Financial literacy is an increasingly relevant topic, as the ability to understand and manage one’s finances has a direct bearing on individual and collective well-being. Yet the data for Italy shows there is still much to be done: the Edufin Index 2024 has recorded a level of financial knowledge that remains insufficient, with generational, gender and geographical gaps. Families play a central role, but that is not enough: structural interventions are required to improve financial awareness at a national level.

What is the current state of financial literacy in Italy according to the Edufin Index 2024?

According to the Edufin Index 2024, the product of research conducted on 4,000 Italians by the Observatory promoted by Alleanza Assicurazioni and SDA Bocconi, financial literacy in Italy has reached a score of 56 out of 100, highlighting that only 40% of the population achieves a pass mark. This represents a decline from the 41% recorded in 2023.

Why is there talk of a rise in financial illiteracy?

The survey reveals that financial illiteracy — that is, a complete lack of knowledge on the subject — has risen to 12%, returning to 2022 levels. This follows an apparent improvement recorded during the pandemic, a period during which there was presumably greater attention to the topic of money management.

In 2024, the Edufin Index shows a general stabilisation, but with a slight deterioration in the ability to make decisions about investments and financial choices. This underscores the need to further strengthen basic competencies in savings management and planning.

How do demographic disparities manifest themselves?

Disparities emerge across several dimensions:

  • Gender: men achieve an average score of 58, whilst women score 53.
  • Age: the 45–64 age group displays greater literacy than younger respondents (aged 18–24).
  • Geography: scores in the North-East are higher than in Southern Italy, with a gap of approximately four points.

How does Generation Z fare in the financial literacy data?

Although they do not reach a pass mark, Gen Z (aged 18–24) displays a higher level of “financial socialisation” (60) compared with Baby Boomers (55). This means that young people today are more engaged in discussions and information on financial topics, even though their practical experience remains similar to that of previous generations. Furthermore, 77% of them begin managing money before the age of 18.

What role does the family play in young people’s financial education?

The family environment proves decisive:

  • Children of graduate parents and of those with professions linked to money management achieve higher Edufin Index scores.
  • Those with parents who hold no qualifications or have more limited financial competencies record scores that are on average lower (45 compared with 53).

Why are parents’ education and profession so significant?

A parent’s profession and level of education have an impact on Edufin Index scores: if parents possess financial competencies or hold an advanced qualification, they are more likely to pass such knowledge on to their children. This helps to build a more solid foundation of financial awareness from adolescence onwards.

What actions might improve financial literacy in Italy?

The data collected underscores the importance of structural interventions. This means:

  • Financial education programmes in schools.
  • Ongoing training for families and those already in employment, so as to address competency gaps.
  • Greater focus on young people, to ensure that they begin managing money with confidence from the outset.

Conclusions

The Edufin Index 2024 confirms that the average Italian still struggles to achieve a sound command of the basic financial tools and concepts. The issue spans several dimensions — demographic, generational and gender-related — yet the younger generations are showing encouraging signs of greater “financial socialisation”. The role of families remains fundamental, as does the commitment of schools and institutions to fostering greater financial awareness and planning capability.

Source