for 50 years, never have the French saved so much

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Lucille is a freelance illustrator. To prepare for any eventuality, she puts 250 euros aside each month, carefully saved. “I have a savings account that I call “emergency savings”. So, this is the money that I am not supposed to touch, except in cases of extreme emergency. And then, a savings account more intended for expenses that may occur during the year, to anticipate certain expenses”she explains.

On average, 18.9% of our income is saved, unheard of in 50 years. Jean-Luc, an employee, earns around 2,000 euros per month, of which 200 goes into his savings. “I’m putting money in because if one day I have to go to an EHPAD, I’ll need a little,” he indicates.

Seven out of ten French people prefer to build up their nest egg rather than consume, a bad habit which, according to some, hampers growth. But without this savings, the entire economy would be deprived of an essential lever. “This savings is essential for financing the economy. It is essential for financing businesses. It is essential for financing the State. Because the State, with its extremely large deficit of more than 140 billion euros, with its issues of 300 billion euros of bonds, it has to find the money somewhere”explains Philippe Crevel, president of the Cercle de l’Épargne.

The public authorities do not hesitate to ask for savings. Latest: the Defense Fund, which invests in SMEs and start-ups linked to the military sector.