Riddle: which Italian region has the highest share of indebted households? For those who do not read the Bank of Italy reports, the answer is: Valle d'Aosta. Perhaps surprisingly, the share of indebted households living in the Alpine region rose to 37,6% (2015 data, latest available), while it was still 35,2% in 2010 and 30,3% in 2005. As a result of this leap, Valle d'Aosta was in first place in the national ranking, previously occupied by Sardinia, whose 2015 share is 36,4%, while it was 36,6% in 2010 and 33,5% in 2005.
The Italian average share of indebted households is 23,5% (25,7% in 2010 and 25,5% five years earlier). In Piedmont, the share fell to 21,4% from 24,1% in the two previous periods indicated by the Bank of Italy); in Liguria, on the other hand, it increased to 24,5%, from 17% in 2010 and 18,6% in 2005.
Valle d'Aosta is also first in Italy for the rate of families with mortgages: 23,2% (again in 2015, when the second place was attributed to Friuli-Venezia Giulia, with its 19,6%), compared with 14,3% on a national average, 13,6% in Piedmont and 15,4% in Liguria. The Valle d'Aosta still figures at the top for the share of households indebted both for mortgages and for consumer credit; however, highlighting 8,6%, it is preceded by Sardinia, for its 9,5%.
In turn, Unimpresa, an association that brings together micro, small and medium enterprises, recently announced that, in our country, households are in debt for a total of 928 billion euros, over 60% with banks. He added that in 2016 household debts grew by 13,1 billion compared to the previous year.
Unimpresa specified that over 624 billion of household liabilities, equal to 67,2%, are with credit institutions and this sum is made up for 571,1 billion from medium/long-term debt (mainly home loans) and 230,3 billion from trade debts and personal loans.
However, to avoid that these figures may cause some concern, it should be immediately reported that first of all medium-long term debts substantially correspond to investments and a healthy form of savings; then, that Italian families, as a whole, have assets, financial and otherwise, far greater than their liabilities. The balance is clearly positive.
The value of household financial assets only (bank deposits, government bonds, bonds, stocks, company shares, mutual fund shares and other instruments) at the end of 2016 it amounted to 4.168 billion, still 33,2 billion more than at 31 December 2015.
By adding real estate to financial assets, a equity close to 9.000 billion euros. A figure that explains many things and, among other things, explains why Italy continues to have the trust of international investors, despite the colossal public debt (2.281 billion as at 30 June 2017, a new historical record) and all the other problems of Bel Village.
From the blog Northwestby Rodolfo Bosio.
