Unioncamere and its research arm, the Centro Studi Guglielmo Tagliacarne, have released provincial-level data showing that Italian households saved 8.28% of their disposable income in 2024, up from 7.55% in 2019. The five-year trend marks a steady but uneven shift in household financial behavior, with the North-South divide widening rather than closing.
Why This Matters
• Northern households saved nearly 10% of income in 2024, versus just 6.08% in the South — a gap that has grown despite Southern economic growth.
• Milan residents averaged €3,920 per capita in savings — more than four times the Southern average of €1,081.
• Remote work correlates with higher savings: workers in high smart-working provinces saved 9.45% of earnings versus 7.67% where remote work is rare.
The North-South Savings Chasm
The study confirms what many living in Italy already experience daily: saving money is far easier if you live north of Rome. Piemonte led all regions with a 10.70% savings rate, placing every one of its provinces in the national top ten. Lombardy followed at 10.46%, and Emilia-Romagna at 10.14%.
The top three provinces were all Piedmontese: Biella retained its title as Italy's "savings capital" at 14.37%, trailed by Asti (12.79%) and Vercelli (12.53%). In fact, the first 21 provinces in the national ranking are all located in the North.
Southern Italy tells a starkly different story. Crotone ranked last at 4.30%, followed by Siracusa (4.37%) and Ragusa (4.51%). The first Southern province to appear in the rankings was Avellino, at 22nd place with 9.65%. Central Italy fared only slightly better, with Ancona entering at 36th (8.52%). The bottom 16 slots were exclusively Southern.
Why the Gap Persists and Widens
Gaetano Fausto Esposito, director general of the Centro Studi Tagliacarne, pointed to a troubling dynamic: "Savings are more geographically concentrated than income itself. The top 15 provinces account for roughly 50% of all household savings — 4.4 percentage points more than their share of disposable income."
The gap between the South and the rest of Italy has actually widened over the past five years, despite modest improvements in Southern savings rates. Esposito attributed this to two compounding pressures: lower per-capita income in the South and faster inflation in the region, which forces families to allocate more to consumption and less to savings.
Structural data supports this analysis. In 2024, disposable income per capita in the Mezzogiorno stood at roughly €17,800, compared to €25,900 in the Center-North — a gap of nearly 50%. While Southern household income grew faster in percentage terms (+3.38%) than in the Center-North (+2.84%), the absolute difference remains "crystallized," as analysts put it.
Employment disparities add to the pressure. The South's unemployment rate hovered around 11.9% in 2024, nearly triple the 4% recorded in the North. Though job creation in the South outpaced the North in percentage terms (+2.2% versus +1%), the overall employment rate remained at 49.3% in the South versus 69.7% in the North for the 15–64 age group. Much of the Southern job growth was concentrated in low-wage, low-skill sectors like tourism, which do not generate the income levels necessary for robust saving.
The Remote Work Premium
One of the study's more intriguing findings concerns the relationship between smart working and household savings. In provinces where remote work penetration exceeded the national average, workers saved 9.45% of their income in 2024. In areas with below-average smart-working adoption, the figure dropped to 7.67%.
The mechanism is straightforward: remote work eliminates or reduces commuting costs, which can save a household upwards of €1,000 annually even with just two days per week at home. Fewer meals out, less spending on professional clothing, and reduced vehicle maintenance compound the effect. These savings typically outweigh the €300–475 increase in home utility bills from heating, electricity, and daytime energy use.
The Osservatorio Smart Working at Politecnico di Milano estimated that Italy had 3.55 million smart workers in 2024, with projections for 3.75 million by the end of 2025. The model is now entrenched in 91% of large Italian companies and expanding in public administration, though adoption lags in small and medium enterprises.
Research from Banca d'Italia (August 2025) found that remote work boosted labor force participation and employment, particularly among women with young children and workers in the South. A separate multi-national study in March 2026 even posited that widespread remote work in Italy could lead to an additional 12,800 births, by easing work-life balance pressures.
What This Means for Residents
For those living in Northern provinces, the data reflects a virtuous cycle: higher incomes, better job security, and lower cost-of-living pressures (outside major cities like Milan) enable consistent saving. The concentration of wealth and savings in the top 15 provinces creates opportunities for further investment, real estate purchases, and intergenerational wealth transfer.
In the South, the opposite dynamic prevails. Families are more likely to rely on consumer credit to bridge income shortfalls, a trend particularly visible in Calabria, Sicily, and Sardegna, where household debt-to-income ratios exceed the national average. Saving becomes a luxury rather than a routine.
For expatriates and professionals considering relocation within Italy, the findings underscore the financial advantages of Northern provinces — not just in salary, but in the capacity to build a financial cushion. Milan, despite its notoriously high rents, still delivered an average of €3,920 per capita in savings in 2024, more than double the national average of €1,918.
Remote workers, in particular, may find that negotiating flexible arrangements can deliver measurable financial benefits, especially if they can combine Northern salaries with lower-cost living arrangements outside major urban centers.
National Trends and Future Outlook
At the national level, Italian household financial wealth surged by approximately €258 billion between late 2024 and the third quarter of 2025, reaching €6,271 billion. Another estimate pegged the total at €6,148.2 billion, representing a 4.5% increase for the full year 2025. Italians are gradually shifting away from low-yield current accounts toward equities, mutual funds, and government bonds, though checking accounts still dominate household portfolios.
The gross savings rate hit 11.4% in the third quarter of 2025 — the highest level since 2009, excluding the pandemic-era anomaly — before moderating to 10.60% in the fourth quarter. Another source cited a 9.3% national savings rate in the first quarter of 2025, up from 8.7% in the prior period.
Policy efforts to narrow the North-South gap have centered on investment incentives rather than direct savings programs. The ZES Unica (Special Economic Zones) covering eight Southern regions offered tax credits of up to €100 million per project for capital investments. The "Investimenti Sostenibili 4.0" initiative allocated €300 million to Southern SMEs for digital transformation. Renewable energy programs reserved 40% of funds for the South, with grants covering up to 63% of costs for self-produced energy.
The Resto al Sud program continued to support new business creation with financing up to €200,000 per project. These measures, alongside income support adjustments and first-home mortgage guarantees extended through 2027, aim to improve Southern household finances indirectly by raising incomes and employment.
Despite these efforts, structural constraints remain. The South's economy, while growing faster than the North's in GDP terms (+1.2% versus +0.5% in 2024), suffers from weaker consumption, demographic decline, and limited export capacity. Until these fundamentals shift, the savings gap is unlikely to close.
The Bottom Line for Households
Saving in Italy in 2025 and beyond will remain a tale of two countries. Northern households benefit from a reinforcing cycle of higher incomes, better job markets, and infrastructure that supports flexible work. Southern families face a double squeeze: lower baseline income and higher relative inflation, leaving little room to set aside funds.
For policymakers, the data presents a challenge: how to translate growth in Southern GDP into tangible improvements in household financial security. For residents, the message is clear: where you live in Italy still determines how much you can save — and by extension, how much financial flexibility you have for the future.
