Italian Savings Survey: households and the challenge of inflation

The image accompanying the News on the presentation of the 2023 Survey on Savings and the financial choices of Italians, portrays a young family in dialogue with a real estate agent

Intesa Sanpaolo and the Luigi Einaudi Research and Documentation Centre presented the 2023 Survey on Italians' Savings and Financial Choices, entitled "Italian households and the challenge of unexpected inflation".

The study explores:

  • the impact of actual and expected inflation on the behaviour of savers and its effects on income, consumption, liquidity, objectives and concrete investment and debt choices
  • the adequacy of investor behaviour from the point of view of income and asset protection, emphasising the importance of financial education.

The survey showed that the return of inflation was well tolerated overall by Italian households, which for the most part managed to maintain their consumption levels and almost never took on debt, though the most severely affected had to dip into their savings or save less.

Of the sample, 33.5% identified cash and fixed-rate bonds as the most appropriate choices in an inflationary environment; around 35% thought it better to invest in real estate and other safe-haven assets. Italian households continued to show their traditional conservative attitude; historically, security has been the primary objective in their investments, and the survey reveals their difficulty in getting their bearings in a scenario that has long been ceased to be familiar.


Gregorio De Felice, Chief Economist Intesa Sanpaolo

The 2023 Survey on Italians' Savings and Financial Choices - Highlights