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Attitude towards financial planning of Italian households

Author

Listed:
  • Marianna Brunetti
  • Rocco Ciciretti
  • Nadia Linciano
  • Monica Gentile
  • Paola Soccorso

Abstract

Employing structured financial planning to manage personal finances on is associ-ated with higher levels of financial well-being and increased ability to react to shocks. There-fore, it is important to understand the factors associated with the propensity to plan and what it is that promotes financial planning. Our empirical evidence for a sample of Italian households shows a poor inclination for financial planning. CONSOB Survey data on the fi-nancial investments made by of Italian household (or FIIH) are used to estimate a probit model which shows a positive association between financial planning and financial knowledge, and the relevance of personal traits such as financial anxiety and financial self-efficacy, financial control (control over savings, spending and indebtedness) and financial conditions. The findings provide useful insights for financial decision-makers in the context of financial education initiatives and client-intermediary relationship aimed at promoting appropriate attitudes and choices towards managing money.

Suggested Citation

  • Marianna Brunetti & Rocco Ciciretti & Nadia Linciano & Monica Gentile & Paola Soccorso, 2022. "Attitude towards financial planning of Italian households," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0091, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    • Handle: RePEc:mod:wcefin:0091
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    Keywords

    financial planning; budgeting; household finance; financial control; financial self-efficacy; financial literacy; financial knowledge;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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