33% of Italians are afraid of becoming poor. And only 30% feel that they are well covered by the welfare system, while the percentage rises to 58% in Spain, 61% in the UK, 73% in Germany and 74% in France. These are the findings from a study of CENSIS published in “Journal of the transition.”
In this challenging environment, with growth and jobs that do not share, Italians think it is important to be safe in case arises an illness, job loss or simply to deal with unexpected expenses. 44% savings to cope with social risks to health or work, 36% because it is the only way to feel safe, 28% to secure a peaceful old age.
Boom cash and bank deposits. In the years of the crisis Italians have also preferred to keep the money in cash or latches on current accounts available for every eventuality. The value of cash and bank deposits increased by 234 billion euro over the last seven years. The outstanding increased from € 975 billion in 2007 to a mass financial 1,209,000,000 in March 2014, an increase of 9.2% in real terms. This is what always results from a study of CENSIS which emphasizes that “Italians are now the most liquid company of Italy.”
The mass financial explains CENSIS has increased from € 975 billion in 2007 1.209 billion in March 2014, an increase of 9.2% in real terms. Now make up 30% of the portfolio of financial assets of households, while only 25% were in the year before the crisis. Uncertainty, fear, caution urge Italians to keep the money neighbors, and immediately ready if necessary to buffer the risks.
In the same period also increased the money set aside by insurance companies and pension funds: +125 billion euro (+7.2%). And life insurance policies have returned to work as a piggy bank for many Italian: premiums collected increased from 63.4 billion euro in 2007000000000-86.8000000000 in 2013 (21.3% in real terms). Zero consumption (-7.6% since 2007), halved investment property (from 807mila sales of homes in 2007 to 403mila 2013), here is what happened to the money of the Italians.
From the second quarter of 2012 there has been a turnaround by the Italians in the creation of savings, which have resumed an upward trend, rising from 20.1 billion to 26 billion euro in the first quarter of 2014, an increase in the period of 26.7% in real terms. The propensity to save has risen from 7.8% to 10%, even in the face of a reduction in the same period of 1.2% of household disposable income and despite the low inflation has attenuated the fall in purchasing power.
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