Here's how to build your financial well-being

The future of our financial well-being is the result of today's choices and financial literacy.

The importance of spreading financial education - especially among women and young people, who are unprepared to plan for their own wellbeing - was discussed at the meeting "Tomorrow is today: the value of financial independence for women and young people" hosted at the Confcooperative Cloud of the Trento Festival of Economics. The debate, moderated by Nadia Martinelli, saw a choral confrontation between the speakers Paola Bongini (Milan-Bicocca University), Chiara Cristini (Ires Fvg) and the institutions of the territory that are committed to bridging the cultural gap, represented by Eleonora Da Ronco (president of Donne in cooperazione Aps), Nicole Zambanini (president of Giovani cooperazione trentina), Milena Rizzardi (Coordinamento giovani imprenditori confcooperative) and Alessandra Rinaldi (president of Commissione donne confcooperative).

Bongini called for overcoming the concept of financial independence in favour of the concept of prosperity, which in turn depends on skills, and which is based on four pillars: control, planning, managing contingencies and freedom of choice. The concept of control refers to the ability to manage a budget and monitor income and expenditure. It is a simple activity, but one that often falls by the wayside. Having planning means, on the other hand, outlining future life goals that require planning and financial resources. in relation to unforeseen events, it is important to set aside savings or to insure oneself against financial shocks, such as health problems or sudden expenses. Finally, it is desirable to have sufficient resources to enjoy life according to one's desires, be it a trip or a house.

"Financial competence," Bongini points out, "is the determinant that allows people to make informed choices, to invest now, to understand markets, to protect themselves from fraud and to avoid unsustainable debt. Studies show that greater competence leads to higher retirement savings and less vulnerability'. Italia, however, is at the bottom of the league in financial literacy. "On the basis of OECD surveys,' Bongini continues, 'Italia has an average score of 53 points out of 100, against an average of 63. There are generational gaps, because young people have a strong lack of knowledge; gender gaps, where women are less well informed; and geographical gaps, to the disadvantage of the South'. To try to bridge the gaps, the Bicocca University has launched Obiettivo F, a project dedicated to women and young people in particular, in collaboration with schools.

Researcher Chiara Cristini closed the meeting with a reflection with the audience to reason about the problems related to gender inequality and to identify future courses of action. Cristini asked simple questions to focus on the grey areas, be it the difficulty of reconciling private and work life, the wage gap or the lack of knowledge about different aspects of pay. "We are little more than halfway to achieving equality," Cristini commented. "Action by individuals is no longer enough and systemic thinking is needed to overcome cultural stereotypes from an early age. The gender pay gap is not just a question of pay, but reflects traditional roles in society. ISTAT data show a discontinuity of women workers, who continue to act as social shock absorbers'.