Italians seem to be going through a confusing time. They live the contradiction of a country that has not yet fully emerged from the previous crisis e he sees not reassuring clouds on the horizonboth economically and in terms of the sustainability of the development model. This sensation is balanced by the observation that – on an individual level – things have improved in the last 4-5 years, so that one is able to live everyday life with greater tranquillity.
This is what emerges from 19a edition of the survey on Italians and savings, carried out by Acri with Ipsos, on the occasion of the 95th World Savings Day held on 31 October in Rome, 59% of citizens think that the world is facing an emergency that is both environmental and social, another 20% underline their concern specifically with respect to environment, 12% focus instead on inequalities. Only for 8% of our fellow citizens events are normal and there shouldn't be too much to worry about.
This context data is accompanied by the feeling that the crisis is still long to overcome (it will take on average almost 5 years) and pessimism about Italy is seriously increasing (39% are pessimistic about the next 3 years, while 24% are optimistic); at the same time the trust placed in the European and world economy is reduced (compared to the European one 28% of optimists are balanced by 29% of pessimists, compared to the world one optimists and pessimists are both at 25%, but a year ago the optimists outnumbered the pessimists by 7 percentage points). This increase in pessimism, albeit in different forms, is widespread in all Western countries, as reported by the Global@dvisor study by Ipsos.
When Italians reflect on their personal situation and their individual future, things change. 59% are satisfied with their economic situationa, a figure up by 4 points compared to 2018 and by 17 compared to 2013, the best figure after that of 2001 (65%). And still 24% believe that their situation will improve during 2020, while only 14% are pessimistic. These positive data should not make us forget that almost 1 out of 5 families is affected by the crisis in at least one of the members of the household (18%), however this figure is decreasing (in 2018 it was 24%).
Europe and the euro
Compared to Europe, citizens have ambivalent reactions: today disappoints a lot, but as soon as one shifts one's gaze to the future one finds the ancient Europeanism: for the vast majority it would be a serious mistake to leave the EU (73%) and the Euro in the future will be increasingly an advantage (60%).
The European Union continues to divide Italians: 49% trust it, while 51% have little. If this low trust has been hovering for years now - as also reported by the Eurobarometer data of June 2019 (55% do not trust the EU) - it is also true that for 65% of our fellow citizens Europe will go in the right direction: this figure is up sharply compared to 2018 (+14 percentage points), and contrasts with the modest 24% who believe that Europe is going in the wrong direction. Moreover, even against the euro the negativity is easing, 37% today are in favour, a figure that has been growing for 5 years; especially young people believe that in perspective it is essential for the country (65% vs 60% for Italy as a whole, up 4 points from last year, and 13 points from 2013).
Savings and Consumption: last 12 months and expectations for the next 12
Saving continues to be desired, and it is experienced more and more with tranquillity, without too many sacrifices (55%, + 7 percentage points compared to 2018); this is a sign of a return to economic 'normality' for families which – albeit slowly – continues to make headway, and as evidenced by the greater relaxation in consumption.
On one side more families are able to save (42%), even among those experiencing some difficulties, on the other hand, households with a negative balance are decreasing (16%, -6 percentage points compared to 2018), i.e. those who have to resort to loans or accumulated savings. And after all, this is also demonstrated by the greater ability to cope with unexpected expenses, 79% would have no difficulty with an expense of €1.000 (it was 78%), 39% for an unexpected expense of €10.000 (it was 36 % one year ago).
Consumption continues its progressive recovery, driven by telephony (+16) and electronics (+8), by car and travel expenses (+6), and by food and household products (+6%), in addition to ever-increasing use of drugs (+34). Therefore, semi-durables are above all on the increase, the balance of households changing positively: these pass from -3 to +10%, and the negative balance for self-care diminishes, from -14 to -6 and the house, from -30 to -21.
The relationship between savings and investment
It does not lose strength preference of Italians for liquidity (63%), both by nature and to be more prepared in an uncertain context. In evaluating one's savings and investment choices, the desire for a positive social impact emerges: citizens can and must play their part.
Future worries, as a reason for saving, rise from 37% to 48%; the willingness to save for a future project remains stable in second place, 26%. Savings are therefore still largely hoarded in liquidity, either due to the reduced ease of finding an ideal investment, or due to distrust of the rules and institutions that protect them (60% believe they are not adequately protected). Indeed, in a situation where savings play an increasing self-insurance role, this reduced confidence can only confirm the preference for liquidity.
In recent years, it has been difficult to find the ideal investment, to such an extent that for 35% the ideal is just not to invest, keep the money or spend it, a figure up by 5 points compared to 2018 and which reaches the maximum of the series (in 2001 they were 21%). The attraction towards securities considered safer dropped by 6 points, today ideal for 25%, the 'building blocks' remain stable at 33% and riskier investments at 7%. In fact, compared to last year, account holders increased (85%, +4 percentage points compared to 2018) and those who approached savings management (16%, +4 points).
The willingness to invest in activities with a positive impact on the environment and society is overwhelmingly emerging, even putting returns in the background, albeit preserving attention to risk as the main criterion. This interest therefore offers, for those who know how to seize it, a new perspective to reduce the preference for liquidity and to increase investment in activities with a social and environmental impact.
Savings and sustainability
It grows very fast there awareness of Italians with respect to sustainability issues and, consequently, their concern, which determines a willingness to act personally, both as a consumer and as a saver.
In 2016, only 12% of Italians had a good idea of what sustainability was, a percentage that rose to 2018% in 20 and which, in just one year, reached 36%. Today, companies should above all be sustainable, for 3 out of 4 Italians (74%), also taking into account that the citizen pays more and more attention to this aspect (52%).
However, we are faced with one fairly superficial knowledge: only 41% have heard of the Sustainable Development Goals (SDGs) and, in fact, only 16% are able to mention at least one of the 17 goals, among which the climate emergency stands out. Those who know them well believe that their prosecution is the best way to save the planet, even if it is feared that globally they are not being prosecuted with conviction, and Italy is even less so.
There is also a certain awareness that savers, through their own choices, can influence the behavior of companies (53%), and this awareness is closely linked to the level of information about sustainability: consequently, more than a third of individuals begins to pay more and more attention to the sustainable behavior of the companies in which it invests.
For a good half of savers, investment in sustainable companies shouldn't be penalizing: for them, sustainability appears as a prerequisite for interested investors, and not a trade-off element with other aspects. It is true that other savers are more willing to sacrifice: 22% could accept lower returns (percentage that rises to 39% for those more inclined towards sustainable investment), 10% higher risks and 19% a reduced liquidity of the investment itself, but it is at the same time true that investment in sustainable companies is still cautious ; today one would not invest more than a third of one's savings.
This can be traced back to a lack of knowledge of the implications linked to the adoption of a sustainable model by a company: if it is clear that it means respecting laws, employees and customers, it is much more difficult for one to think that they are more solid, capable of margins in the short term and able to develop famous brands.
