Within a year, Italians’ ability to save is halved

Inflation, rising energy prices and the economic crisis caused by the pandemic and then the war in Ukraine forced many Italians to make many sacrifices. More than in the past. Because in the last twelve months, spending capacity has halved for 54% of Italians, while 26% of families fear not making it to the end of the month. These are data emerging from Nomisma’s Changing World Observatory’s initial research that helps us better understand the world we live in and predict how we will live. Using bimonthly surveys on a representative sample of Italians aged 18 to 65, the study makes it possible to interpret and predict ongoing social changes and examine citizens’ expectations, values, needs and purchasing patterns.

“The climate of uncertainty – analysts note – is also directly reflected in consumers who are starting to feel intensely the decline in their purchasing power, which is also confirmed by the latest Istat survey, which showed retail sales were down 0.8% in volume.” The Observatory shows how, last year, 88% of households adopted appropriate savings strategies to cope with the rise in energy prices and the overall rise in costs. Despite this, 14% of the interviewees believe they earn less than they would need to cover the necessary expenses.

In addition, 25% of families find that they only spend what they earn to cover absolutely necessary expenses such as electricity, unforeseen events related to their household, and food. Only one of every two Italians spends less than he earns and thus manages to accumulate something without having to make too many sacrifices. The survey conducted by Nomisma highlights that the pursuit of savings is driven above all by the uncertainty that heavily conditions this stage of the economic cycle. 38% of savers do so precisely because the future seems so uncertain, while 23% put money aside to calmly face unexpected expenses. There’s also the psychological burden: thinking about family savings or figuring out how to save some of your income is a cause for anxiety and stress for two Italians.

Source: Today IT