Aggregatore Risorse

Publication of the third Research Paper from the Sustainable Finance Series: "Interest in sustainable investments. An Italian investor characterisation exercise based on Consob surveys" (14 November 2022)

Consob has published the third Research Paper from the Sustainable Finance Series entitled "Interest in sustainable investments. An Italian investor characterisation exercise based on Consob surveys".

The Research Paper analyses the individual characteristics that are associated with the interest in sustainable investments as noted in the Consob Observatory's 2019 and 2021 surveys on "The approach to finance and investments of Italian households".

In line with the indications of the economic literature, interest is positively correlated with multiple aspects, including: the level of education and the soundness of the economic and financial situation; the perceived knowledge of sustainable investments, financial and digital knowledge; individual traits such as social preferences; the attitude to financial control; experience in investment matters and the possession of a diversified portfolio.

Conversely, interest is negatively correlated with age, risk aversion and liquidity.

The Paper provides empirical evidence and food for thought that could be useful for identifying investors' sustainability preferences, which recent European regulatory developments have made mandatory in the context of the suitability assessment to be carried out when providing investment advice or portfolio management services.

The Research Paper also provides indications of interest with respect to the design of 'sustainable finance literacy' initiatives and financial education in general, to achieve better segmentation of the target audience for these initiatives and a more effective definition of the training content.