Which Social Classes are More Excluded from Financial Services in Italy

Previous researches have found that large numbers of households lack basic financial products. Specifically, the financial exclusion phenomenon has been the subject of increasing interest. The literature shows there are many families that do not have a current bank, a building society account, a home contents insurance, savings or access to consumer credit facilities. The aim of this study is to outline the financial exclusion of Italian households, highlighting which social classes are more excluded from social and financial services. Data published by the Bank of Italy concerning a survey on Italian household income and wealth in 2008 is utilized. The study uses a multi-disciplinary approach and analyzed using a multivariate statistical analysis. A multiple correspondence analysis is used to define the determinants of the financial exclusion. Next cluster analysis is used to categorize groups of individuals characterized by similar financial, economic and social analyzed variables.