(AGENPARL) – gio 06 ottobre 2022 delle famiglie italiane
Lattività di ricerca e analisi della Consob inte
nde promuovere la riflessione e stimolare il
dibattito su temi relativi alleconomia e a
lla regolamentazione del sistema finanziario.
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accolgono lavori di ricerca volti a contribuire al dibattito accademico
i espresse nei lavori sono attribuibili esclusi-
vamente agli autori e non rappresentano posizio
ni ufficiali della Consob, né impegnano in
alcun modo la responsabilità dellIstituto. Nel ci
tare i lavori della collana, non è pertanto
JEL Classifications: D14, G51, G53, C21, C51.
Keywords: pianificazione finanziaria, gestione del bilancio famigliare, finanza personale, con
trollo finanziario, auto-efficaci
conoscenze finanziarie.
*Dipartimento di Economia e Finanza, Univer
sità di Roma Tor Vergata, CEIS e CEFIN
**Dipartimento di Economia e Finanza, Univer
sità di Roma Tor Vergata, CEIS e RCEA
*** CONSOB, Divisione Studi.
Si ringraziano Alberto Noè per il su
pporto prestato allattività di
propria situazione finanziaria per
alleviare l’ansia. Le evidenze
raccolte offrono interessanti indicazioni per la se
gmentazione dei decisori finanziari utile alla
* Dipartimento di Economia e Fina
nza, Università di Roma Tor Vergata, CEIS e CEFIN, mail:
** Dipartimento di Economia e Finanza, Universi
*** CONSOB, Research Department, mail:
We wish to thank Alberto Noè for his con
tribution to literature review and Cynthia
Little and an anonymous referee for their us
eful
comments. The authors are responsible for any errors and the opinions expressed in this
paper are those of the authors and do n
necessarily reflect CONSOB views.
edness) and financial conditions. Also personal traits such as financial self-efficacy and financial
2 Review of the literature
3 The sample and the construction of key variables
4 Model specification
4.1 Alternative model specifications
5 Estimation results
5.1 Pooled sample model specifications
5.2 Cross-section model analysis
Attitudine alla pianificazione finanziaria
delle famiglie italiane
Quaderni di finanza
als, individuals who prefer to stick to a
Attitudine alla pianificazione finanziaria
delle famiglie italiane
Financial planning refers to the activity
of organizing the allocation of income
across expected expenditures and savings, over a certain period of time, as part of a
defined plan.
European Union/OECD, 2022, p. 9).
ess and enhancing financial resilience (see
Quaderni di finanza
s highlight the relevance of adequate finan-
cial knowledge for pursuing and achieving
financial goals through appropriate saving
Attitudine alla pianificazione finanziaria
delle famiglie italiane
The seminal paper by Katona (1974) published in the Journal of Consumer
Research was the first to acknowledge the re
levance of psychological factors for shap-
ing consumption plans and observed spending
, saving, and wealth accumulation. Sub-
sequent analyses show that psychological tr
aits are powerful predictors of economic
Quaderni di finanza
reflects an optimistic belief in personal ability to succeed, it is correlated strongly with
self-assessment of personal skills and self-motivation and, thus, may encourage people
Attitudine alla pianificazione finanziaria
delle famiglie italiane
The role of socio-demographic factors
Among the socio-demographic factors considered by Becker and Mulligan
(1997), life expectancy and age are shown to be
poor predictors of a good attitude to
planning, while sex, education and wealth can
have a significant impact. In the specific
nancial institutions affects 39% of respondents. Finally, the average household in-
cludes three family members.
In the context of financial planning
, respondents are asked about the exist-
12 months, in the previous 3 years, in the
r our study, we consider only those individ-
e reporting having a financial plan in place
6 In order to identify the impact of
wealth on planning, the authors use instru
ments for planning to isolate the impact
of exogenous shocks of planning on wealth.
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both banks and financial intermediaries and relatives and friends (See Appendix Table
nancial institutions has increased (3-year average of 40%) more than indebtedness to
relatives and friends (8%).
