of savers say they believe investing is too risky, while 18% say they don’t trust financial institutions. One in five savers (19%) say they are prioritising keeping cash accessible. This group also tends to have higher incomes and larger savings pots, suggesting they may be holding an oversized buffer. Others feel they do not have enough money to start (16%), suggesting that reducing barriers to entry could encourage savers to take their first steps toward investing. * Base size: all savers, n=4,574 Higher among: High HHI - 42% €59,500-€356,999 cash savings: 47% Higher among: Low HHI - 29% Under €5,950 cash savings: 31% Higher among: High HHI - 35% €59,500-€356,999 cash savings: 36% Barrier Recommendation Higher among: High HHI - 35% Over €357,000 cash savings: 35% Higher among: High HHI - 34% Over €357,000 cash savings: 35% Higher among: Low HHI - 22% Under €5,950 cash savings: 29%
Nearly half of savers cite emergency or precautionary needs as their main reason for keeping money in cash or savings accounts, making short‑term security the clear anchor of cash‑holding behaviour. This reinforces that cash is seen first and foremost as a buffer against uncertainty – particularly among lower wealth groups. Beyond this, one third are saving for medium‑term goals and almost three in ten for longer‑term objectives such as retirement. Interestingly 17% are holding cash with no plan for it at all. 2. Unlocking appetite for investing Cash is held primarily for security and near‑term certainty. 12 DECODING | Savers 2. Unlocking appetite for investing Fig. 7: Reasons why savers keep money in cash or savings accounts – by household income* 13 DECODING | Savers The balance of motivations varies sharply by context. Lower‑income households prioritise precautionary savings, while higher‑income groups are far more likely to hold cash for planned medium and long‑term goals. For providers, there is an opportunity to engage those with more precautionary savings, by demystifying concerns about access to investments when needed. There is also a challenge in overcoming a long ‑ established tendency towards cash, while also helping savers understand the value of considering investments for longer - term goals; to benefit from compounding over time and to help offset the effects of inflation. 17% 29% Low HHI: 18% Medium HHI: 43% High HHI: 55% I keep it in cash by default Long-term goals (e.g. retirement) Specific medium-term goal (e.g. to travel) Emergency fund / precautionary savings Low HHI: 23% Medium HHI: 39% High HHI: 64% Low HHI: 50% Medium HHI: 44% High HHI: 39% 33% 46% Low HHI: 21% Medium HHI: 14% High HHI: 6% *Base size: all savers, n=4,574
Over half of savers (52%) say less than six months’ worth of income would suffice as a buffer for unforeseen expenses. Indeed, only 30% say they would need a full year’s income set aside to feel comfortable. However, this appears to contradict the amount some are saving, with savers in the highest wealth bracket in particular seeming to hold a significant surplus relative to the buffer they say they need. 2. Unlocking appetite for investing Fig. 8: Months’ worth of income savers feel they should have saved to be financially secure in case of an unforeseen event requiring immediate expenses – by size of savings pot* Many savers are holding more cash than they need to. 14 DECODING | Savers 15% 21% 15% 11% 16% 1-3 months 4% 9% 1% 1% 1% Less than 1 month Total Less than €5,950 €5,950 - €59,499 €59,500 - €356,999 €357,000 2. Unlocking appetite for investing 15 DECODING | Savers We have already seen that emergency and precautionary motives are the main reasons savers keep money in cash and savings accounts. But when viewed alongside current savings balances, the data suggests that many wealthier savers are holding cash well beyond the level they say would be sufficient to feel financially secure. This points to an important distinction. While perceived precautionary needs remain a real barrier to investing, particularly for less affluent groups, among wealthier segments the challenge is less about safety and more about demonstrating how surplus cash can be deployed to achieve financial goals. 33% 22% 35% 48% 59% 3-6 months 16% 19% 18% 14% 4% More than 12 months 18% 13% 23% 22% 20% 6-12 months KEY Action point: Providers can help customers define and ring-fence an emergency buffer and identify surplus cash to deploy towards medium and long-term goals through investment pathways. * Base size: all savers, n=4,574
Overall, savers’ attitudes toward investing reflect a mix of emotions, with certain tensions becoming more pronounced for particular groups. 2. Unlocking appetite for investing Fig. 9: How savers feel when they think about investing part of their savings – by gender and household income* Investment thinking is shaped by emotional tension. 16 DECODING | Savers Women are significantly more likely to feel anxious or overwhelmed, while men are more likely to report confidence and control. Higher - income households are more confident, optimistic and in control, while lower‑income groups skew towards anxiety and feeling overwhelmed. The gap is not subtle: where high‑income savers largely feel capable of navigating investing, lower‑income savers are far more likely to feel uncertain about both risk and process. Anxious Confident Men Women Low HHI Mid HHI High HHI 28% 29% 22% 35% 23% 13% 46% 65% 20% 6% 34% 39% Pessimistic Optimistic Men Women Low HHI Mid HHI High HHI 21% 23% 18% 26% 21% 18% 30% 37% 13% 8% 24% 29% 2. Unlocking appetite for investing 17 DECODING | Savers Overwhelmed Disinterested Not in control Clear Engaged In control Men Men Men Women Women Women Low HHI Low HHI Low HHI Mid HHI Mid HHI Mid HHI High HHI High HHI High HHI 25% 20% 23% 26% 29% 30% 21% 19% 19% 30% 32% 36% 22% 27% 25% 18% 21% 20% 37% 39% 45% 43% 51% 55% 23% 15% 17% 14% 13% 10% 30% 22% 27% 30% 24% 30% * Base size: all savers, n=4,574
