Wednesday, August 5, 2020

How Covid-19 Changed French Savings Behavior

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During the confinement, the French massively saved. A trend that should continue according to the BPCE Savings & Investments barometer.

During the confinement, the French saved 45 billion euros.
During the confinement, the French saved 45 billion euros. thicha – stock.adobe.com

The confinement upset the daily life and the finances of millions of French people. Did he also shuffle the investment cards? In the short term, everything suggests. Savers have hoarded a war chest during the confinement – 45 billion euros between March and April, recalls the BPCE Savings & Investments barometer. This surplus of savings – the businesses were closed – mainly landed on current accounts and savings books (+15.5 billion euros and +12.5 billion euros, respectively, compared to March and April 2019). “The current account, of course, is not remunerated but nevertheless guarantees the value of capital. It has almost become a financial instrument in its own right ”, underlines Alain Tourdjman, economist at BPCE. Almost 42% of French people today say they have more money in their account, according to the barometer.

Conversely, life insurance lost feathers during the period (-8.8 billion euros compared to March and April

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