Financial knowledge is measured throug
h five-question quiz about the basic
notions of inflation, compound interest, mo
saving
37% 39% 37% 38%
indebtedness towards banks
indebtedness towards relatives and friends
8% 9% 9% 8%
n° observations
2,920
3,089
2,695
8,704
Rates of diffusion as percentages. Here
and in the following tables statistics are computed by applying sample weights.
Attitudine alla pianificazione finanziaria
delle famiglie italiane
The responses to the survey questions allow us to proxy individual perceived
financial knowledge and overconfidence. The fi
rst is measured as the share of financial
items respondents declared being familiar with
before responding to the quiz questions
(ex-ante self-assessment).
Similarly, ex-post self-assessment is evaluated based on
the respondents opinions about the number of
correct answers given to the financial
knowledge questions. The dummy overconfidence is equal to 1 if the ex-post assessed
number of correct answers to the financial knowledge quiz is greater than the actual
9 In the model
perceived financial knowledge
is expressed in quintiles; this allows the variable to be homogeneous across
different surveys since the number of
questions on financial knowledge
was 7 in 2019 and 5 in 2020 and 2021 (see
Table 2).
Financial knowledge is the first principal compon
ent computed on the correct answers given to
the following questions:
answer options: 1. True; 2. False;
3. Dont know; 4. Refusal;
(Q2) Suppose the interest rate on your savings
account was 1% per year, and inflation 2% per
year. After one year, with the money you have on
the savings account you would be able to buyƒ;
answer options: 1. More than today; 2. Exactly th
e same as today; 3. Less
know; 5. Refusal;
(Q3) Suppose you had  100 in a savings account and
the interest rate was 2% per year. After five
years, how much do you think you would have in th
e account if you left the money to grow?; an-
swer options: 1. More than  102; 2. Exactly  102; 3. Less than  102; 4. Dont know; 5. Refusal;
(Q4) A 15-year mortgage typically requires h
igher monthly payments than a 30-year mortgage,
will be less. True or false?; answer options: 1.
True; 2. False; 3. Don
t know; 4. Refusal;
(Q5) When an investor decides to buy different
vested capitalƒ; answer options: 1. Grows; 2. De
creases; 3. Remains the same; 4. Dont know; 5.
Refusal.
In 2019 only, the additional following questions were also asked:
The European Commission; 2. The bank selling government bonds; 3. The Italian state; 4. Depends
vernment bonds; 5. Dont know; 6. Refusal;
(Q7) If the interest rate falls, what should happen
to bond prices?; answer options: 1. Rise; 2. Fall;
3. Stay the same; 4. None of the
above; 5. Dont know; 6. Refusal.
perceived financial knowledge
measured by means of the quintiles of the sample distribution of
reported heard about and understood before en-
gaging in the financial knowledge quiz.
OC/UC
rect answers given to financial knowledge questi
ons (Q1)-(Q5) and those assessed ex-post (i.e.,
after answering the financial knowledge quiz).
Underconfidence takes the value 1 if the differenc
assessed ex-post and the actual number of corre
ct answers is negative, and 0 otherwise.
Overconfidence takes the value 1 if the di
fference is positive,
and 0 otherwise.
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adjusted financial knowledge indicator
0.30
0.35
0.39
0.35
28% 23% 22% 24%
underconfidence
n° observations
2,920 3,089 2,695 8,704
dge indicator and adjusted financial
knowledge indicator and the proportions
for the overconfidence and underconfidence indicators.
e low. The three-year mean value of
the first principal component indicator is slig
htly less than 0.5 and falls to 0.35 if com-
puted on the adjusted answers. However, in
both cases the indicators show a slight
increase over the period 2019…2021.
The proportions of respondents that can be regarded as overconfident and
underconfident respectively are 24% and 17% in the three-year pooled sample. Over
the time span considered, overconfidence
fell down by 6 basis points from 28% to 22%,
while underconfidence grew slightly from 16% to 19%.
