The French, sacred squirrels. In the first quarter of this year, French households dipped again into their current accounts, while at the same time the Livret A savings accounts filled up considerably.
According to a quarterly barometer from the Banque de France published on Friday, the amounts in cash and on current accounts fell by 18.5 billion euros between January and March, after an already substantial decline of 14.1 billion. euros the previous three months. Nevertheless, there remains 782.4 billion euros in this form as of March 31, 2023.
This decrease is to be compared to the filling of the Livret A and the Livret de développement durable et solidaire, which attracted 25.4 billion euros in the first quarter, and still some 9 billion more since, according to data shared each month by the Deposit fund.
The failure of euro life insurance funds
It must be said that at 3% net since February 1, these two regulated savings products are much more attractive than the interest rates on sight deposits offered by banks, by 0.04% on average in June for individuals. Banking institutions have nevertheless made a small effort for companies, whose sight deposits are remunerated twelve times more, at 0.48% on average.
Another financial product is also the cost of this fierce competition from the Livret A: the euro funds for life insurance. The latter have been experiencing a negative net collection (ie benefits greater than contributions) for several years which is accelerating: they deflated by 15.5 billion euros in the first half, according to figures from the professional federation France Assureurs.