Earnings few, high costs: the savings of Italians in the blind alley


… and the mirage of the coupons
The 10-year rate – which was 14% in 1995 – is around 1%. Until the age of 3 the Italian debt curve travels at negative rates, which makes these durations practically inaccessible to savers. The new era of low rates – the same one that sees a value of world bonds close to 15 thousand billion dollars to express sub-zero rates – also explains why the liquidity in current account wins in its paradoxical immobility the comparison with monetary funds (those that for policy invest in short-term instruments) which in the last three years have generated (not surprisingly) negative returns.

Top costs and commissions
As for asset management, it must be said that the commissions applied by Italian companies are on average among the highest in Europeand go to penalize net returns even for families that focus on theoretically more volatile but also more profitable investment instruments, such as equity and / or balanced funds.

From an analysis by the Tosetti Value Study Center, one of the main Multi-Family offices in Europe, it emerged that "those who invested 100 euros at the beginning of January 2018 in the first 30 European management companies would have had a return of 6.15%, net of 1.79% of fixed fees (any other charges such as performance fees, transaction costs, entry / exit fees, ed. are not included). While the first 10 Italians made 0.3% and cost 2.61% ".

An industry in slow evolution
Also the financial system will therefore have to work, increasing efficiency, transparency and reducing costs, to stimulate Italians to move money from the mattress towards the financial markets. Even in a context where markets have really become a minefield. Especially that of bonds, which in the common sense is wrongly considered safer than the stock exchanges. "The bond market has now become more risky than the stock market," said Massimo Saitta, Intermonte advisory investment director. To get a minimum return you need to expose yourself to very long durations. And this is completely discouraged for a saver ».

The primacy of equities
As for the stock exchanges, "they represent – according to Piersimoni – the only class of investment today valid as an alternative to liquidity. And in this case there are only two ways to avoid mistakes: the first consists in making gradual purchases, investing for example a share of the budget for three years each month. The second in favoring flexible funds with low volatility.

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