(Finance) – In 2020 the average household expenditure it decreased in real terms by 9.7 per cent compared to 2016, continuing the decline already underway, albeit with varying intensity, since 2006 and settling on the lowest value since 1980, that is, since the survey detects this variable. This is what we read in “ISurvey on household budgets“published by Bank of Italy which highlighted that at the same time the savings jumped 40%.
“THE consumption of families were affected in 2020 by the measures to contain the spread of the virus and the fears of the infectionas well as one greater uncertainty on the future and, for some durable goods, constraints on the supply side – reads the report -. Both the consumption of non-durable goods and services and those of durable goods contributed to the contraction. “According to the study, the decline in spending was more intense as the equivalent income increased. contraction of consumption was more pronounced (-13 per cent) for individuals over 65, whose behaviors of expenditure were affected by the greater exposure to the serious consequences of the coronavirus infection, and for those living in households whose major income earner is employed or inactive (-10.6 and -10.2 percent respectively).
In 2020, 17 percent of households in Italy said they had received a income “unusually low compared to a normal year” and in comparison with the 2016 survey, the share increased by 5 percentage points. The increase was concentrated above all among families whose major income earner is under the age of 35. A significant proportion of the households interviewed stated that at least one family member has undergone a temporary reduction o break of the income from work (11 and 5 per cent of families respectively), while only 3 per cent have at least one member who has lost their job, probably due to the blockade of layoffs effective from March 2020.
In the same year the average income available from households in Italy amounted to 39,343 euros, with a net gap between the Center and North, where this item amounted to € 45,418, and the South and Islands where it stood at € 27,448. On average, Italian families had a net wealth, consisting of the sum of real and financial assets net of liabilities financial, of approximately 341,044 euros. The median value, however, which separates the less rich half of families from the richest half, was significantly lower, he specifies, just under 151,000 euros.
Compared to the last survey, referring to 2016, the wealth average it increased in real terms by 1.7 per cent. The gap between average and median net wealth has widened further, an indicator of the degree of inequality in relative distribution. According to the survey, the bottom 50 per cent of households owned only 8 per cent of total net worth while half of the latter was owned by the richest 7 per cent. As for income there are divergences based on theterritorial area of households: average wealth of € 419,000 in the Center and North and € 187,000 in the South and islands.