How the French saved in 2020

One hundred billion euros: this is the astronomical amount of additional savings for the French in 2020. With purchasing power generally preserved, thanks to support measures, they have consumed less because of the confinements. And this trend, with its negative effects on growth, will continue this year: 75% of CSP + will increase their savings to the detriment of their consumption, according to our Odoxa survey.

This crisis has also transformed savings habits. “During crises, the first instinct is to build up precautionary savings and this was the case in 2020: the A and LDDS passbooks, but also current accounts and even cash savings at home,” notes Philippe Crevel , director of the Cercle de l’Epargne. Even if many French people have been little impacted by the crisis, thanks to partial unemployment, they prefer to have enough to face a hard blow. However, life insurance, the traditional investment of a good father, was the big loser with a drop of 6.5 billion euros in fundraising, the biggest drop in twenty years for a product whose stock managed still reaches nearly 1,800 billion euros.

Read alsoThe best booklets of the moment to leave your precautionary savings

“It’s not so much the

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t savings for the French in 2020. With purchasing power preserved overall, thanks to support measures, they consumed less because of the confinements. And this trend, with its negative effects on growth, will continue this year: 75% of CSP + will increase their savings to the detriment of their consumption, according to our Odoxa survey.

This crisis has also transformed savings habits. “During crises, the first instinct is to build up precautionary savings and this was the case in 2020: the A and LDDS passbooks, but also current accounts and even cash savings at home,” notes Philippe Crevel , director of the Cercle de l’Epargne. Even if many French people have been little impacted by the crisis, thanks to partial unemployment, they prefer to have enough to face a hard blow. However, life insurance, the traditional investment of a good father, was the big loser with a drop of 6.5 billion euros in fundraising, the biggest drop in twenty years for a product whose stock managed still reaches nearly 1,800 billion euros.

Read alsoThe best booklets of the moment to leave your precautionary savings

“It is not so much the fall in interest rates as the conditions imposed by insurers on the investment (with a share in units of account, without capital guarantee) that has discouraged savers”, explains Philippe Crevel. . Even if it means taking risks, you might as well do it yourself, the French seem to think. According to our Odoxa survey, 20% of them – nearly half of active savers – have changed their savings strategy, in particular by turning to more dynamic investments. Like the Stock Exchange, for example, which had been deserted for many years.

Stock market activity

According to a study by the Financial Markets Authority (AMF), published at the end of January, 800,000 people have opened a securities account or a share savings plan (PEA) for two years. And the share of individuals in volumes handled by Euronext almost doubled last year. “A combination of factors brought about this enthusiasm: the sharp drop in prices in March, the confinement which gave more time to take care of one’s savings and, finally, the feeling that low rates are here for a long time and that it will therefore be necessary to accept a part of the risk to obtain a return, ”analyzes Claire Castanet, director of relations with savers at the AMF.

In addition, the study notes a strong rejuvenation of the average age of these new investors: 46 years, against 58 previously, including 28% under 35 years. “We registered 150,000 new shareholders in 2020 and our activity has tripled, with a peak last March but also in September and November when the vaccine was announced,” said Xavier Prin, marketing director of Boursorama. Another reason for satisfaction, these newcomers are active, but do not increase compulsive buying and selling to quickly cash in on gains.

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