Financial Education


Unit Director: Francesco Saita

The Financial Education Unit has developed intervention and research projects aimed at improving individuals’ abilities and competencies in the areas of financial knowledge, financial and pension planning, insurance planning and risk management. Its activity has been supported through research/education projectes financed by external sponsors and through foundation grants.

The overall aim of the unit is (a) to develop educational projects aimed at raising the level of financial education and (b) to investigate the effectiveness of financial education programs in a rigorous way, contributing to the policy and academic debate.

The two main projects in the area of financial and demographic education and financial and pension planning have been represented by FINLIFE and FELIP, which have been supported by four annual grants from Citi Foundation, New York.

The FINLIFE (Financial Education and Planning for a Long Life) project aimed at obtaining a significant improvement in the financial planning capability of factory workers in the engineering industry, and has been developed in collaboration with Cometa pension fund thanks to the financial support by Citi Foundation. The project has involved more than 1,300 clerks and factory workers. The results of the experiment have been presented at the 3rd Cherry Blossom Financial Education Institute held at the George Washington University School of Business in 2017.

The research team is composed by Francesco Saita and Carlo Favero (Bocconi University), Francesco Billari (Bocconi University, and previously Department of Sociology and Nuffield College, University of Oxford), with the support of Patrizia Contaldo (Insurance Market Observatory, Baffi Carefin, Bocconi University).

The FELIP (Financial Education and Life Planning) project was developed in high schools with the aim to improve the level of basic financial and demographic literacy of the population, and to test scientifically the effectiveness of education initiatives on the competencies and attitude towards planning. Also this project has been graciously supported by Citi Foundation New York in 2011 and 2012. The project has involved more than 1,200 fourth-year high school students in the North of Italy.

The third main recent project has been in the field of insurance education and pension planning and has been jointly developed by the Financial Education Unit and by the Insurance Market Observatory within Baffi Carefin. The two units have cooperated with the project Io e I rischi teens developed by Fondazione ANIA-Forum Consumatori. The Baffi Carefin team has helped revising the teaching materials prepared for high school professors and has been involved in evaluating the effectiveness of the project. In a subsequent project for Fondazione ANIA-Forum Consumatori, the Baffi Carefin team will develop short videos on pension planning aimed at high school students and professors.