2. Unlocking appetite for investing Fig. 10: How savers feel when they think about investing part of their savings – by region* 18 DECODING | Savers A further divide appears by region. In Asia, sentiment is markedly more positive and self-assured: a majority report confidence (53%), alongside higher optimism (29%), greater clarity about choices (41%), stronger engagement (39%) and a stronger sense of control (45%). In Europe, the picture is more ambivalent and stress - tilted, with lower confidence (20%) and higher anxiety (34%), pessimism (25%) and overwhelm (28%), alongside higher neutrality across measures. 53% 14% 29% 12% 41% 19% 20% 34% 21% 25% 20% 28% Confident Anxious Optimistic Pessimistic Clear Over- whelmed 2. Unlocking appetite for investing 19 DECODING | Savers In other words, Europe looks more weighted towards uncertainty and complexity as barriers, while Asia looks more ready to act even if not yet participating. Taken together, the data shows that non‑investment is rarely driven by a clear rejection of investing. Instead, interest, concern and uncertainty coexist without resolving into action. 39% 18% 45% 14% 25% 21% 25% 27% Engaged Disinterested In control Not in control Asia Europe * Base size: all savers, n=4,574
While many savers acknowledge the long‑term benefits of investing in principle, concern about market risk is widespread – and is most pronounced among higher‑income, higher‑wealth and more financially literate groups. 2. Unlocking appetite for investing Fig. 11: % of savers agreeing with a range of statements on investing - with selected breakdowns by financial literacy, household income, and savings* Affluent savers see investing as risky and complex – even if they recognise its long‑term value. 20 DECODING | Savers Real estate always goes up in value – it’s the safest investment You have to trade frequently to succeed with investing Investing is only for rich people If you’re not a finance expert, you will lose money in the stock market Enjoying your life now means sacrificing your future financial security Investors with long ‑ term views benefit the most Investing is too complicated The stock market is speculative and risky 9% 16% 17% 18% 21% 25% 32% 40% 2. Unlocking appetite for investing 21 DECODING | Savers It is also evident that wealthier segments of savers are more likely to agree that investments are too complicated and to suggest that investors must trade frequently to succeed – both of which suggest a fundamental misunderstanding of the range of investment options available to them. Helping affluent and mass affluent segments clearly distinguish between trading and long‑term investing, and between complex strategies and simpler, systematic options, may be as important as addressing perceptions of risk itself. Progress is likely to come from clearer narratives about how people can invest, not only stronger arguments about why they should. 18 26 36 30 28 41 44 51 21 47 27 18 33 46 13 13 33 28 42 50 27 26 46 44 53 52 33 36 27 49 31 51 20 0/3 FL Score Less than €5,950 €5,950 ‑ €59,499 €59,500 ‑ €356,999 €356,999+ Low HHI 1/3 FL Score 2/3 FL Score Medium HHI 3/3 FL Score High HHI Levels of agreement by financial literacy KEY Levels of agreement by household income Levels of agreement by savings % stating the stock market is speculative and risky % stating enjoying your life now means sacrificing your future financial security % stating investing is too complicated * Base size: all savers, n=4,574
2. Unlocking appetite for investing Fig. 12: Factors that would make savers seriously consider investing in the next 12 months – by household income* Incentives are the fastest route to behaviour change – but framing is key. 22 DECODING | Savers 7% 12% 24% 25% 28% 31% Guidance from an AI assistant Advice from a financial influencer I follow Advice from a qualified financial advisor who explains things in plain language A friend / family member personally helping me to start investing Guarantee that my money is invested aligned to my values A small cash bonus or other financial incentive to start investing Low HHI Medium HHI High HHI 10% 20% 30% 40% 50% 60% 2. Unlocking appetite for investing 23 DECODING | Savers At first glance, financial bonuses (including government incentives) appear to be the strongest individual trigger to getting savers to invest over the next 12 months. However, seen in the context of everything else we know about savers, this may be better interpreted as a confidence signal rather than a reward. Savers consistently cite fear of loss and risk as issues – particularly higher wealth groups. As such, financial incentives likely operate as a way of reducing perceived downside and a justification for taking that first step. Alongside this, the most commonly cited triggers are guarantees or alignment assurances (28%) . This has clear product implications for providers, including objective‑led solutions, from thematic ranges to income‑targeted funds. Savers are also looking for reassurance in the form of human support – either from a qualified financial adviser (24%) or from trusted friends or family (25%) . These responses point to a need for confidence, trust and peace of mind before taking action. Influencers (12%) and AI (7%) are also cited as factors that would make savers consider investing, reinforcing the recommendation for a blended advice approach from providers: simple digital journeys supported by accessible human guidance. * Base size: all savers, n=4,574
