Financial literacy initiatives and challenges in Italy

Italy is addressing significant financial literacy gaps through new educational initiatives and by identifying vulnerabilities in both the youth and small business sectors.

To combat economic incompetence, new programs are being implemented in secondary schools following Law no. 21 of March 5, 2024. Initiatives such as ‘Money Skills!’, a collaboration between ING, WeSchool, and the Centro di Educazione ai Media, focus on the emotional aspects of money management. Additionally, the ‘Io Penso Positivo’ project, funded by the Ministry of Enterprises and Made in Italy, aims to teach students how to recognize financial fraud, including AI-generated scams, and understand issues like the gender gap in finance.

These efforts follow data highlighting widespread proficiency issues. A Bank of Italy survey of 5,000 micro-enterprise owners found that 55% fail to reach a high level of financial proficiency, with many struggling to answer basic questions regarding risk capital, the cost of credit, and loan durations. Similarly, Italian youth face instability due to a lack of formal education regarding savings, inflation, and digital credit platforms.