Analysis of Financial Education Initiatives in Italy: A Critical Perspective in Light of Behavioral Theories

This thesis analyzes the role of financial education in Italy, focusing mainly on the existing literature, on behavioral biases, on financial education initiatives aimed at mitigating them and on the success of the latter. The research begins by explaining the role played by financial education illustrating the advantages but above all highlighting the disadvantages of not being financially educated. Subsequently, it continues with a review of existing studies on financial literacy in Italy highlighting the main gaps existing with other nations. In parallel, the main behavioral biases such as overconfidence, framing bias and loss aversion that damage individuals' financial decisions are explored. Through the analysis of case studies of educational initiatives promoted by public and private bodies in Italy, the thesis evaluates the effectiveness of these interventions in improving financial awareness and reducing the incidence of behavioral biases. The results show that, although there are positive signs in terms of increased financial knowledge and competence, significant challenges remain to bridge this gap and bring Italy closer to the average of the most developed countries in Europe. The thesis concludes with suggestions to improve financial education initiatives in Italy and highlighting that with greater collaboration between the various private and national actors involved, more accessible strategies could be implemented for all segments of the population, also bridging the geographical gap.