It is now well known that Italians are a people of savers.

Italy’s public debt (relative to its GDP) is reported to be very high (2.5 trillion euros), and this represents a not insignificant problem for Italy.

If we go to check, however, the ratio of private debt to household disposable income, the scenario changes completely.

In fact, according to 2019 data from the ECB and the European Commission, Italy in the Eurozone virtuously ranks high in this ratio with “only” 55 percent. Holland, on the other hand, has the worst ratio: a whopping 220 percent. This means that an average Italian, for every 100 euros he or she owns, has a private debt of about 50 euros (home loans, installment financing for purchases.) In comparison, a Dutchman, for every 100 euros he or she owns, has a private debt of over 200 euros.

We are thus faced with a virtuous Italian example of healthy savings and greater prudence than most other European nations.

However, there is also the negative side of the coin: in the vast majority, the Italians (18.5 million households, out of a total of about 25.5 million-about 7 in 10 households- ) Do not use financial instruments, because of the lack of knowledge of the topic and a climate of general distrust, which weighs, more than other nations, on the chances of economic recovery.

Most of this liquidity (billions of euros of private savings) remains in current accounts without being invested in financial products, producing missed potential wealth and economic growth for households and the country.

In fact, over the past 15 years, those who have not invested in financial instruments have lost 30 percent of potential wealth in real terms, according to a preview of the new edition of the Global Attractiveness Index compiled by Aviva Insurance and The European House – Ambrosetti.

Many Italians who invest do so by overestimating their financial literacy and relying on DIY, but having little or almost no knowledge of the market and its instruments. The consequence of this is that much of Italian savings often loses value.

This happens when money is not invested and is eroded by inflation, or when it is misinvested.

Unfortunately, as the above study confirms, Italy ranks last among G20 countries in financial education. Score: 3.5 out of 9. On a scale of 1 to 10, it basically has a rating of 4.

Paying the price is not only the financial condition of individuals, but also the entire real economy, which needs liquidity to be sustained in such a period of uncertainty.

Increased financial knowledge on the part of citizens is undoubtedly a key element in increasing the attractiveness and economy of the country.

In order to improve these aspects, a joint effort by institutions and all players in the financial sector is essential.

The theme of enhancing “financial literacy,” for all the reasons stated, has been from the beginning and continues to be part of OnlyGain’s mission and philosophy.

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