Author: Sandro Pierri
Date: 1 June 2017
Type: Policy Brief
The Italian context is characterized by a low rate of participation in managed savings products compared to other European countries: only 9.3% of Italian families own social security products and 6% hold investment funds. Savings management also has some peculiar features: resources allocated to bonds are about the double the US and seven times those of France and the UK and only 1.7% of the savings are invested in listed shares. Moreover, the level of financial education of Italian savers is among the lowest among the OECD countries: only 40% of adults have basic financial knowledge.
The purpose of the opinion is to argue for the need to improve the savings management in Italy and to stimulate Italian savers to make conscious choices. The two areas of intervention are the change in the context of the supply of managed asset products and the increase in the level of financial education.
Action Institute’s proposals, in conjunction with the reception of the MiFID II, aim to create an organic and coherent context that favors the spread of managed savings. In particular, the proposals concern (i) the governance of the managed savings sector, (ii) improving the definition of products and commissions for intermediaries, (iii) improving the system of tax incentives and (iv) improving the level of financial education of the Italian citizens.
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