Almost seven out of ten Italians rely on the web for their financial decisions. And social media plays an increasingly important role. Result? Reckless financial decisions and the risk of being victims of frauds such as Ponzi schemes, pyramid schemes or crypto scams are multiplying. The fact is that 67% of those interviewed (latest Consob report) get their information from the web and in 36% of cases from social media, at the same level as the sites or apps of financial intermediaries.
The tendency to use social media for financial decisions is also explained by the average age of investors: In fact, 38% of Italians start investing between the ages of 18 and 29, demonstrating that, despite Italians’ low financial literacy, the desire to grow their capital is strong. Therefore Instagram and TikTok are among the primary sources for deciding where to allocate your savings. The relevance of social media as a source of information in the financial field is greater for young people aged between 18 and 34 (58%), for women (42% compared to 34% of men), for families who manage sums less than 50,000 euros (41% compared to 33% of those with higher availability) and for those with a low level of financial education (55% against 33%).
“The young Italian wants to invest independently, looking for trading platforms that are easy to use and with competitive costs. His decisions are strongly influenced by financial influencers, and he is often driven by FOMO (Fear of Missing Out), rather than by a strategy well-structured and long-term investment strategy,” explains Andrea Bosio, Customer Success Manager of Plannix. The fintech company, founded in 2022, has launched a savings guide designed for new investors and which focuses on three key points: protecting your capital, set up an emergency fund and invest for the long term.
Why do young people invest? The investment objectives are mainly focused on three fronts: capital growth, financial independence and greater financial education. There is also increasing interest in mutual fund and cryptocurrency instruments, as well as a particular focus on sustainable investments. And then there is the ETF chapter. Although Italians under 35 have the lowest incomes and asset values since 2006 (-8% in 15 years), they are the most likely to save with a clear objective: to think about their future immediately. ETFs represent 74% of the mix of investments made by those under 34, compared to 59% of those over 55. If 5.1% of Italians invest in ETFs, this rises to 14.9% in the 25-34 age group.
