The current economic environment in Italy
In recent months, Italy has faced a significant increase in inflation, with an increase of 1.4% in November according to preliminary estimates by ISTAT. This phenomenon had a direct impact on the prices of consumer goods, in particular those of the ‘shopping cart’, which registered an increase of 2.6%. These increases have made it increasingly difficult for Italians, especially younger generations, to manage their finances and save
.
The difficulties of the younger generations
A survey conducted by Gimme5 revealed that, although 79% of respondents consider savings to be fundamental, only 54% are able to save regularly. The situation is particularly critical for Millennials and GenZ, who are faced with a labor market characterized by precarious contracts and low salaries. This context of economic instability makes it difficult not only to meet daily expenses, but also to plan for a secure financial future
.
Youth unemployment and job insecurity
Italy is in third place in Europe for the youth unemployment rate, which exceeds 18%, four percentage points above the European average. In addition, the precariousness of employment contracts is an additional factor contributing to this situation. In 2023, 16.1% of Italian workers were employed on fixed-term contracts, highlighting a lack of stability that negatively affects savings capacity. Furthermore, salaries are lower than the European average, with a gross per capita income of 33,000 euros per year against 40,000 euros in
Europe.
The causes of the difficulty in saving
According to the Gimme5 survey, rising prices are the main obstacle to individual savings, cited by 50.8% of respondents. Other causes include unforeseen financial emergencies (34.1%), lack of financial resources (31.4%), lack of control over expenses (21.3%) and impulse purchases (16.3%). Young women, in particular, are facing a gender pay gap and greater discontinuity of work, making it even more difficult for
them to save.
The future of savings in Italy
With inflation continuing to bite and the economic outlook uncertain, it is crucial that public policies focus on measures that can support younger generations. Investments in training, stable employment opportunities and income support policies could help improve the current situation. Only in this way will it be possible to guarantee a safer and more prosperous future for young Italians, allowing them to save and invest for
tomorrow.