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Attitude Towards Financial Planning of Italian Households

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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. Therefore, 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 financial 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 con-text of financial education initiatives and client-intermediary relationship aimed at pro-moting appropriate attitudes and choices towards managing money

Suggested Citation

  • Marianna Brunetti & Rocco Ciciretti & Monica Gentile & Nadia Linciano & Paola Soccorso, 2022. "Attitude Towards Financial Planning of Italian Households," CEIS Research Paper 544, Tor Vergata University, CEIS, revised 15 Dec 2022.
    • Handle: RePEc:rtv:ceisrp:544
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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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