Valletta: Savings and investment accounts are the Commission’s chosen answer to a long-running puzzle, which is why European households keep so much of their wealth in bank deposits while capital markets struggle for funding. Commissioner Maria Luís Albuquerque returned to the theme on 15 October in a video address to the Financial Wellbeing Conference 2026 in Malta, setting out what Brussels has already proposed and what member states still need to do.
Her argument rested on two figures. A diversified basket of European equities rose by more than 50 percent in real terms between 2009 and 2024, while money held in deposits lost more than 10 percent of its purchasing power over the same period. The speech did not cite the source of these calculations, so readers should treat them as the Commission’s framing rather than an audited comparison.
What savings and investment accounts would change
In September 2025 the Commission recommended that every member state introduce savings and investment accounts. The accounts should be simple to open and use, have no minimum investment and carry tax incentives with simpler tax compliance. They are a vehicle for investing rather than a product in themselves, so a saver could hold funds, shares or bonds inside the same wrapper.
The savings and investment accounts proposal is a recommendation, not a regulation, and that distinction decides how fast change comes. Capitals can adopt it fully, in part or not at all. Albuquerque said several countries without such frameworks are already moving to create them, but she gave no list and no deadline. The record of earlier recommendations suggests that national tax authorities, who fear lost revenue, will set the pace.
Pensions and the auto-enrolment question
The second leg is supplementary pensions. The Commission’s November 2025 package encourages member states to adopt auto-enrolment with an opt-out, so workers join a scheme unless they choose to leave, and to build pension tracking so citizens can see their entitlements and spot shortfalls. Albuquerque stressed that the package is not meant to replace national public pensions.
That reassurance reflects political reality. Pension systems are a national competence, and any hint of Brussels steering retirement savings invites resistance. The design therefore leans on nudges and information. Auto-enrolment has worked in other countries because inertia favours the default, and tracking tools tackle the problem that many people have no idea what they will receive in retirement.
Why financial literacy and market plumbing matter
Accounts and pensions only help if people understand them. The Commission’s September 2025 financial literacy strategy aims to identify successful initiatives, raise their visibility, help scale them up and give effective programmes access to EU funding. Without trust, savers will keep choosing deposits even when tax rules favour investing.
The plumbing matters too. The Market Integration and Supervision Package aims to remove barriers to cross-border financial services, including investment funds, and the Retail Investment Strategy seeks products that offer real value for money. The Commission is also reviewing disclosure and marketing rules. If fees stay opaque, savings and investment accounts will simply move high charges into a new wrapper.
What to watch next
No deadlines accompanied the speech, which leaves the next steps in national hands and in the negotiations over the Market Integration and Supervision Package. Three signals will show whether the plan works: how many member states legislate for savings and investment accounts, whether their tax incentives are generous enough to move behaviour, and whether the retail rules cut costs for ordinary savers.
The Savings and Investments Union will be judged on household behaviour, not on the number of proposals. If savings and investment accounts attract first-time investors in 2027, the deposit habit that has shaped European finance for generations could begin to loosen.
