Journal of
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Financial literacy and Italians’ emergency funds

Simone Casagranda, Gabriella Berloffa, Eleonora Broccardo
February 2026 - n. 2
Keywords: Alfabetizzazione finanziaria, resilienza finanziaria, risparmi, fondi di emergenza, educazione finanziaria
Jel codes: D14, G41, G53, A20

This study examines the relationship between financial literacy and the adequacy of personal emergency funds (corresponding to at least three months of ordinary expenses) in Italy. Using data from the 2023 Iacofi survey, the analysis shows that objective financial literacy is associated with a 6 p.p. increase in the likelihood of having adequate emergency funds. This effect depends mainly on financial knowledge and, partly, on individual attitudes, such as long-term planning and cash flow control. Educational programs focused on financial knowledge and attitudes are needed to foster the financial resilience of low-income families.

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