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Financial literacy in Italy: The results of the Bank of Italy’s 2020 survey

Author

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  • Giovanni D'Alessio
  • Riccardo De Bonis
  • Andrea Neri
  • Cristiana Rampazzi

Abstract

The paper analyses the results of the Survey on the Financial Literacy of Italian Adults, conducted by the Bank of Italy in early 2020. In line with the OECD’s methodology, the financial literacy indicator is the sum of the scores calculated for three factors: knowledge, behaviour and attitudes. The survey confirms that Italy lags behind by international standards, as already noted in the 2017 survey. Compared with 2017, the new survey shows that Italian people’s financial knowledge has improved, while their behaviour and attitudes have essentially remained stable. Financial literacy varies among the population according to the education levels – the most significant variable – gender, age and geographical location of those interviewed. An econometric analysis focused on knowledge – the most reliable component – shows that Italians can be divided into four groups, characterized by increasingly high levels of financial knowledge: excluded, incompetent, competent and expert. Between 2017 and 2020, the number of excluded and incompetent individuals in the population has decreased, whereas that of competent, and to a lesser extent, of expert individuals has increased

Suggested Citation

  • Giovanni D'Alessio & Riccardo De Bonis & Andrea Neri & Cristiana Rampazzi, 2021. "Financial literacy in Italy: The results of the Bank of Italy’s 2020 survey," Politica economica, Società editrice il Mulino, issue 2, pages 215-252.
    • Handle: RePEc:mul:je8794:doi:10.1429/102932:y:2021:i:2:p:215-252
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    Cited by:

    1. Giovanni Gallo & Alessia sconti, 2023. "Could financial education be a universal social policy? A simulation of potential influences on inequality levels," Center for the Analysis of Public Policies (CAPP) 0182, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    2. Sara Lamboglia & Fabio Travaglino, 2022. "Statistical sources for assessing financial literacy," Questioni di Economia e Finanza (Occasional Papers) 725, Bank of Italy, Economic Research and International Relations Area.
    3. Assenmacher, Katrin & Glöckler, Gabriel & Holton, Sarah & Trautmann, Peter & Ioannou, Demosthenes & Mee, Simon & Alonso, Conception & Argiri, Eleni & Arigoni, Filippo & Bakk-Simon, Klára & Bergbauer, , 2021. "Clear, consistent and engaging: ECB monetary policy communication in a changing world," Occasional Paper Series 274, European Central Bank.
    4. Carolina Guerini & Donato Masciandaro, 2023. "Financial Education between Market and State: Private Commitment, Conflicts of Interest and Public Certification," BAFFI CAREFIN Working Papers 23213, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.

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