Fabi’s analysis
More liquidity and less risk, with piggy banks growing overall by more than 7%: between 2019 and 2021, in the two years of the pandemic, the financial wealth of Italian families increased, in total, by 334 billion euros (+ 7.17%), touching the 5,000 billion ceiling, compared to 4,663 billion at the end of 2019. Between current accounts and cash, the Italian families have accumulated over 153 billion more in the form of deposits, with an increase of around 11% since the beginning of the pandemic.
A fact that confirms one renewed preference for liquidity also for 2021 and the prevalence of easily monetizable instruments as well as deposits in household safes. L” increase of 334 billion refers to the period from January 2020 to September 2021: in total 21 months, during which the financial wealth of Italian families grew to a monthly average of 15.9 billion.
THE bank deposits, with approximately 1,604 billion, have turned into the “brick” of the Italians with more than 30% of the financial wealth of the Italians parked on current accounts, followed by insurance products and equities. According to the analysis of Fabi “L’Italia del Risparmio”, in the two-year period 2020-2021, moreover, the insurance reserves increased by approximately 90 billion, marking a + 8% compared to 2019 with an overall portfolio of approximately 1,200 billion and with the share of pension products almost doubled in 15 years (+ 93%).
THE bonds they decreased by about 40 billion in the three-year period: they now represent 4.5% of the overall financial portfolio of families, while they attracted about 20% in 2005, recording a net decrease of about 500 billion. In 2021, preferences for short-term securities are almost zero (-36% from 2019), while the increase in the share of shares and other equity investments is significant – equal to 5% in the two-year period in question and 50 billion in absolute value – because it took place in a context of still uncertainty and because it attests to the still unexpressed potential of the overall savings of Italians.
“The Covid crisis has made Italian families less inclined to consume, increasing the tendency to save – says the secretary general of Fabi, Lando Maria Sileoni -this time due to fears related to the health and economic emergency of the last two years. The enormous availability of financial resources on the part of families confirms the need for professional advice that only female and bank workers can guarantee to savers: in this sense, the role of banks, as financial pivot of the country-system, must continue in future also in the imminent transformation of the banking sector itself which must not neglect, in the industrial plans that will be presented in the coming days and months, the attention to territories, businesses and families. Important resources that can be fundamental, those of savers, which can also be decisive for the economic recovery, if well addressed. Therefore, the undue commercial pressures exerted by the top management of the banks on employees must stop, aimed at pushing the sale of insurance and financial products that increase the revenues of the same institutions, but contrast with the needs of the country “.
(Continued …)
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