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Households' portfolio composition 2010 – 2023: evidence from the Financial Accounts and from the Survey of Household Income and Wealth

Author

Listed:
  • Federico Apicella

    (Bank of Italy)

  • Andrea Colabella

    (Bank of Italy)

  • Angelo Nunnari

    (Bank of Italy)

  • Francesco Pipitone

    (Bank of Italy)

Abstract

The paper documents the evolution of the financial wealth of Italian households since 2010, using data from: a) several editions of the Survey on Household Income and Wealth (SHIW), administered between 2010 and 2020, and b) the Financial Accounts (FAs) up to 2023. Between 2010 and 2020, there was a significant reallocation of Italian households' financial portfolios: the share of bonds directly held (by HHs) decreased, while that of asset management products increased. The share of deposits remained broadly unchanged. Between 2022 and 2023, in connection with the increase in interest rates, there were substantial net purchases of bonds, while flows of asset management products and deposits were negative. At the end of 2023, the incidence of the former was still above that of 2010; that of the latter was slightly lower and that of bond investments was much lower. SHIW data, for the period 2010-2020, show that the reallocation was widespread among households. Remote investments increased from the middle of the decade. There was also an increase in investments in life insurance policies, while Individual Savings Plans (Piani Individuali di Risparmio, PIR) remained unattractive.

Suggested Citation

  • Federico Apicella & Andrea Colabella & Angelo Nunnari & Francesco Pipitone, 2025. "Households' portfolio composition 2010 – 2023: evidence from the Financial Accounts and from the Survey of Household Income and Wealth," Questioni di Economia e Finanza (Occasional Papers) 910, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_910_25
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2025-0910/QEF_910_25.pdf
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    References listed on IDEAS

    as
    1. Thomas Dohmen & Armin Falk & Bart H. H. Golsteyn & David Huffman & Uwe Sunde, 2017. "Risk Attitudes Across The Life Course," Economic Journal, Royal Economic Society, vol. 127(605), pages 95-116, October.
    2. Thomas Dohmen & Armin Falk & Bart H. H. Golsteyn & David Huffman & Uwe Sunde, 2017. "Risk Attitudes Across The Life Course," Economic Journal, Royal Economic Society, vol. 127(605), pages 95-116, October.
    3. Luigi Guiso & Tullio Jappelli, 2008. "Financial Literacy and Portfolio Diversification," EIEF Working Papers Series 0812, Einaudi Institute for Economics and Finance (EIEF), revised Oct 2008.
    4. Danilo Liberati & Francesco Vercelli, 2019. "As long as the bank gains: expanding the retail distribution activity," Questioni di Economia e Finanza (Occasional Papers) 510, Bank of Italy, Economic Research and International Relations Area.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    household wealth; financial accounts; microdata; insurance products; investment;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • G52 - Financial Economics - - Household Finance - - - Insurance

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