You can't have a real saving without investment and investment without saving is illusory. To ensure balanced growth for the economy, the two activities must go hand in hand because investment infuses dynamism into the production system. The saving trend has increased in the year of the pandemic and continues to persist even as the epidemiological crisis is more under control, thanks to the help of the vaccination campaign. But the propensity to save has always remained an Italian paradox, increased by the uncertainty of the present and the distrust in the near future which has further reduced the propensity of families to invest. Support and refreshments can buffer the crisis in the short term, but for the recovery it is necessary to flow liquidity towards the real economy. These are the reflections that emerged during the first day of the Savings Hall, the Milanese event scheduled from 15 to 17 September 2021.
So why is more and more money parked in Italian bank accounts? This is because in 2020 household savings grew dramatically compared to 2019: fewer trips, fewer dinners or aperitifs, reduced outings, sports or activities for children suspended for months. This and much more has contributed to an enrichment of the current accounts for 126 billion euro, of which around 85 billion is stagnant on current accounts, according to data from the Bank of Italy. But it's not just about consumption, but also the understandable prudence of those who today consider their job precarious or those who believe that the health crisis could last longer than expected.
In this climate of distrust, Italian savers must be pushed to invest at least part of the mountain of liquidity held unprofitably in current accounts. How to direct this savings towards the real economy?
During the Salone del Risparmio at the Assogestioni conference "From saver to sustainable investor", Saverio Perissinotto, Chief Executive Officer of Eurizon of the Intesa Sanpaolo group said: “The propensity to save has doubled. In 2021 it reached 16%. It is important to understand that the value of time is the investor's greatest ally, to go in this direction we need to act on three fronts. One front is that of production which must study investment solutions consistent with the context and needs. The second front is that of distribution, which must work with the saver on medium-long term planning and the third front is that of the institutions whose intervention is important to create the conditions that can help us transform the Italian saver into a conscious investor."
The solidity of the system sees financial advice as guardian of a growing responsibility towards investments that will actively participate in the process of digital and sustainable transition of the country. About, Gianluca Serafini, Chief Executive Officer and General Manager of Fideuram ISPB Asset Management SGR - on the occasion of the Fideuram event "From the real economy to the international financial markets, the testimony of two successful entrepreneurs", with John Hyman, Chief Investment Adviser of Telegram and con Silvio Campara, CEO of Golden Goose – declared: “For this edition of the Savings Fair, I strongly wanted two excellent representatives of the corporate world to join us, who have built successful global realities in contexts of uncertainty and change. Stories that can inspire our young talents to leave or restart after these two complex years.
“For us it is essential to support young entrepreneurs and offer them personalized and exclusive financial advice that allows them to best balance entrepreneurial risk and the choices made on personal assets – concluded Serafini -. Our will is to contribute to the birth and development of more and more companies capable of spreading innovation, operating with a sustainable and inclusive approach, creating value for all stakeholders over time".
Also Dario Di Muro, General Manager of IWBank, spoke at the Salone del Risparmio: “The digital evolution has allowed the world of financial advice to brilliantly overcome even a difficult period such as the one we are still experiencing, characterized by the pandemic. In this context, business models that look to digital as a channel for acquiring and communicating with the customer and not just as a working tool have recorded the best performances both in terms of growth and enhancement of the role of Financial Advisor. The combination of “digital approach and financial advisor” was precisely the element from which we started to analyze the most interesting aspects of a model destined to grow in the future. And in this regard, IWBank represents the many years of experience of a company that has made digital its distinctive element and is now preparing to experience a strong acceleration in its growth and development plans".
There are over 25 financial advisors of the companies belonging to Assoreti who currently manage the assets of 4,8 million Italian savers. A value that translates into more than 745 billion euros, doubled in recent years and estimated to reach 1.000 billion in 2025. Looking to the future, the data dynamics of the Networks create the conditions for a greater opening of the sector to young talents who will be able already at the start of his career, have total portfolios of tens of billions of euros that allow for sustainable futures.
In this context, it is essential to focus on the training of consultants to help customers correctly plan ahead for their savings. It is from this assumption that Absoreti together with Enel Foundation – non-profit organization for the development of research and training initiatives – announced a structured certified training project dedicated to the current financial advisors of the Assoreti associates, and to young talents willing to take up this profession and who will guide Italians in their future choices of socially responsible investment.
Space will be given in particular tosustainable investment at the service of the real economy (PIR, alternative and responsible investments) also deepening the dynamics of the financial market and entering into the merits of the evolution of the consultancy service. On the other hand, the agreement aims to guarantee young people interested in entering the financial advisory system the skills and know-how necessary for their active participation in the country's sustainable future.
Paolo Molesini, Assoreti President said: “Consultants today have to fulfill a role that goes beyond satisfying the customer's needs to expand into a sense of responsibility towards the new generations and for a more sustainable society. Just as the company no longer responds only to the creation of value for its shareholders, so our Networks are required, following a process involving several players, to select these companies and help them in their development, with a view to better future for all. The contemplation of ESG factors thus represents a further expansion of the scope of the consultancy, which requires new assessment skills and specialist skills. The training of the consultant is therefore fundamental, also to increase the investor's financial literacy and make him aware of investment choices, by virtue of the value that such decisions can bring to sustainable growth”.
“Sustainability is increasingly recognized as a central element for guaranteeing the reliability of investments and their ability to generate value in the short and long term. With this collaboration we intend to offer scientific insights and specific skills to enrich the country's financial culture by aligning it with the needs of a sustainable everyday life for everyone, with the awareness that ESG criteria will play an increasing role in determining the choices of each of us", he underlined Charles Pope, Managing Director Enel Foundation.
