Il Sole24 OrePlus | Settembre 2025
In the Middle Ages, lending at interest was prohibited because it involved profiting from something that didn’t belong to man: time. “Everything beyond capital is usury,” thundered the monk Gratian in 1140. Perhaps this legacy is why Italians of all generations have difficulty considering the time factor when it comes to investments. While 57 percent of Italians are savers, this drops to 30 percent for investors. “This gap between savers and investors is closely linked to the lack of a culture of time in the financial context,” says Nicola Ronchetti, CEO and founder of Finer, a financial research center, referring to the research prepared for the 2025 EFPA Meeting, which will focus specifically on the time factor in financial planning. “Most Italians continue to save, but there’s a huge problem in the transition from savers to investors,” continues Ronchetti. This difference implies that there is a 27% untapped potential market, which, if activated, could potentially double the asset management market.”
The theme of the EFPA Meeting will be: “Market Timing vs. Time in the Market – The Right Time, the Rhythm for New Generations,” and the event will focus on the role of time in financial planning, emphasizing the importance of investment duration and diversification, particularly for new generations. “The meeting,” explains EFPA President Nicola Ardente, “opens with a deliberately provocative title. The intention is to highlight the distinction between market timing, understood as a short-term or specific moment, aimed at maximizing market access, and the ideal of the right time, a time that, instead, must become a fundamental ally for proper wealth planning.”
EFPA is attending the now traditional event in Florence a few days after the European association celebrated its 25th anniversary in Brussels, celebrating the over 100,000 certificates issued. In Italy, the community boasts over 13,000 certificates. “EFPA actively promotes professional exchange,” Ardente continues, “and represents a large community that meets once a year for the meeting, to exchange professional knowledge and enjoy being together. This meeting is typically attended by over 1,000 professionals.”
“In Italians’ financial strategies,” Ronchetti continues, “the difficulty in managing and understanding the time variable represents a central and widespread obstacle, influencing not only when and how much to invest, but also the approach of different generations to planning their future. Many Italians lack the necessary financial time culture.” The research prepared by Finer for the EFPA event highlights uncertainty about the timing of investments: 34% of Italians don’t know exactly when to invest, demonstrating uncertainty about the right time to enter the financial markets, whether in government bonds or stocks. Similarly, 35% of Italians don’t know how long they should remain invested. “This lack of awareness,” according to Ronchetti, “is also reflected in investment methods. Most Italians tend to invest one-off, that is, all at once, often when they perceive the markets to be performing well. The opposite approach, progressive investment, with small amounts invested each month, perhaps through savings plans, is preferable.” This method is advantageous because it allows you to avoid the effect of entering with the markets (market timing), eliminating volatility and providing a painless saving. However, the culture of time for a one-off investment compared to an accumulation plan is not widespread.
As the research shows, despite differing time horizons, reliance on public systems remains predominant nationwide: only 10% of Italians plan to face the future by relying on supplemental pension systems. “The impact of time is even more pronounced,” concludes Ronchetti, “and, in some ways, surprising, among young adults. If we consider Generation Z (individuals between 28 and 30), reliance on state systems is overwhelming: 70% of them (compared to 55% of the entire population) believe they can face the future through public pensions and state benefits. This figure is impressive, since this generation, despite having the longest time horizon (which would maximize the benefits of compound interest and progressive investment), is the most likely to rely on public structures, ignoring the importance of supplementing their pension provision.”
Antonio Criscione