The first findings from the new survey conducted by the Bank of Italy on financial literacy among young adults aged between 18 to 34 in Italy were published today. The survey was conducted in the first quarter of 2023 and assesses their understanding of basic economic and financial concepts and their financial behaviours. Information is also gathered on habits, aspirations, and interest in economic and financial topics.
Some 35 per cent of young adults answered questions on the main economic concepts correctly (inflation, interest rates and risk diversification). Financial knowledge is higher among students and among those with high school diplomas or degrees in scientific or technical subjects; there is a gender gap, with women exhibiting lower knowledge.
Turning to financial behaviours, young adults are mindful of the sustainability of their current expenditures and meeting payment deadlines, but they have a low propensity to plan for the future.
Expectations for professional growth and economic improvement are more optimistic among young adults with greater financial knowledge.
Among respondents aged 18 to 23, schools and universities are the preferred places for enhancing financial skills, with a growing preference for banks and financial institutions as sources of information as age increases.
Environmental protection is seen by young adults as the most urgent economic policy issue to focus on, and this concern is often accompanied by a relatively widespread knowledge of sustainable finance.
