Seventeenth Monthly Report by ANIA and UniNa: The Pension Expectations of Italians in 2025

Developed by a joint working group from ANIA (Italian National Association of Insurance Companies) and the Department of Economics and Statistics at the University of Naples Federico II, the goal of the Monthly Report is to track Italian consumer expectations through descriptive statistical analysis of data collected by the “Italian Survey on Consumer Expectations” (ISCE).

This survey investigates consumers' economic and financial choices and their expectations for the future trends of various economic indicators. It also includes a thematic section that varies with each survey wave.

For each ISCE survey, conducted on a quarterly basis, the report provides periodic updates on Italian consumer expectations regarding the macroeconomic and microeconomic landscape, as well as findings from specific thematic sections.

The October 2025 report explores Italian households’ pension expectations, based on ISCE survey data

The note analyzes data from the survey conducted in July 2025 on Italian consumers’ expectations for the main macroeconomic and microeconomic variables over the next 12 months, and presents an intertemporal comparison of these same variables with previous quarters, starting from October 2023. The survey results depict an overall picture marked by caution, with assessments more pessimistic than official forecasts on the macroeconomic front (GDP contraction and rising unemployment) and a widespread sense of uncertainty on the microeconomic front (declining disposable income and consumption behavior characterized by prudence).

For detailed information on methodology, content, definitions, and the survey sample, please refer to the Methodological Appendix.
Further insights on the data presented and additional statistical information not included in the report can be found in the Statistical Appendix.

Any questions regarding the data in this publication may be directed via email to grins_spoke3@ania.it.

The information contained in these publications may be used and distributed with appropriate citation of the source. ANIA and UniNa bear no responsibility for any misinterpretation or incorrect conclusions drawn from the information provided.