Economic news is dominated by Bruno Le Maire's statement about the end of the inflation peak and the evolution of borrower-insurance rules, but yesterday saw the publication of the 2022 Barometer for Savings in France and the regions of FIFG. Altaprofits, an internet wealth management company, produced the report. It analyzes the savings habits of French citizens "to protect their futures and plan for retirement." It is clear that the succession of economic events that are likely to have an impact on daily life of French people, post-Covid and Russian-Ukrainian conflict, as well as inflation, has not had an 'impact on their savings.
Average savers are residents of Auvergne-Rhone–Alpes (ARA), Provence-Alpes Cote d'Azur/Corsica. The study found that 82% of the respondents own at least one product. This is slightly lower than the national average (84%). Despite the current economic climate, Auvergne-Rhone Alpes' savers are still able to invest regularly. 46% top up their savings products every month, which is higher than the 42% national average. The Provence-Alpes Cote d'Azur/Corsica area is home to 32% of those who do not have the means to save, which is the lowest average among all French regions. The residents of Provence-Alpes-Cote d'Azur/Corsica save with a low frequency.
48% of savers in Auvergne-Rhone-Alpes, and 43% of Provencals and Corsicans say that the main reason for saving is to build up precautionary savings, to deal with the unexpected. It doesn't matter if it's a small, daily event like a car breaking down or the replacement or repair of an appliance, or if you have to deal with an exceptional situation (loss or support for a relative, birth of a child).
27% of Auvergnats/Rhonalpins plan to save for their first project. This could be a long-term (for example, buying a house) or a short-term (travel, car purchase, etc.). This is higher than the national average (23%), and the highest regional average. It costs them 20% to separate their savings from their current accounts, which is lower than the national average (24%). People from Corsica and Provence save, on average, very little for a project (22%), but a lot to separate savings (27%).
76% of the ARA residents had at least one savings product. They preferred regulated savings accounts such as Livret A, LDD and PEL. This is compared to 69% in the PACA/Corsica areas. These are significantly lower than the 78% national average. Real estate is also considered a bulwark from inflation for 48% and 45% respectively of Auvergnats/Rhonalpins as well as Provencals/Corsicans.
