BTPs, funds, liquidity: how Italian families invest (and the comparison with Berlin and Paris)
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The see-saw income and savings
In 2022, Italian household income approached 1,240 billion euros. However, growth of over 6% only partially compensated for the increase in prices, which pushed up consumer spending, penalizing savings. The higher income has, however, allowed Italians to set aside around 100 billion, less than the almost 165 saved on average in 2020 and 2021, but more than the 90 that characterized the years before the crisis. In deciding how to allocate these resources, households have shown, also in 2022, a preference for financial assets, allocating just over 60 billion to them. This is 60% of the total 100 saved: about 20 percentage points more than the period before the crisis. Despite a rather complex scenario, every Italian therefore allocated an average of just over 1,000 euros to financial investments, compared to 650 in the years between 2014 and 2019. Persistent inflation and the increase in interest rates, which affects both the yield of some assets and the cost of debt help to understand these dynamics.
May 17, 2023
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