Table of Contents:
The profile of the Italian saver
Over the last thirteen years, the behavior of DIY investors in Italy has undergone significant changes. According to the latest CONSOB survey, savers tend to be cautious, allocating their funds mainly to mutual funds and government bonds. This aversion to risk has led many to avoid complex and illiquid financial instruments, often following the advice of their banks without considering potential conflicts of interest
.
Growing investment preferences
The research revealed that mutual funds saw a significant increase in their incidence, from 16.6% in 2010 to 53.8% in 2023, although there was a decline from the peak of 61% in 2022. Government bonds, on the other hand, maintained a stable position, fluctuating from 19.3% in 2010 to 22.5% in 2023, a significant increase compared to 15%
in 2022.
Reduction of exposure to illiquid bonds and securities
Another interesting aspect that emerged from the analysis is the drastic reduction in investor exposure to bonds, in particular banking bonds, which have fallen from 50% to 8%. Illiquid securities also fell sharply, from 30.7% to 3.1%, while complex instruments fell from 17.5% to 6.3%. This change reflects a growing preference for safer and more transparent investments
.
Conflicts of interest and investment choices
A worrying fact is the increase in investments characterized by potential conflicts of interest, which have risen from 41% to 58.8%. This phenomenon is linked to the growing supply of financial instruments issued by the same banks that act as depositaries for customers. CONSOB has highlighted that mutual funds represent 87.7% of the instruments in conflict, followed by certificates
and bank bonds.
Conclusions on the trend of retail savings
In summary, the CONSOB analysis offers a clear overview of the investment choices of Italian savers. The preference for mutual funds and government bonds, together with the reduction in exposure to riskier instruments, highlights a significant change in the investment landscape. Savers seem increasingly oriented towards safer choices, but it is crucial that they are aware of potential conflicts of interest that may influence their financial decisions
.