Attitudine alla pianificazione finanziaria
delle famiglie italiane
with a financial challenge, I have an easy ti
me figuring out a solution). As before, these
sub-indicators were selected following analys
is of the principal component factor load-
ings and their economic meaning.
to 1 if the respondent declares pref-
erence for investment with low/modera
Respondents were asked to state their opi
nions about the following statements:
It is easy to stick to my spending
plan when unexpected expenses arise; It is easy to reach my financial goals;
When unexpected expenses occur I usually
have to use credit; When faced wi
easy time figuring out a solution; I lack confidence in
my ability to manage my finances; I worry about running
false. For references see: Lown (2011).
risk aversion
Respondents were asked to choose which, among the followin
g, best described their preferred investment profile:
trust in financial advisors
The financial trust variable counts the number of financial
actors considered either trustworthy or absolutely
trustworthy among the following: banks
(or my bank), financial advisors (or my financial advisor or independ-
ent advisors) and insurance companies
(or my insurance company). High fi
nancial trust is an indicator that
takes the value 1 if financial trust variab
le is higher than the sample median.
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self-efficacy indicator
0.57
0.56
0.55
0.56
self-efficacy … easiness of achieving goals
2 2 2 2
self-efficacy – easiness of solving problems
risk aversion
trust in financial advisors
10% 11% 10% 10%
n° observations
2,920
3,089
2,695
8,704
Rates of diffusion as percen
tages for trust in financial
advisors and risk aversion.
socio-demographic variables: age (in lin
ear and quadratic terms), gender, educa-
tion (secondary school, high school, unive
rsity degree, with primary school as ref-
erence category), marital status (cohabit
ing, married, divorced, widowed, with sin-
gle the reference category), occupational
status (self-employ
Attitudine alla pianificazione finanziaria
delle famiglie italiane
saving and investment amount expressed in
euro, with less than  6.000 the ref-
erence category)
, and geographic area (Centre,
and South and Islands, with
Based on the above model, we tested the following hypotheses.
The empirical evidence reviewed in Se
ction 2 suggests a positive relationship
We estimated alternative specifications of model (1). First,
is replaced by
the adjusted FK indicators (
; model 2) and inclusion of the dummy
which takes the value 1 if the number of correct answers to the financial
knowledge quiz assessed
ex-post
is lower than the actual number of correct answers.
Second, the indicators of financial self-effi
Quaderni di finanza
adjusted financial knowledge
0.02*
0.02*
PFK 2° quintile
0.02* 0.02** 0.02** 0.02**
PFK 3° quintile
0.03**
0.03***
0.03**
0.03***
PFK 4° quintile
0.04*** 0.04*** 0.04*** 0.04***
PFK 5° quintile
0.07***
0.07***
0.06***
0.07***
0.02** 0.01
underconfidence
2020
2021
-0.02***
-0.02***
-0.03***
-0.02***
trust in financial advisors
0.04*** 0.04*** 0.04*** 0.04***
self-efficacy indicator
-0.08***
-0.08***
-0.08***
-0.08***
risk aversion
indebtedness towards banks
0.03*** 0.03*** 0.03*** 0.03***
indebtedness towards relatives and friends
0.04**
0.04**
0.04**
0.04**
saving
0.03***
0.03***
0.03***
0.03***
socio-demographic controls
YES YES YES YES
Marginal effects estimated applying sample weights. Significance
levels are based on robust stan
dard errors. ***, ** and * are
respectively 1%, 5%
and 10% levels of significance.
Attitudine alla pianificazione finanziaria
delle famiglie italiane
Personal financial management habits and financial conditions are also rele-
adjusted financial knowledge
PFK 2° quintile
PFK 3° quintile
PFK 4° quintile
PFK 5° quintile
0.01
underconfidence
2020
2021
trust in financial advisors
self-efficacy – easiness of achieving goals
self-efficacy – easiness of solving problems
-0.0002
-0.0001
risk aversion
-0.004 -0.004 -0.006 -0.005
indebtedness towards banks
0.03***
0.03***
0.03***
0.03***
indebtedness towards relatives and friends
0.04** 0.04** 0.04*** 0.04***
0.06***
0.06***
0.06***
0.07***
saving
0.03*** 0.03*** 0.03*** 0.03***
socio-demographic controls
Marginal effects estimated applying sample w
eights. Significance levels are based on r
obust standard errors.***, ** and * are r
espectively 1%, 5%
and 10% levels of significance. Estimates computed applying samp
le weights. Coefficients of the socio-demographic variables wer
e inserted in the
model as control variables and
are available upon request.
