Consob report: more than 30% of Italians do not know Bitcoin
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Consob report: more than 30% of Italians do not know Bitcoin

By Marco Cavicchioli - 8 Nov 2019

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A Consob report reveals that more than 30% of Italian households do not know either Bitcoin or current accounts, shares, bonds or mutual funds

It is the “Report 2019 on the investment choices of Italian families”, drawn up by Consob on a sample of 3,058 people identified as “financial decision-makers” within their families. 

In fact, most probably the percentage of Italians who do not know Bitcoin is much higher since it is imaginable that a significant number of people may know, for example, current accounts, or shares, but not Bitcoin

The report also reveals that 21% of respondents do not even know about inflation, the risk/return ratio, investment diversification, mortgage characteristics, and compound interest.

Moreover, the percentage of investors who correctly responded to questions of financial literacy was 15% with regard to the relationship between price and interest rate of a bond, and 83% with regard to the characteristics of shares, while for the concepts of risk literacy the percentage ranged from 50% to 70%. 

40% use the so-called informal advice to make their investments, i.e. they rely on the advice of friends and relatives, especially if they are active in the financial sector, while another 40% operate independently. The remaining 20% rely on financial advisors or portfolio managers. 

However, only 30% of Italian households at the end of 2018 stated that they had at least one financial asset in their portfolio, mainly mutual funds and Italian government bonds. 

The lack of savings is the main obstacle limiting investments, but it is also followed by a lack of confidence in the financial system. 

The picture that emerges is that of certain backwardness compared to the average of other European countries, and a low propensity to delve into financial topics, despite the importance that they play in asset management. 

In fact, the net wealth of Italian households in relation to disposable income (8.2) remains higher than the European average of 7.7, despite the fact that the rate of domestic savings is lower than the value recorded in the eurozone, despite increasing for the first time since 2014. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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