Setting Up a Communication Package for the Italian NDC

In the last 30 years the Italian pension system was repeatedly reformed and counter-reformed, increasing uncertainty about future pensions. A low level of financial literacy exacerbated this problem. In 2015, the Italian Social Security Institute (INPS) launched a project to allow all insured workers to have more precise information about their future benefits. This paper analyzes the results of a survey carried out to evaluate the project’s performance. The findings are encouraging – around 80 percent of respondents rate the INPS service as at least “very helpful.” Even if 42 percent of the sample overestimates their future pension, 16 to 29 percent reveal a willingness to change their expectation on retirement income after receiving new information.