Quaderni di finanza
banks increases the probability that the decisi
on maker will adopt a financial plan by
4 basis points in 2020 (+2 b.p. in 2019). The marginal effect of indebtedness to friends
and relatives increased to 7 basis points in
2021 from 3 basis points in 2019. In addi-
tion, always remaining within
Attitudine alla pianificazione finanziaria
delle famiglie italiane
we find that having experienced a decrease
demic worsens the attitude to financial planning.
Financial planning is key to correct ma
nagement of personal finances. Finan-
cial well-being also depends crucially on the ability to look beyond the short-term and
consider long-term financial needs. The
PFK 2° quintile
PFK 3° quintile
PFK 4° quintile
PFK 5° quintile
0.06*** 0.07*** 0.04** 0.05**
0.02
trust in financial advisors
self-efficacy indicator
-0.08**
-0.09*
risk aversion
0.007
0.008
indebtedness towards banks
0.04***
indebtedness towards relatives and friends
0.02
0.02
0.05***
0.07**
saving
0.04***
0.02
0.02*
-0.02**
0.03**
unable to cope with unexpected expenses
-0.02
decreased savings
-0.04**
socio-demographic controls
yes yes yes yes
n° observations
2,920
3,053
2,695
2,695
The table reports marginal effects estimated applying sample weig
hts. Significance levels are based on robust standard errors.
***, ** and * are
respectively 1%, 5% and 10%
levels of significance.
Quaderni di finanza
d during interactions with their advisors
and, especially, if this support is particularly
timely (a sort of just-in-time financial
education). In this context, professionals could encourage investors to adopt a long-
term approach to their personal finance management and offer appropriate support
and guidance. However, as demand for financ
ial advice is more frequent among higher
income individuals and since individuals seem
more inclined to rely on informal advice
(from trusted individuals such as family, fri
ends and colleagues), reliance only on pro-
fessional support to foster a long-term attitude to money management might not be
Finally, in relation to the associatio
ss needs further investigation to show
Attitudine alla pianificazione finanziaria
delle famiglie italiane
This study adds to the literature on
for the design of financial education pro-
grammes and information on the potential role
of financial intermediaries in orienting
their customers towards a correct attitude to money management.
Since perceived ability to solve financial issues plays a role in financial plan-
ning, more attention should be paid to en
Attitudine alla pianificazione finanziaria
delle famiglie italiane
Acharjya, B. and S. Natarajan (2018), Review on the Theories of Financial Planning,
International Journal of Pure and Applied Mathematics 118 (18), pp. 4347-4355
Alhenawia, Y. and K. Elkhalb (2013), Financ
ial literacy of U.S. households: Knowledge
vs. long-term financial planning, Fina
ncial Services Review 22 (2013), pp. 211…
Allgood, S. and W.B. Walstad (2011), The effects of perceived and actual financial
Quaderni di finanza
Attitudine alla pianificazione finanziaria
delle famiglie italiane
European Union/OECD (2022), Financial comp
Journal of Economic Psychology 33 (2012), pp. 590…602
Glaser, M. and M. Weber (2007), Overconfiden
ce and trading volume, The Geneva Risk
and Insurance Review Vol.
