Italians, however, are historically big savers. One reason, says Chiara Saraceno, sociology professor at Turin University, is that Italian parents traditionally save for decades in order to buy their children homes when they marry. Another factor is Italys famously cash-based economy. Italy has fewer credit cards per person than any other country in the euro zone except Slovakia, according to ECB data. That dampens consumption because people who use credit cards buy more freely, economists say. Even the houses parents buy their children are often paid in one lump-sum rather than with mortgages.
Posted on: Sun, 30 Nov 2014 02:07:10 +0000
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