Italians are fearful of war and economic turmoil. As a result, they are investing increasingly less of their savings. Their proclivity to invest has deteriorated with time. This is demonstrated by a six-monthly examination of the behavior of 1,000 Italian bank account customers. Half have some form of investment. A representative sample from the country. When asked if it is a good time to invest in financial markets, 60% said "no", with 26% answering "no" outright and 34% saying "no, but only a little". Overall, the results are comparable to those reported in March 2022 (64% skeptics), a month after Russia's invasion of Ukraine. At the end of February, a few days before the attack on Tehran, the atmosphere was less pessimistic. 44% of investors believed it was not a good time to invest, 33% were unsure ("I don't know"), and 23% thought it was a good time. Prior to the conflict, Italians' primary concern with current accounts was inflation and rising interest rates (44-46%), followed by the pension system crisis (35-38%), and finally geopolitical instability (33-37%).