32, No. 1, June, pp. 1-36
Grable, J., W.M.A. Heo and A.M.S. Rabban
Quaderni di finanza
Attitudine alla pianificazione finanziaria
delle famiglie italiane
Shefrin, H. and R.H. Thaler (1981), An Econ
omic Theory of Self-Control, Journal of Po-
litical Economy 89(2), pp. 392-406
Shim, S., J.J. Xiao, B.L. Barb
er and A.C. Lyons (2009), Pathways to life success: a con-
ceptual model of financial well-being for young adults. J. Appl. Dev. Psychol. 30,
Attitudine alla pianificazione finanziaria
delle famiglie italiane
A.1 Variables definition and descriptive statistics
Table a.1 …
ariable definition
variable description
financial planning
dummy equal to 1 if the respondent reports a fina
ncial plan dating back at most the previous 12
months, and 0 otherwise.
dummy equal to 1 if the respondent declares her/
his attitude of always
sticking to her/his own
saving
dummy equal to 1 if the respondent declares her/
indebtedness towards banks
dummy equal to 1 if the respondent declares to
be in debt towards a financial institution, to
purchase or refurbish a house and/or to
cover current expenses, and 0 otherwise.
indebtedness towards relatives and friends
dummy equal to 1 if the respondent declares to
be in debt towards relatives and/or friends, to
purchase or refurbish a house and/or to
cover current expenses, and 0 otherwise.
financial knowledge indicator (FK)
first principal component computed on the correct
answers to financial
knowledge quiz normal-
ised between zero and one
adjusted financial knowledge indicator (AFK)
first principal component computed on the correct
perceived financial knowledge (PFK)
sample distribution quintiles referring to the num
ber of financial knowledge items that respond-
ents report to have heard and understood
overconfidence (underconfidence) is a dummy equa
l to 1 if the number of the correct answers to
the financial knowledge quiz as assessed ex-post
is higher (lower) than
the actual number of
correct answers, and 0 otherwise.
first principal component computed on the correct
answers to financial
agreement level on a 1-5 Likert scale (where 0=t
otally disagree and 5=t
otally agree) with the
following statement: I prefer not to think
about the state of my personal finances
first principal component computed on the corre
ct answers to financial self-efficacy test nor-
malised between zero and one
self-efficacy – easiness of achieving goals
disagreement level on a 1-4 scale (w
here 1=totally true and 4=tot
ally false) with the following
statement: it is hard to
reach my financial goals
self-efficacy – easiness of solving problems
disagreement level on a 1-4 scale (w
here 1=totally true and 4=tot
ally false) with the following
statement: when faced with a fi
time figuring out a solution
risk aversion
dummy equal to 1 if the respondent declares to
be oriented towards investment with low/mod-
erate risk and low/moderate returns, and 0 otherwise.
trust in financial advisors
dummy equal to 1 if the respondent declares
to trust financial advisors, and 0 otherwise.
Quaderni di finanza
dummy equal to 1 if the respondent has
a high school degree, and 0 otherwise.
dummy equal to 1 if the respondent has at
least a bachelors degree, and 0 otherwise.
dummy equal to 1 if the respondent is a male, and 0 otherwise.
dummy equal to 1 if the respondent lives
in the North of Italy, and 0 otherwise.
Centre
dummy equal to 1 if the respondent
lives in the Centre of Italy
South and Island
dummy equal to 1 if the respondent
lives in the South of Italy or
in the major Italian islands, and
0 otherwise.
single
dummy equal to 1 if the respondent
lives alone, and 0 otherwise.
cohabitant
dummy equal to 1 if the respondent lives
in domestic partnership, and 0 otherwise.
dummy equal to 1 if the respondent is married, and 0 otherwise.
widowed
dummy equal to 1 if the respondent is widowed, and 0 otherwise.
dummy equal to 1 if the respondent is divorced, and 0 otherwise.
employee
dummy equal to 1 if the respondent
is employee, and 0 otherwise.
self-employed
dummy equal to 1 if the respondent is self-employed, and 0 otherwise.
non-professional status
dummy equal to 1 if the respondent is a housewife, a student or is unemployed, and 0 otherwise.
financial wealth (5 cla
sses expressed in euro)
dummy equal to 1 if the respondent belongs
to the reported class, and 0 otherwise.
monthly family income (9 classes expressed
dummy equal to 1 if the respondent belong
s to the reported class, and 0 otherwise.
