In 2024, Italy continues to face significant challenges in financial literacy, with notable disparities across various demographics. The Bank of Italy’s triennial survey, initiated in 2017, assesses financial literacy by evaluating knowledge, behaviors, and attitudes. The 2023 edition introduced questions on digital financial skills, reflecting the evolving financial landscape.
Key Findings:
- Demographic Disparities: Financial literacy remains particularly low among the young, women, and individuals with less education. Regional differences are also evident, with residents in Southern Italy exhibiting lower financial knowledge compared to other regions.
- Impact on Financial Resilience: A lack of financial literacy increases the likelihood of being unable to handle financial shocks and leads to an overaccumulation of debt. Conversely, higher financial literacy is associated with better financial resilience, enabling individuals to manage debt responsibly and maintain financial stability.
Initiatives to Enhance Financial Literacy:
To address these challenges, several initiatives have been implemented:
- Educational Programs: The Osservatorio Permanente Giovani-Editori has launched projects like “Young Factor” to promote economic and financial literacy among high school students, aiming to develop critical thinking and informed financial decision-making.
- Institutional Efforts: In 2022, the Governors of the Central Banks of France, Italy, the Netherlands, Spain, Germany, and Portugal, along with the President of the Osservatorio, signed a Memorandum of Understanding to improve economic and financial literacy among young Europeans. This agreement marked a collaborative effort to enhance financial education across Europe.
Improving financial literacy in Italy is crucial for fostering economic stability and individual financial well-being. Ongoing efforts by educational institutions and financial authorities aim to bridge the knowledge gap and empower citizens to make informed financial decisions.
