Financial Education and Poverty Prevention in Italy

This paper discusses financial education in Italy and the role that access to financial services plays in poverty reduction. The paper states that:

• Financial services are necessary and productive, they are the means of participating in economic life and acquiring wealth;
• People are excluded from financial services if they have no access to products or distribution channels or if products are too expensive or inappropriate;
• Lack of skills and knowledge also prevent consumers from accessing financial services.

The paper discusses:

• The banking system in Italy, the financial attitudes of Italian households, the problems of the un-banked and consumerism in the financial sector in Italy;
• The practice and development of financial education in Italy through courses at school, non-profit organizations, the educational services of the financial services industry and the media.

The paper finds that:

• Household financial debt is low in Italy;
• There is a high percentage of people without bank accounts;
• The traditional family group has a protective network;
• Financial literacy in Italy caters mainly to those who are professionally literate.

The paper concludes by recommending:

• The inclusion of basic financial mathematics in the primary education curriculum;
• The promotion of professional training courses for self-employment;
• The provision of basic financial knowledge to social workers;
• The promotion of tailor-made initiatives for immigrants;
• Incentives for consumer associations that include financial literacy activities.