The spectacular trajectory of the equity markets since the start of the health crisis and the economic uncertainties seem to have modified the ratio of the French to their savings.
Published this week, the AMF’s Annual Savings Barometer does not note any major change, particularly in the criteria for choosing their investments: return, level of risk, and liquidity remain the three main pillars of their choice of investments. investment.
The study notes, however, a change in their risk appetite: compared to 2020, the French say they are more likely to accept this risk if the return on an investment promises to be better (+5 points, 39% of respondents ), and fewer dismiss it altogether (43%).
Fewer risk refractors since the crisis
Between 2017 and 2019, the share of “refractory” to financial risk was in the majority compared to that willing to accept a dose of risk in their portfolios. In 2020, it had fallen by four points, to 50%. And this year, the trend is further accentuated, falling to 43%.
However, nearly half of savers are still against the idea of taking any risk for a “low” remuneration.
“Satisfactory” remuneration: high demands
In their eyes, a “satisfactory” remuneration for a risk-free investment is on average 2.9% – well above those provided by tax-free savings accounts of the Livret A type (0.5%), but also higher than the average for euro funds in 2020, the yield of these bond vehicles not having exceeded 1.3% in 2020, and should not improve in 2021.
For savings invested in the financial markets, return expectations are also high: this “satisfactory” remuneration is on average 5.9% annual return, a level a little less “decorrelated” from reality if the ‘for example, we rely on the performance of certain equity markets in recent years, such as the CAC 40 which, over the 2015-2020 period, provides a return close to 9% on an annualized basis.
This “expected” remuneration is still much higher than that of many other investments, such as SCPIs (4.18% in 2020, around 4.3% in 2021), or diversified international funds with investment profiles. “Daring” (+ 4.4% in 2020) as well as “balanced” (+ 2.8%).
Growing interest in equity markets
The growing average appetite of the French for risk is accompanied by a heightened appetite for the equity markets, also shows the AMF Barometer: a quarter this year declare themselves ready to subscribe to these investments in the next twelve months ( +4 points), and 17% in the longer term. In short, 35% intend to invest in the universe of listed markets in the more or less long term, against 28% in 2019.
This growing appetite, which is very marked among young people, and the arrival of new investors, two trends noted by the AMF, are confirmed by the results of the 2021 barometer: the proportion of French people intending to invest more or less in shares. less long term stands at 49% among those under 35, and even 58% among those under 25.
Furthermore, 14% of people who own shares say they bought them for the first time in a year. “This proportion climbs to 23% among women and 29% among 18-24 year olds », Underlines the institution.
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