The initiative represents the concluding moment of the Value Finance 4 Ladies’ Values research project, scientifically directed by Andrea Beltratti, Full Professor in the Department of Finance at Bocconi University, and Alessia Bezzecchi, Associate Professor of Practice in Corporate Finance & Real Estate at SDA Bocconi.

Opening remarks: economic empowerment and awareness

The event opened with institutional remarks by Paola Cillo, Associate Dean for Research at SDA Bocconi, and Umberto Rasori, CEO of Zenith Global.
In her speech, Paola Cillo emphasized how financial education represents a central dimension of individual freedom:
“Economic empowerment is a necessary condition for freedom of choice. When it is limited, even in less visible ways, people’s decision-making space and their ability to build their own future are reduced. Building awareness and education are necessary conditions to foster concrete and socially impactful change.”

In turn, Umberto Rasori, CEO of Zenith Global, highlighted the continuity between the campaign launched on March 8 and the presentation of the research results:
“This project stems from the desire to turn reflection into concrete action: promoting a more inclusive financial culture means directly contributing to economic independence and to women’s full participation in economic life. At Zenith Global, we have undertaken a path aimed at ensuring real gender equality within our organization. This path includes training initiatives, governance models, and welfare policies designed to build a strong corporate culture, which has led us to obtain gender equality certification. Today, Zenith Global represents a unique case in the Italian financial landscape, with over 63% of the workforce and 80% of management made up of women.”

The keynote speech by Elsa Fornero, Honorary Professor of Economics at the University of Turin, reinforced the link between economic empowerment, participation, and social development:
“Financial education has become an essential element of citizenship, and the path toward independence requires dismantling widespread stereotypes and promoting a culture of respect, ensuring equal opportunities (‘a level playing field’) and equal treatment (eliminating the pay gap), and promoting the application of selection and promotion mechanisms based on merit rather than seniority, power, or relationships.”

The research: the gap emerges at the transition to investment

The research findings, presented by Andrea Beltratti, Alessia Bezzecchi, and Alessia Sconti (SDA Fellow), highlighted a key point: the gender gap does not primarily originate in skills or risk propensity, but emerges in the transition from money management to investment participation.

This result introduces a more nuanced interpretation of the phenomenon, involving trust, decision-making roles, and access to financial tools.

“If only 53% of women consider themselves the main economic decision-makers in their household, compared to 77% of men, the issue is not capability but access, confidence, and context. Financial education represents the key lever to transform knowledge into empowerment and to support women in fully participating in investment decisions,” stated Andrea Beltratti and Alessia Bezzecchi, scientific directors of the research project.

Financial education and empowerment: the first panel

The first panel, moderated by Elisa Piazza, journalist at Class CNBC, featured:

• Bernadette Bevacqua, CEO, Naturalia Tantum
• Darya Majidi, President, UN Women Italy
• Ana Mazzeo, Managing Director, WOBI Italy
• Anna Scavuzzo, Deputy Mayor, Municipality of Milan

The discussion highlighted how financial empowerment is not only a matter of knowledge, but also of legitimacy in decision-making roles.

Key insights included:

• objective competence and subjective confidence do not always coincide, also due to stereotypes
• the involvement of all family stakeholders and social infrastructures (e.g., childcare services) are enabling factors supporting growth and reducing economic and cultural inequalities
• the ability to make financial decisions is built progressively
• professional role and income influence perceived legitimacy
• economic empowerment enables freedom, but short-term choices (oriented toward immediate income) must be carefully balanced with long-term decisions that can significantly impact career development

Particular attention was devoted to the gender pay gap and potential solutions. Salary increases are seen as a concrete lever not only for responsible economic redistribution, but also to foster a broader systemic reflection on women’s participation in the labor market (in Italy, one in two women does not work, compared to a European average of 70%).

Women and the financial system: access, participation, and products

The second panel, also moderated by Elisa Piazza, involved:

• Simona Colombi, Chief Financial Officer & Director, Zenith Global
• Carla Ferrari, Chief Executive Officer, Equiter S.p.A.
• Cristina Finocchi Mahne, Economist and Board Member, Maire Group and De’ Longhi Group
• Maria Luisa Gota, Chief Executive Officer, Eurizon Capital
• Alessandra Perrazzelli, Scientific Director, Center for Digital Regulation Strategy

The discussion highlighted how the investment gap is multidimensional:

• economic, linked to income and career stability
• institutional, in terms of access to tools and decision-making roles, with evidence of the key role of “enabling leaders” in supporting transformation
• behavioral, related to trust and active participation

It also emerged that women’s lower participation in investments is not a supply issue, as flexible financial products exist (e.g., savings plans), but rather a matter of autonomy and habits in making financial decisions.

There is a need to invest in continuous education (as skills are often taken for granted), especially in digital as well as economic-financial content.

Financial education as an infrastructure for empowerment

Across all contributions, a common denominator emerged: financial education represents a true social infrastructure.

Not only technical competence, but also a lever to:

• reduce financial anxiety
• strengthen self-confidence
• foster greater economic participation

Conclusions: from knowledge to action

In closing, Andrea Beltratti and Umberto Rasori reiterated the need to move beyond a perspective limited to skills alone.

The key transition is from knowledge to action, from money management to investment participation.

From this perspective, finance increasingly emerges as a tool for freedom, empowerment, and inclusion, capable of concretely influencing people’s life trajectories.

SDA Bocconi School of Management