A light sweater is a minor deception: its yarn looks too slight for the warmth it delivers, yet the empty space between fibers can become a pocketed barrier against heat loss. Air does the work. Once warmed by skin, that trapped air conducts heat poorly, while the knit interrupts the currents that would otherwise carry warmth away.
The fibers matter less than their architecture. Not the yarn alone, but the maze it makes, decides whether body heat lingers; loft increases the volume of still air, and still air is insulation's quiet currency. Conduction slows. Convection also weakens when pores are small enough to restrain moving air but open enough to hold it. Wool and some synthetics add another advantage: their crimp builds loft without requiring a thick slab of material.
Fit is the quiet accomplice. A sweater that hugs the body without strangling it reduces drafts at cuffs, collar, and hem, whereas a loose garment lets warmed air escape and invites cold air inward. Moisture complicates the bargain. Damp fibers and wet skin raise heat transfer, and evaporation pulls energy from the body; a sweater feels warmest when it keeps a dry microclimate near the skin. Thin cloth, then, can behave like a small house: not grand, merely good at keeping its windows shut.