They come back to spare the Italians, reaching shares similar to those seen before the pandemic crisis,
according to l'Survey on savings and financial choices of Italians in 2022 edited by Intesa Sanpaolo and Einaudi Center
La percentage of savers it stands at 53,5% (it was 55,1% in 2019), a sharp increase compared to the 2021 figure, which saw savers reduced to 48,6% of the total. The share, however, in addition to vary significantly between different groups of the sample, still shows the propensity of Italians towards the choice not to choose: of that is, leave the liquidity in current accounts, even in these times when inflation, which has risen to levels not seen for decades, is eroding capital.
Al general questionnaire, administered between March and April 2002 (over 1.000 interviews) are flanked by two focuses: the first on entrepreneurs and the second on young people (in both cases around 200 interviews).
"Italian growth at the moment is better than that of the major European countries, such as Germany and France," he said Gian Maria Gros-Pietro, Chairman of the board of directors of Intesa Sanpaolo, in opening the meeting. The Italian has always been a people of savers, but uncertainty is the master and the attitude of families and businesses is the above all based on caution. At the base there is also “la difficulty in choosing how to invest” which goes hand in hand with a very low propensity to risk of the Italians” says Gros-Pietro. It is therefore necessary to offer the instruments because savers can evaluate the different types of investment available and understand the level of risk of this investment, considering that “The risk must be faced and managed”. Even towards young people who - it emerges from the survey - are very reluctant to save".
De Felice: In this difficult context, positive ideas are emerging
When it comes to making financial choices, Italians mostly find themselves having to deal with a context burdened by geopolitical crisis, energy crisis, inflation, modification of supply chains, international isolation of Russia, cooling of political relations between the West and China.
La safety it is confirmed in first place for the interviewees among the characteristics of the investments: it is the aspect to be preferred for 57% of the sample.
In this context, however, emerge “positive points” says Gregorio De Felice, chief economist of Intesa SanPaolo who underlines: “The propensity to save is growing and there is greater attention to managed savings, while attention is also increasing among young people for ethical investments and ESG complaints”.
“I choose not to choose”: I leave everything in the bank account. And inflation is hitting hard.
But the theme of savings is accompanied by the other behavior of Italians which consists in the so-called "I choose not to choose", i.e. leave savings in current accounts, share calculated at almost half: 44% of liquidity. Even in a highly inflationary context.
"The current generation has not experienced soaring inflation given that between 2001 and 2021 savings were protected by the presence of the euro" he observes Beppe Facchetti, president of the Einaudi centre.
To give an example, "with inflation around 10%, a capital of 10.000 euros erodes to 9000 euros in a year in terms of purchasing power", observes De Felice.
Hence the need, which emerged several times among the speakers, to financial information transversal from families to businesses, from young to old, from graduates to those with less education.
“The tendency to hold highly liquid portfolios on the bank side is not bad, because they still use the liquidity to make loans and investments. But if it's too much, it creates a problem,” says De Felice. “But there will be a shift: families are realizing it”.
Italians not worried about income
What emerges from the survey is that the perceived difficulties are not related to income, given that as many as 93,3% of the 2022 respondents answer that they are financially independent, up slightly from the 92,1% of the previous sampling. The judgments about the are also improving income sufficiency to allow for an acceptable standard of living, both at present and at the time of retirement: in the first case the assessment passes from 64,6% in 2021 to 68,1% in 2022, in the second from 45,9% to 52,8, 69%. 72% of the young respondents appear calm on the sufficiency of income in ten years. However, the gender difference is quite significant in this case (64% in the case of men, against XNUMX% of women): a figure which is probably affected by the greater precariousness of the job that young women undergo compared to male peers.
Savers: who saves and how much
The share of savers varies significantly between the different groups in the sample: 68% of the graduates, against less than 50% of those with alower secondary education. Save 69% of those who have a income monthly net income greater than 2.500 euros, but only 36% of those who do not reach 1.600 euros. Similar differences emerge between those who have one home owned (save 60%) or in rent (34%) and between multi-income families (69%) and single-earners (47%).
Another positive figure that emerges from the 2022 sampling is the increase insavings intensity, i.e. the percentage of income that respondents manage to set aside. On average, the figure stood at 2022% in 11,5, up from 10,9% in 2021 and not far from pre-pandemic levels (12,6%). However, only 17% of the sample save with a specific purpose in mind and about a third do so for purely precautionary reasons.
And 'the safety the topic dearest to Italians in terms of investments, confirming itself in first place (57% of the sample), followed by liquidity. On the contrary, the risk of the various investment solutions stands out among the major concerns (about 53%), even if in recent years the saver has had a more balanced behavior than in the past, avoiding letting himself be caught up in excessive fears in the event of dissatisfaction in the investment. Probably precisely to find compensation for the rise in inflation, the survey revealed a greater appreciation for asset management: at least one product is present in 21% of the sample's portfolios, albeit with a marked differentiation at the territorial level.
Attention to the bond decreases. Attention to ethical-ESG funds
The amount invested in is reduced bonds which rose from 29% to 23% of portfolios, while the percentage of investors in actions (4,8%). Instead, there is a growing interest in the alternative investments (39% of the sample), in particular their (24,8%) ei ethical-ESG funds (approximately 13%, which rises to over 22% among graduates).
Social security: still low levels for the supplementary pension
As regards the pension, respondents appear relatively calm about their standard of living when they reach old age; the merit of this serenity is largely attributable to the public pension system. In the sample, the share of those who subscribed to one is growing supplementary pension scheme, albeit remaining at rather low values (17,6%, from 12,6% in 2021); higher participation rates characterize the central age brackets (22,4% between 35-44 year olds and 23,1% between 45-54 year olds).
Even more contained is the diffusion of long-term care (LTC) policies, especially among the youngest (10,4%). The presence of insurance for other types of risk is also low: only 16,9% of the sample have a health policy, while personal or family civil liability (RC) covers just over one in 12 and 10 subjects, respectively.
On the front of the property, the survey reveals a dynamic demand driven by credit (+60% compared to 2007), with prices recovering lost ground (new homes) or recovering it (existing homes) and transactions at pre-crisis real estate levels . An increase in rates could penalize the sector, but this would take place in a context of lively demand and still compressed supply.
The focus on entrepreneurs brings out different positive signs: in response to the crisis, more than 35,7% innovated their products, 39,6% accelerated on the digitization front, 34,7% focused on online promotion and 23% on online sales. "Digitization and innovation will be the cornerstones of the relaunch, together with partnerships (33%) and investments in training (31%)" says the report.
Worries about the weakness of young on the front offinancial and insurance literacy: only 2,3% say they are very interested in economics and finance. The average time devoted to information on these topics is 17 minutes a week.
