2024-01-23 16:41:59
The French continue to behave like ants. They placed nearly 28.6 billion euros in the Livret A in 2023, an absolute record.
The surge in price fever, which makes it difficult to make ends meet, pushes the French to save ever more. And the Livret A, held by nearly 55 million French people, benefits from this. Households placed nearly 28.6 billion euros more on this flagship investment in 2023, according to Caisse des Dépôts (CDC). An absolute record. The previous peak (28.16 billion euros) dated from 2012, the year the Livret A ceiling was increased from 15,300 to 22,950 euros. “We observe a marked preference among the French for savings, indicates Philippe Crevel, director of the Circle of Savings. The French are cautious, and prefer to save, particularly on the Livret A account. This behavior is to the detriment of consumption. »
Proof of this craze for Livret A, in December, a traditionally unfavorable month, net collection (deposits minus withdrawals) reached 2 billion euros. ” It is a surprise. December, with vacations and end-of-year celebrations, is more of a month of spending,” continues the economist. In addition, this positive collection comes after two months of strong outflows (-3.7 billion in October, the property tax payment period, and -0.28 billion in November).
Few investments do better
This appetite for the Livret A, which followed months of record collections at the start of last year in particular, cannot be explained solely by the prudence of savers. His remuneration is now – and until January 31, 2025 – set at 3% net of tax. This rate, usually revised twice a year in February and August, depending on inflation and interbank rates, could even have been better, but it was frozen so as not to penalize the banks for whom this investment is costly, and social landlords who borrow more expensively when this rate increases. However, few investments are doing better today than the 3% of the Livret A (the fund in euros should yield around 2.50% gross on average for 2023, and it is subject to social security contributions at 17.2 %).
Livret A also has the advantage of being completely liquid. You can withdraw the money invested at any time. A major asset when we talk about precautionary savings. “Households behave pragmatically, even opportunistically. They reduce the cash they hold in their current accounts in favor of the Livret A, which pays them well. continues Philippe Crevel. Nearly 64 billion euros were withdrawn from current accounts, from January to November 2023, according to the Banque de France. This money may have been consumed or reallocated into savings products.
The popular savings book also a record
Certainly not all French people have been able to put money aside, even if many want to. “When asked, many households say that they want to save, rcalls Cyril Blesson, associate economist for the savings-Pair Conseil notebooks. But they don’t necessarily have the income to do so, and rising consumer prices limit their capacity. » Inflation rose to 4.9% according to INSEE (5.2% in 2022).
Livret A is not the only investment to have benefited from the sluggish behavior of the French. They also largely supplemented its little brother, the Sustainable and Solidarity Development Booklet (LDDS) (+11 billion euros in 2023, according to the CDC). This savings product, similar to the Livret A, is generally used by households who have already filled the latter to the brim (ceiling of 22,950 euros) and wish to continue saving on a similar product. They can invest up to 12,000 euros there.
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That’s not all, the popular savings booklet (LEP), reserved for low-income households (less than 22,419 euros of income for a single person), and which now brings in 5% per year – 6.1% from February to March 2023 – also comes off a record year (20 billion euros in collections). Until now, this investment was regularly in withdrawal. This was the case every year from 2009 to 2021, before its rate was increased in 2022. “This placement saw its remuneration rise sharply, but it was also largely pushed by the public authorities through an information campaign. This had a real effect on the collection,” recalls Cyril Blesson. This investment, more profitable than the Livret A, probably overshadowed the Livret A among eligible households. Without the LEP, the deposits on the Livret A would undoubtedly have been even greater. » Term accounts, whose yield depends on the holding period (for example 3.20% over one year), have also been full. 41.5 billion euros were deposited there from January to November 2023 according to the Banque de France.
The euro fund in ambush
Will this appetite for Livret A continue? ? Hard to say. “ Collection expected to remain at high levels in 2024judge Cyril Blesson, even if it were to be a little lower than that of 2023. » The yield on the livret A will certainly not change, as promised by the Minister of the Economy Bruno Le Maire, and its real yield (adjusted for inflation) could even be better this year, if the rise in prices continues. attenuates. However, the savings capacities of the French are not expandable. In addition, other savings products also have their cards to play. Some insurers offer funds in euros with rates above 3% – enhanced with yield bonuses. They could come and cause trouble. “The year will probably be better for life insurancebelieves Cyril Blesson. This could affect the collection of the A booklet.” To what extent remains to be seen.
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