THEfinancial education represents not only a tool for the protection and enhancement of individual and social economic assets, but also a right of citizenship referred to in the Constitution itself. This is what emerged from the third annual meeting of the Foundation for Financial Education and Savings (Feduf) created by Abi, in which it was explained why financial education, understood both as a competence and as a tool for exercising one's rights and duties in the context of democracy, is fundamental.
But why is financial education important? Improving economic literacy, the importance of saving (especially in light of the deep-rooted propensity of Italians) and ways to protect it in times of high inflation such as this are fundamental for individuals to make financially responsible decisions. Also because financial education has an impact on society. Promoting financial inclusion, reducing socio-economic inequalities, providing communities with access to financial services means equipping citizens with useful tools to face the challenges of an increasingly complex financial, technological and cultural landscape. And it is even more so, in this historical moment of geopolitical instability and post-pandemic economic uncertainties, with inflation eroding the purchasing power of Italians.
Lucchini: "Access to savings is a right provided by the Constitution"
“Access to savings is a right envisaged by the Constitution in art. 47, I would therefore say that financial education is an indispensable tool for this right to be protected - he underlined Stephen Lucchini, president of the Foundation -. Not only because saving today requires awareness as well as skills, but also because having the right protection/profitability of one's savings or investments corresponds to a more general interest, that of a society that must not lose the well-being it has conquered and which for doing so first of all must not retreat on the fundamentals”.
“We have obtained truly significant help from the Government and Parliament”, continued Lucchini referring to the Capital decree which included financial education among the subjects of civic education. “This is an important institutional step – he continued – which we must now make concrete through the involvement of teachers, the launch of specific programs and projects, a communication plan to also involve parents and families in general. Close collaboration is needed between private institutions which, like us, are dedicated to financial education with a view to social utility and public ones, because only by joining forces, each in their own role and for their own skills, can we be incisive and effective".
Patuanelli (Abi) on financial education: "You become structural in schools"
“High hopes and high expectations, but clearly curricular subjects almost always prevail”. It is the comment of Antonio Patuelli, president of the Abi. “Either they enter civic education on a permanent basis or if they continue not to enter massively we should ask that financial and savings education become a curriculum subject, because in this way it will find a place in the training itineraries”. Patuanelli then explained that today there is "an almost infinite possibility of forms of financial investment of one's savings", and for this reason financial education must be "taught widely in schools. "It is not possible that the new generations, who are born digital, have technological awareness but not the potential and responsibilities that I can face through digital" in their daily lives. Precisely for these reasons it is increasingly necessary and urgent to raise awareness and economic-financial culture in a generation more exposed to the risks of unaware money management.
Pagnoncelli (Ipsos): "Working on rights and duties"
During the debate, a lot of interest was generated by the exhibition by Nando Pagnoncelli, of the results of theIpsos survey dedicated to Italians and others saving according to which for 50% of Italians financial education is a citizen's right. However, only 21% are able to link this right/duty to the constitutional articles.
“Economics and finance continues to be an under-cited training area (health or sustainability are considered more urgent) and adequate training is considered essential by only one in three Italians. Hence the need to increase the financial skills of Italians through a training complete that starts from school (60%) and continues in the workplace (35%), disproving the belief that it is only for insiders or for those who have the opportunity to approach financial investments".
In fact, it is precisely among those with financial education that the ability to save (56% against 37%) and aptitude for investing (66% against 59%) are higher than the average, which translate in greater satisfaction with the economic condition (74% against 55%) and sensitivity for the effects of investments on society and the country.
“Working on rights and duties could foster awareness that one must train on these issues – concludes Pagnoncelli – to better manage one's future and make informed choices, contributing positively to individual and collective well-being”.
