luigi federico signorini : the journey to financial well - being through financial inclusion introductory speech by mr luigi federico signorini, senior deputy governor of the bank of italy, at the seminar " the journey to financial well - being through financial inclusion ", organised by the bank of italy, rome, 4 november 2024. * * * today's event will explore the connection between financial inclusion and financial wellbeing. why is this important? financial inclusion has become a widely shared goal of government policies and a topic of interest for central banks and financial authorities at the international level. it has received a lot of attention over the years as an instrument to foster growth, reduce inequalities, increase employment, and alleviate poverty. 1 financial inclusion may help people cope with macroeconomic and idiosyncratic shocks, as it facilitates financial planning and the intertemporal shift of financial resources. from the policymaker's standpoint financial inclusion is important as it improves the individual's economic and financial well - being, whilst having a positive impact on the economy as whole. studies find that the benefits of financial inclusion can be substantial even in countries with well - developed financial markets, because it can translate into higher wealth accumulation and greater resilience of low - income households. other studies, focusing on emerging and developing countries, find that increased usage of bank accounts via debit cards has boosted the saving rate significantly because it reduces transaction costs for people to access their money. 2 the digitalisation of finance has significantly contributed to promoting financial inclusion through more efficient and effective technologies and through increased competition, which leads to higher quality products and services and to lower costs. over the last decades, notable progress has been made around the world in increasing access to financial products and services for more individuals, with 76 per cent of people worldwide having a bank or mobile money account in 2021. this represents a significant increase from 2011 when the figure stood at 51 per cent. 3 nonetheless, progress has been uneven across regions, even controlling for income levels. increased access to digital financial products and services has not translated, in some cases, into higher actual usage of financial products and services. moreover, in some instances, financial innovation has resulted in the lower financial inclusion of rural households4 or in the worsened financial well - being of individuals, particularly as the result of over - indebtedness and exposure to fraud and scams. 5 possible causes include market failures, lack of competition, inadequate consumer protection rules and an insufficient

equanimity and solidarity to the problems raised by the influx of immigrants who reach land in this area. hospitality, open - minded acceptance, rules, controls, law and order, and far - sightedness are closely related aspects of the attitude towards immigrants in search of better living conditions and a more advanced social and human context. today, more than ever before, globalization demands that we pay attention to events beyond our own borders, and not only in the economic field. immigration can be a positive force, particularly in view of the demographic problems facing us, and we should keep an open attitude towards it, provided its negative aspects are tackled and its legality is assured by creating the conditions required for security. 2. this morning, in lecce, i had time to consider the economic outlook for the regions of southern italy. today ’ s guests include representatives of the business world and the professions. firms, all firms, are indispensable and powerful forces of economic growth. a business culture, a drive to improve production techniques, innovate, and manufacture better goods with more value added are crucial for the progress of the productive fabric. although the south of italy has experienced periods of exceptionally fast economic and civil modernization in the past fifty years, it continues to be a national problem. the economy of the south has opportunities and potential. there must be a drive to accelerate the process and overcome dualism, with italy ’ s public institutions, corporate sector and social partners all contributing. the south of italy is hampered by poor infrastructure ; this shortcoming, and particularly the lack of transport and service networks, affects production, which is thus less competitive than in the regions of the centre and north. an additional boost for public works and infrastructure investment is likely to stimulate aggregate demand and create good prospects of recovery. an increase of productivity and competitiveness in the south of italy necessitates an efficient and effective public administration and conditions of safety and legality. moreover, a problem of solidarity exists between the regions of italy with regard to making good use of the institutional and functional forms of decentralization. the available labour force, particularly of young people, and the cultural and environmental resources of the less developed regions constitute a “ reserve ” that can be tapped for growth, to the benefit of the whole of italy ’ s economy and society. technical and scientific capabilities are crucial for governing transformation and avoiding marginalization. basic and applied research play a leading role in international competition, process and product innovation, and