Savings are not only a strategy to deal with unforeseen events, but also a fundamental resource for the future, as underlined by the President of the Republic Sergio Mattarella. Although the culture of saving in Italy is decreasing, the amount accumulated is significant, amounting to approximately 5 thousand billion euros. However, a good part of these funds is invested abroad due to the heavy taxation that weighs on national savings, as highlighted by the ABI. This leads to a limited use of savings for investments, since they often remain parked in current accounts.

The commemoration of the 100th World Savings Day, promoted by Acri, offers the opportunity to reflect on the importance of this “individual and collective good”, protected by Article 47 of the Constitution. During his speech, Mattarella highlighted that approximately 50% of Italians do not have the possibility to save, a condition that contributes to accentuating social inequalities and that makes it urgent for governments to fight inflation and protect savings.

Saving is not only useful for dealing with emergencies or ensuring a peaceful future, such as a pension or buying a house. It is also a driving force for the Italian economy, which has a high level of debt and many businesses that require bank financing. However, for this to happen, it is essential to create a favorable and non-penalizing environment. Antonio Patuelli, president of the ABI, highlighted how the current taxation can push savers to seek opportunities abroad.

Although the Economic Maneuver has avoided new taxes on banks and on savings collection, existing taxes remain burdensome. The tax on investment income is 26%, adding to the already high tax pressure on companies. Fabio Panetta, governor of the Bank of Italy, has underlined that the annual flow of private savings exceeds 400 billion euros but only a part of it finances investments in the country.

The Minister of Economy Giancarlo Giorgetti reiterated that attracting investments requires the creation of a regulatory ecosystem that is favorable to businesses. To address the challenges related to the green and digital transition and infrastructure, Europe will need massive private investments because public resources are limited. Public guarantees to SMEs will have to be gradually reduced in favor of bank valuation and market financing sources. Therefore, savings once again play a crucial role in economic development.