Managing savings is an essential skill, especially for younger generations who must face an uncertain and ever-evolving economic future. According to the Assogestioni-Censis 2024 report, 89.5% of young Italians (aged 18-34) save regularly, yet significant gaps in their economic and financial literacy remain. The Museum of Saving survey highlights a generational divide, with 18-34-year-olds showing lower levels of financial literacy. Proper financial education is a crucial tool to meet the growing challenges of the future. Here are some key points on how young people approach saving and how they can improve their financial knowledge!
1 – How young people manage savings
According to the report’s data, youngsters surveyed by Assogestioni-Censis save mainly for security, future expenses, and personal pleasures. However, the fear of financial loss and risk aversion pose real obstacles to effective money management. One striking fact: 82.7% of these youngsters fear becoming poor. This insecurity highlights the importance of offering opportunities to deepen financial knowledge and, if deemed necessary, seeking a trusted advisor who can help them plan with confidence. Establishing solid financial habits and well-structured strategies can be the first step in tackling economic uncertainty.
2 – Financial education: an essential tool
Financial education is a crucial topic for young Italians, but data shows that there is still a long way to go. According to the OECD-PISA 2022 survey, which analyzes financial literacy among young students, Italian students score below the international average, and only a small percentage reach advanced financial competence levels. Regional differences are evident, with Northern Italy scoring better than other areas of the country. A concerning aspect is that girls appear to struggle more than their male peers, confirming the need to promote greater economic awareness and gender equality among new generations. Higher financial literacy not only helps in making important economic decisions rationally, avoiding emotional influences, but also enables individuals to shape their own future with greater independence.
3 – Diversification for growth
When it comes to investments, diversification is a fundamental strategy to mitigate risks and optimize returns. Diversification helps balance losses and potential gains by spreading capital across different sectors and financial instruments. You can explore how to apply this technique with practical examples in our dedicated blog post on investment diversification. This approach allows everyone to develop resilient and long-term-oriented portfolios.
4 – A positive outlook on the future
The Assogestioni-Censis 2024 report, considering Assogestioni’s mission, underscores the importance of personalized financial advice. With expert guidance, concrete actions can be taken to help everyone, especially young people, achieve medium- and long-term financial goals with greater peace of mind. A well-defined strategy and a positive outlook on the future, as emphasized in our optimism survey, are key ingredients in facing economic challenges with confidence. However, in order to choose a reliable and competent financial advisor, it is essential to have at least a basic level of financial literacy. This ensures that individuals can clearly assess the advisor’s expertise, understand the proposals presented to them, and determine whether they align with their personal financial situation and expectations.
Investing in financial education for younger generations means providing tools for a more secure future and contributing to a more financially stable society. That’s why at Museum of Saving, we are committed every day to promoting financial education through workshops, events, and learning programs.
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