Europe is facing a structural challenge. The ecological and digital transitions require massive and sustained investment, estimated at around €1 trillion per year. At the same time, European households hold significant private savings, a large share of which remains in low-risk, low-yield bank deposits. The strategic question for policymakers is therefore clear: how can Europe better mobilize its citizens’ savings to finance its own economy and strengthen long-term economic sovereignty?
The Savings and Investments Union (SIU) provides a compelling framework to address this challenge. Its objective is not only to deepen capital markets, but also to encourage long-term investment in Europe, and among the key levers identified are Saving Investment Accounts (SIAs). These accounts often provide fiscal or monetary incentives and are designed to be flexible and simple, enabling retail investors to access capital markets more easily.
However, for the SIU to succeed, it must rely on a realistic assessment of how Europeans save, what they expect from financial products, and how trust can be restored.
Recognizing savers’ real needs
European citizens are not solely looking for returns. Performance and cost efficiency matter, but so do protection, liquidity and long-term security. Savings are used to prepare for retirement, cope with uncertainty, and finance life projects. This requires guidance, guarantees and a level of reassurance that goes beyond pure market exposure.
European households hold significant private savings, a large share of which remains in low-risk, low-yield bank deposits
Savings and Investment Accounts (SIAs) can help broaden access to capital markets and should be part of the solution. But they cannot, on their own, address the diversity of savers’ needs across Europe. IBIPs respond to a different, but equally important, reality. They are widely used by households seeking long-term savings solutions that combine investment, protection and support. IBIPs offer professional asset management, diversification across asset classes, guarantees (notably in case of death), and a degree of liquidity even over long horizons.
These products are not substitutes. They are complementary. Europeans save differently over their life cycle, and a successful SIU must reflect this diversity rather than promote a single model.
A unique bridge between savers and the real economy
Financing Europe’s competitiveness requires more than listed equities. Private equity and private debt are essential to support SMEs and mid-cap companies, foster innovation, accelerate the green transition and help build future European champions. Yet these assets are long term and illiquid, making them unsuitable for direct investment by many households.
Low-cost products may appear attractive, but they do not necessarily support European economic priorities, nor do they always foster informed investment decisions
IBIPs provide structured and secure access to these investments, allowing savers with varying levels of financial literacy to access both listed and unlisted assets, according to their risk appetite and capacity to absorb losses, while maintaining a degree of liquidity.
Beyond cost: restoring trust through value and education
The public debate on savings often focuses narrowly on cost. But “Value for money” cannot be reduced to fees alone. Advice, guarantees, diversification and investor protection all contribute to the value delivered to savers. Low-cost products may appear attractive, but they do not necessarily support European economic priorities, nor do they always foster informed investment decisions. Choices in savings allocation have long-term economic and strategic implications that must be better understood.
This is where financial education becomes essential. Insurers have a responsibility to improve transparency and make information more accessible. Simplifying disclosures, focusing on what truly matters to savers – performance, costs, sustainability and the purpose of investments – can help rebuild confidence. Long-term savings should also be accompanied by regular reporting on the concrete economic and environmental impact achieved.
How to measure SIU’s success
Ultimately, the success of the SIU should not be judged solely by volumes collected, but by its ability to expand access to diversified, high-performing savings, improve financial literacy, and channel capital effectively into Europe’s economy. Recognizing IBIPs as a core pillar of the SIU, alongside SIAs, and supported by strong financial education, is a pragmatic and necessary step toward that goal.
Want to learn more about the role of insurance in the SIU?
Join Aéma Groupe’s event in Brussels on 21 April 2026: “Insurers as key Players in the Savings and investments Union”. Stay tuned for more information.
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