Italians use savings to make ends meet, 73% draw on reserves: the data

The last months of the year, with the Christmas holidays upon us, worry the wallets of Italians. More than seven out of ten people have had to eat into the money they have set aside to be able to meet recurring expenses and the fear is that, between November and December, expenditure may increase further due to the holidays. Furthermore, 56% of those interviewed declare that they have less than 5,000 euros in total deposited in the bank. The numbers emerge from a research report by the European bank bunq.

Italians' savings are at risk: to make it to the end of the month, 73% are forced to eat into their economic reserves. An alarming fact emerges from the Savings and Golden Quarter report published by bunq, a European digital bank founded in Amsterdam in 2012. At the center of the market survey are the savings and expenses of Italians over the last year with an important focus on the last quarter of the year, the so-called Golden Quarter, which is characterized by Black Friday and the Christmas holidays.

Resort to savings

Respondents were asked whether they had dipped into their savings in the past 12 months. 73% of Italians answered yes: more than seven out of ten people, therefore, after having laboriously put aside the money they earned, were forced to take it back in order to make it to the end of the month, paying all recurring expenses. From bills to rent, but also unexpected expenses such as a car breakdown or work to be done at home: 31% of those interviewed said they needed to draw on reserves to deal with emergencies, 22% to be able to afford trips and holidays, 20% to buy gifts and finally 18% to be able to pay bills.

Last quarter

As anticipated, the last quarter of the year is among the most feared by Italians: the fault of the Christmas holidays and occasions such as Black Friday at the end of November which lead to spending more, even when you should pay more attention to your wallet. In fact, from the bunq report it emerges that on average 80% of those interviewed expect an increase in spending, with 27% of Italians planning to spend between 26 and 50% more compared to previous months. Greater economic expense especially for parents with cohabiting children due to the gifts to be found under the tree.

Few savings

What emerges from the survey is therefore a country that is still linked to the idea of saving and makes an effort to put money aside. What has changed, however, is the reason: Italians do not accumulate a nest egg for future projects, but rather to be sure of having an emergency fund (20% of those interviewed) and to protect themselves from the increase in the cost of living (19%). The reality of the facts is that, despite good intentions, putting savings aside is increasingly difficult: 56% of the people who took part in the survey, in fact, declared that they had less than 5 thousand euros of savings available in their account.