Indagini sull'alfabetizzazione finanziaria e le competenze di finanza digitale in Italia: giovani - 2023

The Bank of Italy conducted a survey on the financial literacy of young adults aged between 18 and 34 in the first quarter of 2023. The survey assessed their understanding of basic economic and financial concepts, their financial behaviours, as well as their habits, aspirations and interest in economic and financial topics.

Financial knowledge and behaviours

Regarding questions about key economic concepts - inflation, interest rates and risk diversification - only 35 per cent of the respondents answered correctly. Financial knowledge among young adults is heterogeneous across several dimensions. Knowledge is higher among students compared with those already in the workforce or job seekers. There is a gender gap, with women exhibiting lower knowledge; respondents from the central, southern, and island regions performed worse than those in the North. Concerning the fields of study, individuals with scientific or technical backgrounds tend to have greater financial knowledge.

Turning to financial behaviours, young adults are mindful of the sustainability of current expenditures and meeting payment deadlines, but they exhibit a low propensity to plan for the future. Many of them hesitate to invest in pension funds due to the perceived risks of losses.

Opinions, outlook and interest in economic and financial topics

Young adults believe that environmental protection is the most urgent issue that economic policies should focus on; this concern is accompanied by a relatively widespread knowledge of sustainable finance. There is greater optimism about professional growth and economic improvement among those with greater financial knowledge.

Among those 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. Mobile phone applications are the preferred tool for learning.