Crisis, is booming cash: Italians keep money in your pocket – TGCOM

Crisis, is booming cash: Italians keep money in your pocket – TGCOM

15:03 – In the years of the crisis, with an uncertain future ahead, Italians have preferred to keep their money under the mattress, available just in case. The value of cash and bank deposits has increased, according to Censis, 234 billion euro in the last 7 years: the amount outstanding increased from 975 billion euro in 2007 to 1209 billion in 2014, an increase of 9.2% in real terms. And one in three Italian afraid of becoming poor.

Today liquidity constitutes 30% of the portfolio of financial assets of households, while it was only 25% 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).

From the second quarter of 2012 is recorded, however, reversed 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 of 26.7% over the period in real terms. The propensity to save and ‘rose 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 the purchasing power .

And despite some signs of recovery, 33% of Italians are afraid of becoming poor: 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.

In a context so ‘difficult, with growth and jobs that do not share, Italians think it is important to be safe in case arises disease , 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.

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CENSIS