Italians are always savers. Financial wealth grew by almost 80 billion euros in 2023, despite the period of inflation, rates at 4.5% and the loss of purchasing power. But something has changed. Less liquidity in current accounts and more research into shares, bonds and mutual funds. Even in the face of higher risks, Italians sought greater returns. And families have accumulated over 144 billion more in the form of savings compared to 2022. Bonds are the driving force: +45%. The reason is to be found not only in less precaution (a sign of confidence in the future), but above all in the explosive mix of inflation and low remuneration of bank deposits.
In 2023, the financial wealth of Italians reached 5,216 billion, 552 billion more than in 2019, i.e. before the pandemic, the energy crisis, the rush of inflation and the monetary policy of the ECB. Fabi (Autonomous Italian Banking Federation) has done the math. In total, the liquidity held by Italians exceeds 1,500 billion euros, but bank deposits have dried up by 61 billion, 3.73% less looking at 2022. Deposits and current accounts therefore “suffer”, although they still represent the of the lion: 30% of the wealth is set aside like this.
But after years of uncertainties, which kept Italians on the line of prudence, the data shows how something has really changed in 2023. First of all, the amount of Italian public debt in the hands of families and businesses has grown. The share of BOTs and BTPs held by small savers and companies has more than doubled compared to 2019 and has seen a strong acceleration in 2023. Bonds today cover 7.2% of families' financial portfolios, compared to 5.8% in 2019 and in 2023 they recorded an increase in volumes of 44.3%. We are talking about over 115 billion euros compared to pre-Covid. The most attractive are medium-long term bonds (+93.6 billion in 2022), but short-term ones have also grown (increase of over 20 billion in just one year). In the first eleven months of 2023 between Btp Italia and Btp Valore families and businesses accelerated. In November 2023, private individuals held 13.5% of BOTs and BTPs, i.e. 320 billion euros out of 2378 billion in state issues. At the same time, Italian public debt in the portfolios of foreign investors has fallen.
And then there are investments in shares, which grew by 1.35% compared to the previous year, almost 18 billion euros in terms of volume. The share component in the portfolio is increasing compared to the past (25.7%). And to confirm the newfound desire of Italians to take risks without putting their savings too much at risk, there is the increase in participation in mutual investment funds. A value that goes from 663.9 billion to 675 billion in the first nine months of 2023.
Italians are savers, therefore, even in difficult times, but savers who are changing pace. With inflation on the rise and banks offering poor returns on deposits and current accounts, Italians have moved and are moving liquidity and savings where there is more possibility of profit, preferably in the safest way possible. So: boom in Bot and BTP. And talking about the financial wealth of Italians today means talking about over 5 thousand billion euros: +552 billion compared to 2019. “A fundamental asset for the growth and economic development of the country: it is equivalent to two and a half times the Italian GDP and corresponds to almost double compared to our public debt” recalled the general secretary of Fabi, Lando Maria Sileoni.
