No. 987 - Italian households' investments in sovereign securities in the post-pandemic period

Questioni di Economia e Finanza (Occasional papers)
by Andrea Colabella, Angelo Nunnari and Silvia Spadafora
December 2025
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This paper examines the increase in Italian households' purchases of sovereign securities between 2022 and 2024, with a particular focus on retail-targeted issues. Drawing on data from the Banca d'Italia's Household Outlook Survey, we employ econometric analyses to evaluate households' propensity to hold medium- and long-term government bonds (BTPs) to maturity and their likelihood of future purchases.

Between late 2022 and mid-2024, the share of households holding sovereign securities in their portfolios rose from 6% to 15%. Households allocating a larger share of their financial assets to retail-targeted issues exhibit a stronger propensity to hold BTPs to maturity. Moreover, wealthier or more educated households are more likely to purchase BTPs in the future.

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  1. 17 December 2025
    No. 987 - Italian households' investments in sovereign securities in the post-pandemic period
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    (only in Italian)

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