No. 435 - Measuring the financial literacy of the adult population: the experience of Banca d'Italia

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by Antonietta di Salvatore, Francesco Franceschi, Andrea Neri and Francesca ZanichelliJune 2018

This work provides an analysis of the financial competencies of adults in Italy, comparing them with those recorded in the other G20 countries. The data were collected by Banca d'Italia, within the framework of a G20 initiative and using a harmonized methodology developed by the OECD. The results have contributed to the identification of priorities for the National Strategy for Financial Education, launched in Italy in 2017.

The financial competencies of Italians are very low by international standards, especially with regard to knowledge of basic concepts and the tendency to put sound behaviours into practice when managing financial resources. The gap is only partly due to the composition of the population in terms of socio-demographic characteristics. Italians are, however, aware of their limits or at least more cautious when assessing their personal level of financial knowledge.