Twelfth Monthly Report by ANIA and UniNa: Precautionary Savings in Italy.

Developed by a joint working group from ANIA (Italian National Association of Insurance Companies) and the Department of Economics and Statistics at the University of Naples Federico II, the goal of the Monthly Report is to track Italian consumer expectations through descriptive statistical analysis of data collected by the “Italian Survey on Consumer Expectations” (ISCE).

This survey investigates consumers' economic and financial choices and their expectations for the future trends of various economic indicators. It also includes a thematic section that varies with each survey wave.

For each ISCE survey, conducted on a quarterly basis, the report provides periodic updates on Italian consumer expectations regarding the macroeconomic and microeconomic landscape, as well as findings from specific thematic sections.

The June 2025 report examines data from the ISCE survey, focusing on Italian households’ precautionary saving habits and expectations about future consumption.

The Note aims to examine the factors that determine precautionary saving – that is, the accumulation of financial resources intended to cope with unexpected economic shocks – and the future consumption choices of Italian citizens, with particular attention to the role played by economic expectations. The survey results indicate that, in Italy, the desired wealth for precautionary purposes ("target wealth") tends to increase with individuals' age and income level, and that women appear significantly more prudent than men. Lower-income groups seem to prefer maintaining liquid savings as a means of protection, in contrast to wealthier groups, who tend to diversify their investments and reduce precautionary liquidity. Referring to a study conducted by Luigi Guiso and Tullio Jappelli using ISCE data, it also emerges that, on average, precautionary saving amounts to 2.7% of consumption.

For detailed information on methodology, content, definitions, and the survey sample, please refer to the Methodological Appendix.
Further insights on the data presented and additional statistical information not included in the report can be found in the Statistical Appendix.

Any questions regarding the data in this publication may be directed via email to grins_spoke3@ania.it.

The information contained in these publications may be used and distributed with appropriate citation of the source. ANIA and UniNa bear no responsibility for any misinterpretation or incorrect conclusions drawn from the information provided.