Savings are a fundamental resource, not only to face unforeseen events, but also to ensure a better future, as underlined by the President of the Republic Sergio Mattarella. Although the culture of saving is no longer as deep-rooted as it once was in Italy, we are still talking about a considerable sum of about 5 thousand billion euros. Unfortunately, a large part of these funds is invested abroad due to the heavy taxation that weighs on Italian savers, as highlighted by the ABI. This leads to a partial use of savings for investments, with a lot of money remaining in current accounts.

The celebration of the 100th World Savings Day, organized by Acri, offers the opportunity to reflect on this “individual and collective good”, protected by Article 47 of the Constitution. During his speech, Mattarella highlighted the meaning of this article and pointed out that approximately 50% of Italians are unable to save money. This situation generates inequalities and increases the risk of poverty, making it essential for governments to tackle inflation and protect savings.

Saving is not just a safety net or a means to plan for a peaceful future such as a pension or buying a house; it is also an economic lever for a country with a high public debt and many companies that need financing through the banking system. However, for this to happen, it is necessary to create a favorable and non-penalizing environment. Antonio Patuelli, president of the ABI, highlighted how taxation pushes many savers to seek opportunities abroad. Although banks have avoided new taxes in the current Budget, existing taxes on investment income still pose challenges.

Fabio Panetta, Governor of the Bank of Italy, stressed the importance of keeping this capital in Italy. Currently, the annual flow of private savings exceeds 400 billion euros, but only a part of it is allocated to domestic investments. It is crucial to reverse this trend and incentivize domestic investments. Giancarlo Giorgetti, Minister of Economy, said it is essential to build a regulatory ecosystem that facilitates companies' access to the capital market and offers savers diversified tools.

To compete with the United States and China in the transition to the green and digital economy, Europe needs huge private investments because public resources are limited. The public guarantees provided during the pandemic will gradually have to be complemented by bank assessments and new sources of financing on the market. Savings therefore become a key element for future economic development.