Assessing Risk Awareness in Financial Investments to Protect Young Investors
Introduction and European context. – 2. The pivotal role of out-of-court dispute resolution bodies – 3. Transparency 2.0 and the "Retail Investment Strategy": beyond simple product disclosure. – 3.1. Mitigating financial vulnerability: suitability in the digital age. – 4. Toward informed inclusion.
investitori nel contesto dell’evoluzione digitale dei mercati finanziari. A fronte dell’accesso massivo di risparmiatori retail tramite app di trading e dell’influenza di fenomeni, quali la gamification e il finfluencing, il tradizionale modello di trasparenza informativa mostra i suoi limiti, risolvendosi spesso in una mera formalità burocratica. L’analisi evidenzia il ruolo centrale svolto dagli organismi ADR (quali ACF e ABF) nel configurare una tutela sostanziale del cliente vulnerabile e analizza le novità introdotte dalla Retail Investment Strategy (RIS) europea. Viene infine avanzata la proposta di un passaggio verso la c.d. "Trasparenza 2.0" e una profilazione dinamica dei clienti, affinché la tecnologia e l'educazione finanziaria – rafforzata in Italia dalla c.d. Legge Capitali – diventino strumenti effettivi di inclusione finanziaria consapevole e protezione del risparmio.
The paper examines the protection and risk awareness of young investors within the evolving digital landscape of financial markets. Considering the massive influx of retail investors using trading apps and the impact of phenomena such as gamification and "finfluencing", traditional disclosure requirements reveal structural limitations, often resulting in mere formal compliance. The analysis highlights the fundamental role played by Alternative Dispute Resolution (ADR) bodies (such as ACF and ABF) in ensuring substantive protection for vulnerable clients and explores the key innovations introduced by the European Retail Investment Strategy (RIS). Finally, the paper advocates for a shift towards "Transparency 2.0" and dynamic customers profiling, ensuring that technology and financial education— reinforced in Italy by the Capital Markets Law— serve as effective drivers of informed financial inclusion and investor protection.