Attitudine alla pianificazione finanziaria
delle famiglie italiane
Table a.2 … Descriptive st
atistics: pooled sample
variable mean S.D.medianminmax n
financial planning
8% 0.28 0 0 1 8,704
financial knowledge
0.46
0.36
0.42
8,704
adjusted financial knowledge
8,704
24% 0.43 0 0 1 8,704
underconfidence
0.37
8,704
trust in financial advisors
10% 0.31 0 0 1 8,704
self-efficacy indicator
0.56
0.19
0.57
8,704
risk aversion
0.49
8,704
indebtedness towards banks
indebtedness towards relatives and
0.28
8704
saving
0.48
8,704
5% 0.22 0 0 1 8,704
0.47
8,704
43% 0.50 0 0 1 8,704
0.40
8,704
number of components
1.26
8,704
73% 0.44 1 0 1 8,704
0.50
8,704
Centre
19% 0.39 0 0 1 8,704
South and Island
0.46
8,704
single
11% 0.32 0 0 1 8,668
cohabitant
0.34
8,668
61% 0.49 1 0 1 8,668
widowed
0.25
8,668
7% 0.25 0 0 1 8,668
employee
0.50
8,704
self-employed
18% 0.39 0 0 1 8,704
0.42
8,704
non-professional status
10% 0.30 0 0 1 8,704
– Cont. –
Quaderni di finanza
 5.000
28% 0.45 0 0 1 8,704
 5.000- 10.000
22% 0.41 0 0 1 8,704
 10.000- 25.000
20% 0.40 0 0 1 8,704
 25.000- 51.000
7% 0.26 0 0 1 8,704
 51.000- 250.000
18% 0.39 0 0 1 8,704
more than  250.000
4% 0.20 0 0 1 8,704
monthly family income
 900
0.38
8,704
 900- 1200
0.29
8,704
 1200- 1500
0.38
8,704
 1500- 1800
0.32
8,704
 1800- 2100
0.33
8,704
 2100- 2400
0.30
8,704
 2400- 3000
0.32
8,704
 3000- 4000
0.25
8,704
 4000- 5000
0.16
8,704
more than  5000
0.13
8,704
investors
33% 0.47 0 0 1 8,704
Statistics are computed by applying sample weights.
Attitudine alla pianificazione finanziaria
delle famiglie italiane
Table a.3 … Descriptive statistics by wave
6% 5% 5% 5%
48% 41% 41% 43%
number of family members
74% 73% 72% 73%
Centre
20% 19% 19% 19%
South and Island
single
9% 11% 14% 11%
cohabitant
61% 62% 61% 61%
widowed
49% 48% 48% 48%
employee
self-employed
23% 24% 23% 24%
non-professional status
49% 48% 48% 48%
financial wealth
 5.000
 5.000- 10.000
 10.000- 25.000
 25.000- 51.000
 51.000- 250.000
more than  250.000
monthly family income
 900
19% 16% 16% 17%
 900- 1200
10% 9% 8% 9%
 1200- 1500
17% 18% 18% 18%
 1500- 1800
12% 12% 11% 12%
 1800- 2100
11% 13% 12% 12%
 2100- 2400
8% 10% 12% 10%
 2400- 3000
11% 11% 11% 11%
 3000- 4000
7% 6% 7% 7%
 4000- 5000
3% 2% 2% 2%
more than  5000
2% 2% 1% 2%
investors
n° observations
2,920 3,089 2,695 8,704
Statistics are computed applying sample weights.
Quaderni di finanza
adjusted financial knowledge
PFK 2° quintile
PFK 3° quintile
PFK 4° quintile
PFK 5° quintile
0.01
underconfidence
2020
2021
trust in financial advisors
self-efficacy indicator
-0.07***
-0.08***
-0.07***
-0.08***
risk aversion
indebtedness towards banks
0.03*** 0.03*** 0.03*** 0.03***
indebtedness towards relatives and friends
0.04**
0.04**
0.04**
0.04**
saving
0.03***
0.03***
0.03***
0.03***
R squared
socio-demographic controls
Estimates for linear probability model applyi
ng sample weights and robust standard e
rrors. ***, ** and * are respectively 1%, 5
% and 10% levels o
significance.