2. Unlocking appetite for investing Fig. 13: Most important features to savers for “starter investing options” for first time investors* First‑time investors prioritise simplicity, flexibility and protection over sophistication. 24 DECODING | Savers What savers say they need to start investing are simple journeys. The most important features are the ability to start with any amount, clear upfront fees, penalty‑free access to money, and simple, low‑cost managed portfolios. Together, these preferences suggest that early engagement is dependent on investing feeling manageable and flexible. Simplifying choice also has a significant role to play. Many savers want more guided options, with 25% seeking managed portfolios, making it easier for them to identify investments that are better suited to their needs. This is particularly true for those in their 20s: 36% of these savers are more likely to favour easy, low-cost diversified portfolios when considering investing for the first time. Human support available when I need it Clear explanation of what I could lose A product with loss ‑ limiting protection features 10% 11% 14% 21% 2. Unlocking appetite for investing 25 DECODING | Savers Priorities also vary by earnings. Higher‑income savers place greater emphasis on protection, managed solutions and ease of withdrawal, while lower‑income groups focus more narrowly low minimum amounts. Easy, low ‑ cost and diversified portfolios managed for me Ability to access / withdraw my money anytime with no penalties Clear, simple fees upfront No minimum investment amounts HIGH household income Loss-limiting / protection features (46%) Easy, low-cost diversified portfolios managed for me (39%) Access / withdraw my money anytime with no penalties (39%) LOW household income No minimum investment amounts (37%) AGE 21 ‑ 30 Easy, low-cost diversified portfolios managed for me (36%) 25% 26% 28% 33% * Base size: all savers, n=4,574 Automatic monthly investment option
We see that many people who are not yet investing are already engaged in the decisions that surround it: saving deliberately, managing risk, and weighing future needs against present security. What holds them back is not a lack of interest, but uncertainty about how to move from preparation to participation. The opportunity for providers and platforms is to simplify entry and support decision-making, reducing perceived downside and helping people choose without overwhelming them. A winning model is likely blended: digital journeys for simplicity and scale, with timely human support at the points where confidence breaks down. 2. Unlocking appetite for investing 26 DECODING | Savers 2. Unlocking appetite for investing 27 DECODING | Savers Key takeaway
2026 Marketing Communication DECODING ETF Investors What’s Next? At Amundi, we are committed to providing valuable insight to our partners. Retail investing has been overhauled in the last decade, but as our research finds, there are clear and established retail investor habits, motivations, and desires globally. If you would like to find out more, or ask us a specific question about our global retail investor study, please reach out: Teresa Santos Client Insights Analyst teresa.santos@amundi.com Miriam Oucouc Global Head of Client Experience & ETF Marketing miriam.oucouc@amundi.com Bethany Morris Head of Client Insights & Innovation bethany.morris@amundi.com Ashleigh Cowie-Jackson Client Engagement Lead ashleigh.cowie-jackson@amundi.com Bertrand Fontaneau Client Insights Manager bertrand.fontaneau@amundi.com DECODING | Savers WWW.AMUNDI.COM
Amundi Asset Management SAS French “Société par Actions Simplifiée” with a capital of €1,143,615,555 Portfolio Management Company approved by the AMF under number GP 04000036 RCS PARIS 437 574 452 Registered office: 91-93, boulevard Pasteur, 75015 Paris - France Postal address: 91-93, boulevard Pasteur, 75015 Paris- France Tel: +33 (0)1 76 33 30 30 The information contained in this document is deemed accurate as at 1 June, 2026 (source: Amundi). IMPORTANT INFORMATION This document contains information which summarize the result and the findings of a survey conducted by Amundi Asset Management S.A.S. The views and the findings should not be relied upon as investment advice, security recommendation, or as an indication of trading for any Amundi product. This material is provided for illustrative purposes only and does not constitute an offer or solicitation to buy or sell any security, fund units or services. Whilst due care and attention has been taken during the preparation of this document, the Amundi group of companies cannot accept liability for any errors or omissions contained within and expressly disclaim any liability whether in contract or negligence to the addressee of this document or any third party. Investment involves risks, including market, political, liquidity and currency risks . The information contained herein is as at June 2026 except where otherwise stated.