The use of robo-advisors in Italy: insights from a new survey

Massimiliano Stacchini () and Pietro Vassallo ()
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Massimiliano Stacchini: Bank of Italy
Pietro Vassallo: Bank of Italy

No 979, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: Robo-advisors, the provision of (affordable) financial advice through algorithms on digital platforms, offer great potential to increase participation in financial markets by private individuals. However, like any innovation in finance, opportunities also come with challenges. Based on data from a recent survey of 5,000 individuals, we conduct an in-depth analysis of the characteristics of individuals who use robo-advisors in a country such as Italy, where participation in financial markets is traditionally low, and assess the influence of this technology on the general public's propensity to make financial investments. Our results show that (i) the adoption of robo-advisors is higher among individuals with greater digital skills but limited financial knowledge; (ii) the adoption of robo-advisors positively influences the propensity to purchase financial assets, such as stocks, bonds, and investment funds.

Keywords: fintech innovation; financial knowledge; household finance (search for similar items in EconPapers)
JEL-codes: D14 G53 O33 (search for similar items in EconPapers)
Date: 2025-11
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