Napoli - The research, presented by the Debt Clinic, paints an alarming picture: in addition to half of the population ignoring the basic mechanisms of credit, only 44% include inflation it has just 29% know what it means to diversify risk in investments.
"It's an emergency comparable to smoking or obesity.", declares the Dr. Stefano Santin, founder of the Debt Clinic and Rai consultant on the issue of over-indebtedness. "It slowly kills the economic well-being of families, destroys social relationships, and generates stress and illness. Yet no one is talking about this emergency affecting 30 million Italians.".
The numbers speak for themselves: 78% of Italians don't distinguish between nominal interest rate (TAN) and APR (APR), 82% never read the terms and conditions before signing a loan, and 65% only consider the advertised monthly payment. "Imagine signing a contract without knowing what you're signing.", adds Santin. "This is exactly what happens to millions of Italians every day.".
The three faces of Italian drama
The research identified three typical profiles of over-indebted people due to financial ignorance, real cases followed by the Debt Clinic:
Marco, 52 years old, manager in the province of Naples - He earns €4.500 a month but has accumulated €180.000 in debt. He hadn't calculated that variable interest rates could rise from 2% to 5,5%. Today, he allocates 66% of his income to payments.
Alessia, 28, shop assistant in Salerno - Victim of the "buy now, pay later" online scam. In 12 months, he accumulated €35.000 in debt across 12 different loans. He didn't know that each transaction carried interest.
Francesco, 58, worker in Avellino - She signed as guarantor for her son without knowing the consequences. When the young man fled abroad, she found herself with €45.000 in debt to pay.
Italy at the bottom of Europe
The comparison with Europe is merciless: Germany 67%, France 58%, Netherlands 72% against ours 50% in understanding interest rates.
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The price of ignorance: 3 euros wasted for every loan.
How much does it cost not to know? The example is concrete: on a 20.000 euro loan over 5 years, the difference between a conscious choice (APR 4,5%) and an unconscious one (APR 9,8%) is 3.120 euro moreMultiplied by all the financing you've had in a lifetime, it can mean tens of thousands of euros wasted.
But the hidden costs are even more serious: chronic stress and health problems in 78% of cases, breakdown of family relationships in 35%, 12% of people lost their jobs due to stress of the over-indebted.
The spiral: from "everything under control" to disaster
The study mapped the four stages that lead to collapse:
- The first 6 months"Everything under control," seemingly sustainable rates
- 6-18 monthsFirst signs: difficulties at the end of the month, recourse to credit cards
- 18-36 monthsThe spiral, late payments, loans from friends and family
- Over 36 months: Collapse, inability to pay
Among the over-indebted people followed by the Debt Clinic, 64% have debts exceeding 20.000 euros and in In 68% of cases, the installments exceed 50% of the income.
A silent, but lethal emergency
Financial illiteracy in Italy isn't just an educational problem, but a factor that fuels over-indebtedness, social distress, and psychological and physical distress. Yet, it remains outside the public debate.
"We need structural interventions and widespread financial education, but above all, families need access to prevention and support tools," concludes Stefano Santin. "Because behind every number there's a story, and behind every story there's a chance for salvation."
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