The Population Ageing in Italy: Facts and Impact on Households Portfolio,

The aim of this paper is to assess the impact of ageing on households’ portfolios in Italy and 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 panel data of the Bank of Italy Survey of Households Income and Wealth (SHIW) over the last decade, we analyse the dynamics of Italian households’ portfolios in relation to the the demographic evolution. Two are the main findings of this analysis. First, Italy turns out ot be one of the countries most affected by ageing and this result is consistent across different demographic measures. Second, this exceptional ageing dynamics has relevant implications over household portfolios.