Between the second half of June and the first days of July, many workers will get the fourteenth month’s salary in addition to the traditional ones. On average, its amount will be equal to 1,500 euros according to research by Confessors. This will not only be a benefit for employees, but also for the entire economy.
In fact, the study estimates that in total there will be 12 billion euros of funds that will be inserted into the Italian economic system in 2024 thanks to the fourteenths. In a period in which, despite the lowering of interest rates, the cost of money is still very high, this is an increase of liquid assets significant.
The fourteenth 2024: when it arrives and how much it costs
Research commissioned by Confessors and based on a survey by the survey company Ipsos estimated the average amount that each of the 8 million affected workers will receive from the company at 1,500 euros fourteenth monthly payment between June and July 2024. The supplement to the regular salary before the summer period represents an important spending opportunity for several Italian employees.
The study also estimated what this liquidity injection would be for, 12 billion in total, it will be spent. 3.5 billion will go to settle outstanding accounts, from bills to loans to mortgages, whose interest rates in May recorded a further decline compared to April, falling on average below 3%. Healthcare costs are also significant, towards which a total of 900 million euros will be directed.
Then there are those that Ipsos research identifies as investments And savings. In reality it is mostly the latter, with 1.2 billion that will fill the current accounts and emergency funds left empty by inflation and the unexpected expenses of recent months. 900 million will instead be dedicated to real investments, above all to defend them from the residues of inflation that still remain.
The effects of the fourteenth on the Italian economy
Over 6.4 billion will instead be spent on other needs, such as personal or family goods and services. One of the main expenditure items for which the fourteenth will be spent will obviously be summer holidays. Its payment in the central months of the year makes it a perfect support for those who want to travel, an intention expressed by over a third of those interviewed in the Ipsos survey. There is strong interest in foreign trips, especially long-haul, with Japan as the preferred destination.
Another part of the fourteenths will be used for the renovation and work inside the home Property. The Italian real estate stock is on average very old but housing remains one of the main components of the capital owned by Italian families. Its maintenance is still a major concern.
The research also highlights how this liquidity injection is important for the revival of the economy. Inflation is now under control, below 1%, but this is also a sign of the slowdown in economic growth, which could also be below a single percentage point for 2024. With interest rates still high, despite the recent lowering by the European Central Bank, each wave of liquid capital can represent an opportunity for growth.
