Attitude towards financial planning of Italian households

Marianna Brunetti, Rocco Ciciretti, Nadia Linciano, Monica Gentile and Paola Soccorso

Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) from Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi"

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.

Keywords: financial planning; budgeting; household finance; financial control; financial self-efficacy; financial literacy; financial knowledge (search for similar items in EconPapers)
JEL-codes: C21 C51 D14 G51 G53 (search for similar items in EconPapers)
Pages: pages 47
Date: 2022-11
New Economics Papers: this item is included in nep-ban, nep-eur, nep-fle and nep-mfd
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Related works:
Working Paper: Attitude Towards Financial Planning of Italian Households (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:mod:wcefin:0091

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