Attitudine alla pianificazione finanziaria
delle famiglie italiane
Table a.5 … Propensity to financial planning: Disentangling
adjusted financial knowledge
PFK 2° quintile
PFK 3° quintile
PFK 4° quintile
PFK 5° quintile
0.01
underconfidence
2020
2021
trust in financial advisors
self-efficacy – easiness of achieving goals
-0.0005
self-efficacy – easiness of solving problems
risk aversion
indebtedness towards banks
0.03***
0.03***
0.03***
0.03***
indebtedness towards relatives and friends
0.04** 0.04** 0.04** 0.04**
0.07***
0.07***
0.07***
0.07***
saving
0.03*** 0.03*** 0.03*** 0.03***
R squared
0.08
0.08
0.08
0.08
socio-demographic controls
yes yes yes yes
Estimates for the linear probability model applying sample weights and robust standard errors. ***, ** and * are respectively 1
%, 5% and 10% levels
of significance.
Quaderni di finanza
adjusted financial knowledge lag(1)
PFK 2° quintile
PFK 3° quintile
PFK 4° quintile
PFK 5° quintile
0.0007
underconfidence
-0.02*
-0.0240*
2021
trust in financial advisors
self-efficacy indicator
-0.07** -0.07** -0.08** -0.0753**
-0.07*
-0.07*
-0.07*
-0.0688*
risk aversion
-0.0008 -0.0004 -0.001 -0.0006
indebtedness towards banks
0.04***
0.03***
0.04***
0.0355***
indebtedness towards relatives and friends
0.04* 0.04* 0.04* 0.0387*
0.03***
0.08***
0.08***
0.08***
saving
0.03** 0.03** 0.02** 0.02**
socio-demographic controls
n° observations
4,272 4,272 4,272 4,272
Marginal effects estimated applying sample weights. Significance
levels are based on robust stan
dard errors. ***, ** and * are
respectively 1%, 5%
and 10% levels of significance.
Attitudine alla pianificazione finanziaria
delle famiglie italiane
Table a.7 … Propensity for financial planning: Disentangling
self-efficacy and financial anxi
adjusted financial knowledge lag(1)
PFK 2° quintile
PFK 3° quintile
PFK 4° quintile
PFK 5° quintile
-0.0005
underconfidence
-0.02*
2021
trust in financial advisors
self-efficacy – easiness of achieving goals
self-efficacy … easiness of solving problems
risk aversion
-0.0025
indebtedness towards banks
0.04*** 0.04*** 0.0362*** 0.04***
indebtedness towards relatives and friends
0.04*
0.04**
0.0439**
0.04**
saving
0.02**
0.02**
0.0240**
0.02**
socio-demographic controls
yes yes yes yes
n° observations
4,272
4,272
4,272
4,272
Marginal effects estimated applying sample
weights. Significance levels are based on
robust standard errors. ***, ** and * are
respectively 1%, 5%
and 10% levels of significance.
Attitudine alla pianificazione finanziaria
delle famiglie italiane
Recenti pubblicazioni
iscussion papers
Lindustria del post-trading
S.G. Lo Giudice
iscussion papers
Le OPA in Italia dal 2007 al 2019
Evidenze empiriche e spunti di discussione
F. Picco, V. Ponziani, G. Trovatore, M. Vent
a cura di R. Lener
… ottobre 2020
The Prospectus Regulation
The long and winding road
S. Alvaro, R. Lener, P. Lucantoni; in collaboration with V. Adriani, F. Ciotti, A. Parziale
introduced by Carsten Gerner-Beuerle
… novembre 2019
Who intends to become financially literate?
Insights from the Theory of Planned Behaviour
F.C. Billari, M. Gentile, N. Linciano, F. Saita
Quaderni di finanza
osition papers
La mappatura delle sedi di negoziazione in Italia
dopo l’entrata in vigore di MiFID II/MiFIR