The level of financial literacy and insurance of Italians is still insufficient, while significant gender and age gaps still remain. This is what emerged from the third edition of Edufin Indexthe Observatory on the awareness and financial and insurance behavior of Italians developed by Insurance AllianceCompany of Generali Italia, together with Mario Gasbarri Foundation and with the scientific collaboration of SDA Bocconi. The Edufin Index analyzes two aspects on a scale from 1 to 100: on the one hand the Awareness Index, i.e. how much Italians “know” and how they evaluate themselves (54 out of 100), and on the other the Behavioral Index, i.e. how they behave and what they “do” when they decide about their finances (57 out of 100).
Growing financial illiteracy
The level of Edufin Index in 2024 stands at 56where the maximum is 100: it therefore fails to reach the pass mark (60 out of 100). In the last twelve months, in particular, it is increased by two points percentages the number of people living in illiteracy financial and insurance, rising to 12% of the population and returning to the levels recorded in 2022. After the significant increase in those who reached the sufficiency (+7%) recorded in 2023, the financial and insurance literacy of Italians has stabilized in the last year: today only 40% of the population reaches sufficiency, compared to 41% in 2023.
A particular year
The Observatory has certified that in 2024 there was a physiological stabilization after the growth of 2023 and, at the same time, a slight worsening of the data that evaluates behavior in the context of investments and financial choices. The exceptional nature of the macroeconomic context last year, with constantly increasing rates and mortgages, had shifted the attention of the media to this issue and made it a priority for citizens to stay informed and take care of their finances to avoid the risk of finding themselves in situations of uncertainty, if not outright unexpected economic fragility.
The categories
According to the research, the best results are recorded among menamong those aged 45-64 and among residents of North-East. In 2024 it is confirmed as a gender gap around 5 points (men 58 vs women 53) and a geographical gap between north and south of around 4 points; instead it increases generation gap which sees very young people (18-24) with scores approximately 7 points lower than those of adults (35-64).
More experienced independent and single women
For them women, the reduced interest in the topic and the low propensity to inform themselves remain key factors that contribute to their lower financial and insurance literacy compared to men. However, the gender gap is also influenced by low decision-making autonomy of women which finds its origins in the context and family dynamics.
The 2024 research aimed to relate the literacy data precisely with status (single or couple) and economic relevance of women within their family unit. The Report highlighted that when women are single and are in a condition of necessary autonomy in managing their finances, they achieve the same results of men. On the contrary, the women in couples they tend to lose decision-making autonomy. Even when they are the main income earners within the couple and have a high level of financial literacy, they are inclined to share the main economic choices with their partner.
