Young people find it harder to get to grips with saving

Italia shows a deep-rooted inclination towards safeguarding its economic future: 66 per cent of citizens describe themselves as ‘ants’, stating that they prefer to make sacrifices in the present in order to ensure greater security in the future, compared with 34 per cent of ‘grasshoppers’ who are focused on immediate consumption. This propensity for long-term planning increases significantly when savers are supported by professional guidance, reaching 85 per cent amongst clients of financial advisers and private bankers, and rising to 89 per cent amongst those who use professionals with Efpa Italia (European Financial Planning Association) certification. Financial advisers and EFPA-certified professionals demonstrate the greatest ability to steer clients towards structured, long-term financial instruments, such as accumulation plans (41%–45%) and supplementary pension schemes (17%), thereby significantly reducing the proportion of cash left idle in current accounts.

However, the overall picture masks a marked generational divide. Among the younger cohorts, the proportion of ‘grasshoppers’ has doubled compared with the past, rising to 39 per cent among Generation Y and reaching 47 per cent among Generation Z, compared with the 19 per cent observed among the Boomers. This lower propensity to save is coupled with a widespread and risky reliance on the public system: 63 per cent of young people in Generation Z still rely primarily on the state pension and benefits for their old age. Furthermore, even amongst the proportion of responsible young people who say they are concerned about the issue, only a quarter manage to translate this concern into concrete solutions, by taking out savings plans (24 per cent) or making regular investments (20 per cent). Generational differences also extend to the timing and motivations behind financial decisions: Boomers took action late, at an average age of 56, whilst the few forward-thinking young people start around the age of 27; at the same time, whilst the Boomers’ primary goal is to maintain their current lifestyle (66 per cent), for younger people the main driving force is the opportunity to treat themselves to personal indulgences and hobbies (37 per cent–42 per cent).

The data comes from a study entitled “Planning better, living longer: are Italians more like grasshoppers or ants?”, conducted by the Finer Finance Explorer institute (carried out between 4 and 17 September 2026 on a sample of 9,100 members of the public and 5,200 wealth management professionals). The survey results were presented at the 17th edition of the EFPA Meeting (Florence, 21 and 22 October 2026), an event entirely dedicated to the impact of longevity on household wealth and pension planning.

In his analytical commentary on the findings, Nicola Ronchetti, CEO and founder of Finer, offered some insights into the behaviour of Italians. With regard to the general propensity to save, Ronchetti pointed out that ‘it is a positive sign that, across the Italian population, 66 per cent of Italians are savers… but bear in mind that whilst they are aware of the issue, it does not necessarily mean they will act accordingly’, emphasising that ‘those who have a financial adviser are much more aware of these issues, far more so’. Analysing the critical situation facing young people and the weaknesses of the pension system, Ronchetti drew attention to the fact that ‘the proportion of spendthrifts is higher amongst young people… And this is worrying because these are the people who should be starting to save today; whilst our baby boomer generation will almost certainly still be able to count on a pension, for subsequent generations it is very difficult due to the collapse of the state welfare system’. Faced with the difficulties of the younger generations in planning independently for the long term, Ronchetti emphasised the need for proactive action from the sector, stating that ‘it is a supply-driven market: it is highly unlikely that an Italian, however well-educated or wealthy they may be, aged 25–30, would think about themselves at 65–70... and it is the supply side that must take the initiative’. This also requires a rethink of communication strategies aimed at young people, since ‘if we want to raise awareness amongst the younger generation, we need to do so with more positive messages, rather than alarmist or fear-mongering ones… save so that you can treat yourself to a few extra luxuries, travel and pursue your passions’.

In conclusion, Nicola Ronchetti described the commitment of advisers and financial institutions as ‘a call to arms for the industry… a battle in which everyone could emerge as a winner: the State comes out on top because it builds a welfare system that avoids drawing on the country’s dire public finances; the customer comes out on top because they are guaranteed a more secure retirement; and the industry comes out on top because it transforms the cash in current accounts into savings and supplementary pension schemes’.