Households' portfolio composition 2010 – 2023: evidence from the Financial Accounts and from the Survey of Household Income and Wealth

Federico Apicella (), Andrea Colabella (), Angelo Nunnari () and Francesco Pipitone ()
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Federico Apicella: Bank of Italy
Andrea Colabella: Bank of Italy
Angelo Nunnari: Bank of Italy
Francesco Pipitone: Bank of Italy

No 910, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: The paper documents the evolution of the financial wealth of Italian households since 2010, using data from: a) several editions of the Survey on Household Income and Wealth (SHIW), administered between 2010 and 2020, and b) the Financial Accounts (FAs) up to 2023. Between 2010 and 2020, there was a significant reallocation of Italian households' financial portfolios: the share of bonds directly held (by HHs) decreased, while that of asset management products increased. The share of deposits remained broadly unchanged. Between 2022 and 2023, in connection with the increase in interest rates, there were substantial net purchases of bonds, while flows of asset management products and deposits were negative. At the end of 2023, the incidence of the former was still above that of 2010; that of the latter was slightly lower and that of bond investments was much lower. SHIW data, for the period 2010-2020, show that the reallocation was widespread among households. Remote investments increased from the middle of the decade. There was also an increase in investments in life insurance policies, while Individual Savings Plans (Piani Individuali di Risparmio, PIR) remained unattractive.

Keywords: household wealth; financial accounts; microdata; insurance products; investment (search for similar items in EconPapers)
JEL-codes: D14 G11 G51 G52 (search for similar items in EconPapers)
Date: 2025-03
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