In praise of private debt that the dominant culture does not want to see

In a world where distrust of the future is becoming a distinctive trait, the prejudice on the Italian wallet can be reversed: getting into debt can become the sign of a willingness to risk for oneself and for others

Data from the Bank of Italy on savings and private debt of Italians tell us that in the last ten years savings have grown by almost 40 per cent, going from 3,500 to 5,200 billion, and private debt has remained substantially low and stable . If we then consider that, compared to 2008, the wages of Italians have suffered an erosion of about 10 percent, one could almost say that we are doing miracles with savings. Nonetheless, there are also some elements of reflection and concern: first of all, the enormous public debt of our country; then the increase in Italian savings during the pandemic, but also in their private debt; and finally the fact that for a year now savings have decreased and the debt continues to increase.