THEEdufin Index 2024, the report card of Italian financial and insurance culture, does not leave much to celebrate: with a score stable at 56 out of 100,Italy subtraction far from sufficient (set at 60). The The third edition of the Edufin Index, presented today Wednesday 30 October by Insurance Alliance in collaboration with the Mario Gasbarri Foundation e Sda Bocconi and with the patronage of the Ministry of Economy, involved a sample of 4.000 people, with particular attention to women and young people, considered the most fragile categories.
A worrying fact: the 12% of Italians is in conditions of financial and insurance illiteracy, up from 2023 and returning to 2022 levels.
“Financial and insurance education has a decisive impact on the well-being and social equity of the country – he underlined David Sparrow ceo of Alleanza Assicurazioni and country chief Marketing & Product Officer of Generali Italia -. The third edition of Edufin Index confirms the need for a concerted action by private operators, institutions and associations to improve the current level of knowledge of the population so as to reach the sufficiency level and overcome the realities of fragility identified by our Report, young people and women first and foremost”.
The fragilities to be filled
In 2024 the gap between “Awareness Index” (as much as is known) and “Behavioral Index” (how much is put into practice) is clear: 54 against 57 out of 100. In particular, the Observatory certifies that in 2024 there was a slight worsening of the data that evaluates the behavior in the area of investments and financial choices. If in 2023 growth was stimulated by the boom in interest rates, this year the trend stabilizes. Only 40% of Italians reach a passing grade, compared to 41% last year. The best results are seen among men aged 45-64 and residents of the North-East.
Gender, generation and territorial gaps persist
The Edufin Index 2024 confirms disparity both of gender is generational e geographical. The men maintain a 5-point lead over the women, and the North part exceeds the South of 4 points. The Generation Z (18-24 years) shows a significant delay, with scores 7 points lower than those over 35, even though they have received more family “financial education” than Baby Boomers. However, the gender gap is less marked among young people, even if Gen Z girls who receive a regular “allowance” are still fewer than boys.
Lo family status affects the financial decisions: among singles, no significant differences are observed between men and women, while among couples, the contribution of women, although increasing, weighs less, even when they are the main income earners.
Women between interests and barriers
Among the main obstacles to thefemale financial literacy we find the perceived low interest and a lower propensity to inform themselves, which are accentuated by the reduced decision-making autonomy. The research identifies five distinct groups of women, based on family status and economic importance in the household:
- Young single and independent people (low income, North and Centre);
- Newly single retirees (low incomes, especially widows in the North);
- Women in couples dependent on their partner (low income, housewives, more frequent in the South);
- Women with incomes similar to their partner (35-44 years old, medium-high income and high education);
- Main income earners: women (freelance professionals, medium-high income).
Single women in Group 1 demonstrate the same financial competence as men, while, within couples, female autonomy decreases: even among those who earn more, 60% take care of household management, to the detriment of their own financial growth. In this context, the role of female consultants, who help other women strengthen their financial literacy.
Women's Empowerment and Awards
To bring women closer to financial management, Alleanza Assicurazioni consultants play a fundamental role, promoting thefemale empowerment and promoting greater decision-making autonomy. This year also sees the birth of the Edufin Index Women's Award, recognition given to three non-profit organizations that work to promote financial literacy among women. The three awarded organizations – San Zeno ODV ETS, FALL ME, and I think of you APS – they stand out in supporting vulnerable women, migrants and victims of violence, creating solidarity networks and tools for emancipation.
Young people and “pocket money”: the tune is changing
Young Italians (18-24 years) do not reach the pass mark (Edufin Index at 50), but show a greater “financial socialization” compared to the past: parents invest more time in educating their children on these issues, even if a fixed allowance is still a reality for few (only 20% of Gen Z girls, compared to 16% of Baby Boomers).
School and family united to bridge the gap
Starting this year, thefinancial education officially enters the schools thanks to Capital Law, which integrates it into civic education programs. A survey conducted by Alleanza Assicurazioni together with Bva Doxa shows that 80% of parents consider this initiative an important step forward for the growth of their children, regardless of age, covering a need that the family alone struggles to satisfy.
The difference in perception between parents and teachers is also curious: parents are more confident in the preparation of teachers, while the latter are more cautious. Theme key identified by both parties? The management of the pocket money, the Scam Prevention , understanding the economic system.
Financial Education Tour: Italy at your fingertips
Alleanza Assicurazioni, committed to the “National Financial and Insurance Education Plan”, launched in 2024 a tour with seven stops throughout Italy. With a busy calendar of events that in 2023 alone reached over 380 participants and 100 million contacts, the company aims to involve more and more Italians, thus contributing to the “Financial Education Month” with inaugural events in Rome and initiatives in other cities, aimed at bridging situations of economic fragility in the country.
