The Population ageing in Italy: facts and impact on household portfolios

This paper aims to assess the impact of ageing on household portfolios in Italy and hence ultimately on financial markets. To this end, the analysis is carried out in two steps. First, the dimension of population ageing in Italy is assessed by means of both historical and forecast data on the structure of Italian population. Second, based on data taken from the Bank of Italy Survey of Household Income and Wealth (SHIW) over the last decade, we analyse the average household portfolio in relation to demographic characteristics. The main findings are: first, Italy turns out to be one of the countries most affected by ageing; second, financial choices of Italian households are sensibly affected by age. Thus, the exceptional ageing in Italy might have relevant consequences on the Italian financial market.