Last year, families held 12% of Italy's state debt. This proportion has doubled since 2021, when it was 6.5%. In Europe, only Ireland, Portugal, and Hungary face a similar load. Although their total debt is lower than Italy's, households hold a larger share than the European average, indicating stronger domestic participation in debt financing. In Ireland, households carry 11.9% of the debt, Portugal 16.8%, and Hungary 22.4%. The scenario is different in large eurozone countries like France, Germany, and Spain, which have huge debt stocks comparable to Italy's. Households account for a substantially lower share of public debt (never exceeding 3%). According to Eurostat data, Italy stands out as a unique situation. Recently, there have been a large number of government bond issuance aimed at households. The appeal of government bonds originates mostly from their yields: at the end of 2024, ten-year BTPs paid an interest rate of 3.52%, while at the end of 2025, they offered 3.51%, a level of stability that sets Italy apart from other eurozone countries. With such a large domestic investor base, a significant portion of the government's interest payments go directly into the pockets of Italian savers, providing greater stability during turbulent times; however, any shocks to the domestic market are transmitted more quickly to household budgets.