Lower incomes, lower assets, lower pensions: Gender Pay Gap, Gender Wealth Gap and Gender Pension Gap are just some of the most used terms when talking about financial equality between women and men in Italy.
In our country there were only 11% women investors in 2023, a lower figure than in the rest of Europe. And, on average, women earn 10% less than men and consequently also receive a lower pension: their pension income is in fact, on average, more than a third lower than that of men.
How do they financially cover the so-called gender pension gap in old age? The results of a survey commissioned by Readly, the largest European kiosk for digital magazines and newspapers, to YouGov show where and how Italians are investing their money.
When it comes to assessing their financial literacy, Readly's survey shows that women tend to have low self-esteem: only 38% consider themselves financially literate, compared to half of men who say they are financially literate.
In a comparison between European countries, it emerges that German women consider themselves the most competent, with a percentage of 54%; followed by the Swedes, with 45%. In general, however, European men are inclined to consider themselves financially literate (with percentages between 50 and 65 percent).
However, says Marie-Sophie von Bibra, Chief Marketing Officer at Readly: "Readly's survey shows that women should not feel inferior to men in any way when it comes to finances. Many women manage their savings and invest them. We see encouraging results and would like to urge even more women to take charge of their own finances to avoid the economic gender gap. Business journalism, for example, strongly contributes to providing particular support in this learning process."
In our country, more women (35%) than men (31%) plan their monthly financial budget themselves. The majority of Italians - 54% - manage to put money aside monthly; 18% set aside sums between €100 and €500, 9% higher figures. 14% of survey respondents, however, are unable to put anything aside.
When it comes to saving, there are also gender differences: 31% of men save sums above 100 euros a month, compared to 17% of women.
56% of Italians do not invest their savings; 15% invest in pension funds, 13% invest in shares, 12% in deposit accounts.
Investing in securities, in particular, appears to be a more masculine affair in Italy (17 percent, compared to 9 percent of women), while the picture is different in other countries: in Sweden, for example, 41% of women and half of men invest in stocks. The worrying fact is that 48% of women say they do not invest because they do not have the financial resources to do so. More than half of those interviewed (54%) ask their bank for investment advice. 38% get information online. Financial and economic magazines and newspapers are also a rather popular source of information in Italy (22%).
"Quality journalism proves to be a reliable source for investments. Readly, with 60 international magazines in the economics and finance categories, provides its subscribers with a wide range of information to gain knowledge and make good financial decisions for the future", says Marie-Sophie von Bibra.
It seems that the female gender prefers to receive personal advice: 60% of the Italian women interviewed, in fact, prefer to rely on a financial advisor; one in five women relies on friends and family.
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