Italian families more “ants”, stock indices in slow recovery, greater confidence in the recovery, increase in debt: Consob in the report “Economic situation and risks of the Italian financial system in a comparative perspective” the economic situation of the country, marked after a year of pandemic.
It is certainly a fact that stands out: Italian families, during the pandemic, have become more “ants”. There liquid assets the end of the year reached an impressive 1,500 billion euros: a record level. The report states that “between 2019 and 2020 the gross savings rate of Italian households, while continuing to remain below the Eurozone average, experienced a strong increase, from 10% to 18%, which should only partially be reabsorbed in the current year “. “Thanks also to the dynamics of share and bond prices recorded in the financial markets in the second and third quarters of 2020, the net wealth of Italian households grew, however remaining below the figures for Germany and France”, reads the Report.
As for the composition of financial assets, the weight of liquidity increased, which at the end of last year recorded a trend rate of change at an all-time high since 2015 (+ 7%), in line with the dynamics observed in the euro area. At the end of 2020, the liquid assets in the portfolio of Italian households amounted to over 1,500 billion euros, equal to approximately 91% of GDP and 2.5 times the total capitalization of MTA and AIM Italia (600 and 6 billion euros respectively).