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Italian households' investments in sovereign securities in the post-pandemic period

Author

Listed:
  • Andrea Colabella

    (Bank of Italy)

  • Angelo Nunnari

    (Bank of Italy)

  • Silvia Spadafora

    (Bank of Italy)

Abstract

Between 2022 and 2024, after a decade of subdued demand, Italian households significantly increased their direct purchases of sovereign securities (tdS), amounting to €195 billion. By the end of 2024, holdings of tdS reached €310 billion - around 5% of households' financial assets - the highest share since 2013. Retail-targeted issues played a key role, accounting for about one-third of purchases. According to Banca d'Italia's Household Outlook Survey, the percentage of households holding tdS rose to 15% (up from 6% in 2022), with 5% holding exclusively retail-targeted issues. Moreover, 12% of households reported an intention to purchase medium- and long-term government bonds (BTPs). Two probit analyses indicate that households investing a larger share of their financial assets in retail-targeted issues show a greater propensity to hold BTPs to maturity; holders of any type of tdS are 26 percentage points more likely to buy additional BTPs and, in a multivariate context, this likelihood increases with education and wealth.

Suggested Citation

  • Andrea Colabella & Angelo Nunnari & Silvia Spadafora, 2025. "Italian households' investments in sovereign securities in the post-pandemic period," Questioni di Economia e Finanza (Occasional Papers) 987, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_987_25
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2025-0987/QEF_987_25.pdf
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    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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