How do adverse shocks to household wealth influence domestic politics? Household wealth has become increasingly salient because rising financialization and trends in the cost and provision of crucial services have increased risks to many households. Wealth shocks can undermine support for mainstream political parties that have converged on policies perceived as contributing to the shock, compounding rising anxiety in the squeezed middle class and increasing the attractiveness of anti-system voting. This paper makes use of fine-grained time series data on household income and wealth in Italy to identify voters with greater exposure to these shocks, assessing how developments in the levels and distribution of household wealth, leverage, and financial vulnerability have shaped voter dissatisfaction with mainstream politics and promoted voting for populist parties since 1992. Results suggest that financial distress is indeed connected to populist voting. Wealthier parts of the electorate are more invested in the status quo, supporting parties that have demonstrated their commitment to fiscal and monetary orthodoxy. Nonetheless, some exposure to financial risk, such as share ownership or high levels of leverage, seem to push voters towards populist parties.