households. Using data from the Bank of Italy's Survey on Household Income and Wealth covering the financial crisis, we are able … separately. We find that Italian households were able to smooth on average about 85% of shocks to household head's earnings in … both 2008-2010 and 2010-2012 spells. The most important smoothing mechanisms turn out to be self‐insurance through savings …

to evaluate the adequacy of retirement savings. We find first that the specification of the model's asset structure …