The year 2020 has transformed the French into real hamsters constituting their reserves. Faced with the uncertainty of the economic future, the French have saved en masse and especially young people aged 18 to 24.
French savings on Livret A have doubled in two years
The health crisis has profoundly disrupted the habits of the French, who faced with the uncertainty of the country’s economic and health future began to save en masse. Thus, in 2020, the savings rate reached new records.
According to a study by MeilleurPlacement.com with OpinionWay published by Europe 1 , the Livret A was the placement favored by the French. In 2020, the French deposited 26 billion euros in their A booklets. A record. In 2019, nearly 10 billion less were saved through this investment. Thus, since 2018, French savings on Livret A have doubled.
On average over the year 2020, the French saved 276 euros per month, that is to say a daily savings of nearly 20 euros. However, there are dissonances within this average. Thus, 27% of French people did not succeed in saving in 2020, while 17% believe they have set aside more than 500 euros per month.
Young French people have saved more than the national average
Young people also saved a lot in 2020 and more surprisingly, they saved more than the national average. According to MeilleurPlacement.com’s study with OpinionWay, young French people between 18 and 24 have saved 5 euros per month more than the national average, or 281 euros. Strong savings which can be explained by the drastic reduction in some of their expenditure items: bars, cinemas, etc. Uncertainty about the future is also a reason to save for young people.
Faced with this record increase in savings, consumption for its part has taken the plunge. In 2020, consumer credit recorded its biggest decline since 2008. Thus, with 40 billion euros in consumer loans in 2020, the decrease is 11.5% compared to 2019, or 5 billion less. However, during the epidemic warming, consumption could revive more easily thanks to the savings of the French.