Italian households' investments in sovereign securities in the post-pandemic period

Andrea Colabella (), Angelo Nunnari () and Silvia Spadafora ()
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Andrea Colabella: Bank of Italy
Angelo Nunnari: Bank of Italy
Silvia Spadafora: Bank of Italy

No 987, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: Between 2022 and 2024, after a decade of subdued demand, Italian households significantly increased their direct purchases of sovereign securities (tdS), amounting to €195 billion. By the end of 2024, holdings of tdS reached €310 billion - around 5% of households' financial assets - the highest share since 2013. Retail-targeted issues played a key role, accounting for about one-third of purchases. According to Banca d'Italia's Household Outlook Survey, the percentage of households holding tdS rose to 15% (up from 6% in 2022), with 5% holding exclusively retail-targeted issues. Moreover, 12% of households reported an intention to purchase medium- and long-term government bonds (BTPs). Two probit analyses indicate that households investing a larger share of their financial assets in retail-targeted issues show a greater propensity to hold BTPs to maturity; holders of any type of tdS are 26 percentage points more likely to buy additional BTPs and, in a multivariate context, this likelihood increases with education and wealth.

Keywords: households' financial assets; sovereign securities; public debt; probit model (search for similar items in EconPapers)
JEL-codes: D14 G11 H63 (search for similar items in EconPapers)
Date: 2025-12
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