(Finance) – “The data on the financial education of Italians are alarming, only one in three adult citizens declares themselves adequately informed on the topic. Yet, although the vast majority (85%) believe it is important to have at least basic knowledge about banking and financial products and services, and 83% say they are in favor of including financial education in school curriculathe availability to Investing personally to increase the level of one’s skills stops only 4 out of 10 Italians“. This is what emerges from an investigation into thefinancial education of Italians created by the Piepoli Institute for the Union for the Defense of Consumers (Udicon).
“Less than one Italian in two (46%) would like more information to take care of their finances, understand financial products and adopt prudent behavior, to avoid, for example, being scammed or getting into too much debt. Information spots on TV and radio (46%), training courses (33%), videos on social networks (30%) or brochures at bank branches (29%), the preferred means of communication for Italians to find out about this topic, but for some they should visits to educational museums (18%) or games and quizzes also included in entertainment television programs (12%) should be encouraged”, we read in the report.
“The data is alarming and reveals a lack of basic knowledge in a matter that requires targeted interventions, a great deal of preliminary work aimed at explaining how important it is to be adequately informed on this topic. Finance is an integral part of our daily lives and lack of knowledge can lead to wrong and imprudent financial choicesto debt and to greater vulnerability to financial scams”, he comments Martina Donini, national president of Udicon, who adds: “The world is changing and managing personal finances is essential to face daily economic challenges. Financial education at a young age promotes economic independence. If young people learn how to save, invest and plan their financial future they will be more likely to be self-sufficient and reduce the burden on social welfare systems. Therefore, introducing financial education into schools is an investment in the future of young people and society and would provide the right tools to make clearer financial decisions, reduce inequalities and achieve greater economic security.”
On the front of mortgages, the report continues “given the increases in installments in recent months, the survey reveals that only 35% of those interviewed declared having received renegotiation proposals from their bank to respond to this situation, while less than one Italian out of five (17%) have requested financing in recent years, mainly in the form of a personal loan (78%)”.
“The mortgage data shows how much it is financial education is important in the context of real situations dealing with daily budgets. With the crisis, many Italians found themselves facing significant increases in mortgage payments without having sufficient knowledge to manage the situation. Because of this we invite financial institutions to actively engage for the dissemination of good financial practices, promoting more transparency and offering more educational services to enable people to make more informed financial decisions”, concludes Donini.