For the first time since 2007, the disposable income of Italian families measured in real terms has grown. This is revealed by the nineteenth edition of theItalian Household Savings Observatory of Prometeia-GfK Eurisko, which also shows that consumption has returned to positive territory and the growth of saved income is higher. Although signs of recovery are starting to appear, financial wealth in real terms has not yet recovered to the levels of 2007. A trend which, combined with the decline in housing wealth, has strengthened the tendency of Italians to increase their share of savings, to thus being able to return to pre-crisis levels of wealth.
The monetary policy of the ECB, with interest rates at an all-time low, drastically decreased the number of Bot People: government and bank securities have returned below their 1999 levels. The supply policies of the banks have guided once again the recomposition of the financial portfolio of households, leading to a reduction in direct deposits in bonds and an increase in managed savings. In the portfolio of households served by the banking channel, the share of asset management products returned to the levels of 2005, largely exceeding the minimum level of 2008, the year of the deep crisis of mutual funds.
Technological innovations will not take away space from physicality, branches and the relationship between customer and consultant. Even physical places will still remain the protagonists of the coming years, but only if it is possible to interpret the real needs of customers, thanks to technology. The right amount of innovation will simplify the customer's life, improving his control and planning ability in managing his money. A phenomenon, not only Italian: the ranking of investment expectations of Italian and American customers shows us how the expectations of improvement of the physical place (bank agency, insurance agency, promoter's office or financial advisor) are found in the upper part of the classification.
"The Prometeia Observatory - GFK Eurisko shows that Italian household savings are growing and financial wealth in real terms has not yet recovered to 2007 levels", comments di Valeria Picconi, Country Manager for Italy of Genworth, global company specializing in living standards insurance. “The data from the Genworth Index – he continues – reveal that Italians buy a greater number of savings products than the European average (49% against 43%). In particular, as regards purchases of bonds, shares and investment funds, these reach much higher levels in Italy than in the rest of Europe (34% compared to 24% of Europeans). According to our data, Italians demonstrate also a greater propensity to secure an income after retirement, with 31% of them having purchased a life annuity product (compared to 14% of Europeans). We therefore believe that there is an opportunity in Italy to protect themselves from the unexpected not only when retirement age approaches but also at other times in life, so that families are not forced to drain their savings to cope with a possible loss of income.
