Finance is a central theme that fascinates and crosses all generations, expressed through fears of inflation, the economic climate, the health system, social and institutional problems. These are the considerations that emerged from the survey commissioned by Invesco and conducted by Bva-Doxa, carried out on a sample of 800 people throughout Italy.
The observatory involved four different generations, to understand the differences, the analogies within today's experience and in the vision of tomorrow: Boomers (56-67 years old), Generazione x (35-55 years old), Millennials (25-34 years) e Generation Z (18-24 years old) answered questions about their relationship with money, their level of financial literacy, savings and investments and were led to reflect on some key issues of the financial future (digital, the sustainability of the planet, the uncertainty and instability of the current period, the concept of trust and the concept of risk).
“From our observatory transversal feelings clearly emerge together with the specific needs and requirements of each generation: in this context, I believe that the role offinancial education is crucial and I think it is the duty of industries such as asset management to make a commitment and effort to increase the level of financial literacy in our country" he said Rita Schirinzi, Head of Marketing Italy at Invesco.
Inflation, war and the pandemic are the most reported fears
One interviewee out of 3 is very worried about the current given instability from inflation, From war, from the end of pandemic, a sentiment that is more accentuated by those aged 25 and over and less felt by Gen Z. Concern emerges even more when it comes to future repercussions: according to 2 out of 3 interviewees (65% votes 8-9-10) what is happening today will have consequences on future, a position shared, albeit to varying degrees, by all generations (most marked among Gen Z and Boomers).
Among the themes that are cited as priorities, in fact, for all generations in first place is the cost of life (63% of the total sample) and per second the sanitary system (57%), followed by those concerning the environment, society and governance (56%).
Health comes first for all generations
One's idea of well-being, in line with what has been said on the topics considered to be priorities, once again reflects the legacy of the pandemic and of the current historical moment: in the ranking of what is considered most important, the health ranks first for all generations, followed by having sufficient income for one's needs for Gen X and Boomers and work-life balance for Millennials and Gen Z; in third place for the youngest we find having a sufficient income, for Gen X maintaining a good balance between work and private life and for Boomers a safe and comfortable living environment.
Everyone agrees: take action to save the planet
La sustainability is a value, potentially also in the financial sphere: the future of planet it depends on sustainable choices, no one denies it: climate change, depletion of natural resources, waste reduction. All agreed that intervening will be vital, but demotivation and disillusionment are spreading as the behavior of the individual is perceived as insufficient.
Family and friends in the center, discontent with work or study and with the state
The task falls to governments, industries and the law. Only Gen Z wants to co-star instead. Institutions generally do not enjoy high esteem from the interviewees, whom they consider family and friends very important, as if to create a sort of "nest" effect of loved ones around him: in fact, if one looks at the ranking of the areas of satisfaction in one's life, it is not surprising that contentment with one's family and oneself are the elements which the highest marks are recorded, while the major disgruntled registers with the company to which he belongs (work or study), society, the role of private companies in society and finally towards the Italian state, in last place. It is important to underline in this context that the most satisfied generation of the society/institutions evaluated with respect to the present turns out to be Gen Z.
Financial matters remain distant and incomplete
La lack of confidence it also involves financial institutions, above all because of the lack of dialogue which makes them distant: La financial matter remains fluid, incomplete, distant and exacerbates the sense of bewilderment, making the interviewees feel undecided, vulnerable and fragile. The financial advisor it almost comes as an obligatory choice, even if at times it gives customers the idea of being undecided about what to do.
But what is the link between the present and the future? what is the time horizon? what future are we talking about? The concept of today and tomorrow are closely related, one does not want to give up the present standard of life, what was once called "superfluous" is an integral part of everyday life; the concept of sacrifice, of renunciation almost disappear from the vocabulary, even for parents. And for the Boomers they are now an ancient and emptied word. The future is made up of defined and not too distant objectives and is identified in the short term (7 years).
And what about the progress and the digital dimension, more and more pressing? On this aspect, the attitude of all generations is absolutely welcoming and open, without particular ideological resistance. In particular, the artificial intelligence is graspable and taken advantage of, while the metaverse is still vague and gadgetistic.
