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09 July 2020 68% of Italians are afraid of the family economic situation and caution is to win, even if the revenues of 71% of income earners were not affected during the most acute phase of the coronavirus epidemic. This resulted in a saving boom: 39% of citizens managed to put money aside and the liquidity in the portfolios of Italian families increased by 34.4 billion euros in the blackest three months of the pandemic. These are the main data that emerge from the report "The value of diversity in investment choices before and after Covid-19", created by Censis in collaboration with Assogestioni. -

67.8% of Italians are afraid of the family economic situation. A fear rooted in the territories and transversal to the various social groups. The percentage rises to 72% among millennials and women, reaches 75% in the South, exceeds 76% among entrepreneurs and reaches 82.6% among people with the lowest incomes. In the post-emergency phase, the fear of contagion and the threat to health are welded to fears about the uncertain economic outlook.

BETTER BEING CAREFUL AND ACCUMULATING SAVINGS

 The Covid-19 epidemic, in addition to spreading fear, has generated great economic and existential uncertainty. 49.7% of Italians think so (the figure rises to 58.9% among entrepreneurs). The only certainty is that "anything can happen". The possibility that an unprecedented and unexpected event could change people's lives in an instant causes an acute sense of vulnerability to explode. In this context, economically, Italians now need great caution, especially in managing their money. This was stated by 39.7% of savers (the figure rises to 45% in the North-East).

LOCKDOWN SURPRISE, MANY ITALIANS WITH MORE SAVINGS

38.9% of Italians increased their savings during the lockdown period. The percentage rises to 49.1% among habitual savers. Moreover, in the quarantine period, 28 million income recipients whose income was not affected (pensioners, civil servants, private sector workers not in layoffs or parental leave), equal to 71.2% of the total. Forced savings were born from continuity in wages and cuts in consumption.

LIQUIDITY BOOM, +34.4 BILLION BETWEEN FEBRUARY AND APRIL

Liquidity in the portfolios of Italian households increased by 34.4 billion euros in the three blackest months of the epidemic (February-April): a figure almost equal to the value del Mes for Italy, which is much discussed today. These are resources in addition to the 121 billion euros of additional liquidity accumulated in the last three years, before the outbreak of the epidemic (+ 8.4% in real terms in the three-year period): a figure equal to nine times the resources of the Marshall Plan intended for our country for post-war reconstruction compared to current values.

CASH AS A TOOL OF PROTECTION

Fear, uncertainty and caution make the precautionary cash, which has been growing for some time, take off again, as a familiar tool for self-protection. If the trend continues at the same rate as the past three years, there will be another 135 billion in additional liquidity for families in 2023. For the near future, 34.1% of Italians consider liquidity the main tool for their protection, together with the expansion of the public welfare system (34%) and the purchase of insurance, mutualistic and supplementary instruments.

ONE ITALIAN OUT OF 2 WOULD NOT BUY STATE SECURITIES

There is a split on government bonds: 43.7% of Italians would buy them, 51.3% no, 5% are uncertain. Northwest residents (47.5%), people with high incomes (55.9%), managers and middle managers (59.3%) are more likely to buy them, while the most skeptical are workers (54, 5%) and Southern residents (54%). Fear over a public debt that in the long run can also generate risks for one's savings wins.

SUSTAINABLE INVESTMENTS LIKE

Good propensity to purchase ESG (Environmental, Social, Governance) financial instruments, based on responsible investment criteria: 52.3% of Italians say they are interested in investing in them (68.2% among graduates , 70.2% among managers and middle managers). A desire for sustainability that today is linked to the theme of health protection and promotion, which has jumped to the top of people's priorities with the health emergency. -

 DIVERSITY IN FINANCE MATTERS A LOT, EVEN IN POST COVID

40.3% of Italians would prefer to invest in a company or in investment funds led by women. And 39.9% would choose a female financial advisor. The fact that among women the odds that opt ​​for gender preference to decide in what to invest (42.4%) or for the consultant to trust (39.9%) stands out as close to that of males (respectively, 38.1% and 39.9%). Financial advisors also say that diversity counts in finance, including 76.4% of whom have a highly diversified clientele by gender, age, education and financial resources. 95% of them believe that diversity matters much more than in the past, which is why 86% think that there is a need for ad hoc training to deal with it and manage it better.