Italians and savings: government bonds are flying

Tensions at a geopolitical level, uncertainties about the ECB's next moves and a lackluster international economic picture are pushing Italians towards government bonds. According to the 5th Assogestioni-Censis report, presented at the Salone del Risparmio in Milan, among savers ready to invest in financial instruments, 41.3% would like to do so in government bonds, 37.7% in mutual investment funds, 28.3% in postal savings bonds, 26.8% in bonds, 23.9% in insurance policies. “In a context in which the growing interest in global events generates a widespread state of uncertainty, savings represent one of the main sources of security”, declares Giorgio De Rita, General Secretary of Censis, adding that “what changes is the intention destination of Italians' savings: if in the past liquidity represented the main destination, today there is greater interest in government bonds, while managed savings products retain their specific attractiveness”. We can therefore talk about made in Italy also in investments. In fact, 69.6% of savers, faced with global crises and intense uncertainty, believe that it is better to invest in Italian financial instruments. 81.9% with a middle school diploma, 73.8% of high school graduates and 60.5% of graduates are more convinced of this. 48.6% of savers would even accept lower returns to invest in Italy.

Despite an uncertain geopolitical climate and a less than brilliant economic situation, Italians have not lost their tendency to save. In fact, the report highlights that 76.7% save. At a geographical level the situation is quite homogeneous with 77.3% of residents in the north-west saving, 77.3% in the north-east, 77.2% in the center and 75.7% in the south and islands . The intensity of savings creation obviously varies. Compared to past years where inflation had not yet eroded part of the accumulated reserves and interest rates had not been raised to record levels, the situation has changed. 39.3% save a maximum of 5% of their annual income, 33.2% between 6% and 15%, 17.2% between 15% and 20%, 10.3% over 20%.

The propensity to invest remains uncertain. 46.9% of Italians intend to invest more in the near future or start investing in managed savings products (ETFs, pension funds, life insurance policies, etc.), 14.4% are undecided and 38.7% do not want hear about such tools. To the question “what would convince you to invest (in this world)?” 35.6% indicate the possibility of better understanding what it is about, 23.8% the certainty that the products are in line with their ethical beliefs, 22% focus on lower costs for services, 19% on advice and explanations received from trusted interlocutors and 18.5% on more attractive and convincing products.