According to the first consolidated data from the Banque de France, the level of net household savings invested in 2022 reached 158.7 billion euros, down slightly compared to 2021, at 161 billion euros, and down sharply from the 202.1 billion observed in 2020.
However, this savings is still significantly higher than the annual net flows before the pandemic (on average of 101 billion over the period 2015 – 2019), with a savings rate of 18.6% of gross disposable income, compared to 15% before. the health crisis.
However, it slowed down in the fourth quarter of 2022, with the net quarterly flow of household investments standing at 26.8 billion over this period, down 15.1 billion compared to the previous quarter.
Savings invested in fixed income products fell (14.8 billion after 34.6 billion in Q3), due to a negative net flow on sight deposits (-14.1 billion). On the other hand, net flows of assets in the form of equity products rebounded (14.2 billion after 7.5 in Q3), households in particular increasing their unit-linked life insurance subscriptions (8.8 billion vs. 4.9 in Q3).
Decline in the value of financial assets
In the last quarter of 2022, gross financial wealth – i.e. before deducting debts – increased by 122.5 billion, mainly linked to the revaluation of assets held, in a context of a rebound in prices. scholarship holders. Financial investment flows, although down (26.8 billion against 41.9 billion the previous quarter), remained dynamic.
On the other hand, over one year, the financial wealth of households fell by 260.9 billion euros to 5,785.7 billion euros, due to the loss in value of assets over this period.
More than 18 billion euros withdrawn from demand deposits in the 1st quarter of 2023
The first data (still partial) covering the main financial investments of households for the first quarter of 2023 indicate in particular that household deposits continue to increase with a continuation of the arbitrage movement of sight deposits (-18.2 billion) towards remunerated deposits (+33.6 billion).
The strong appeal of the livret A – whose remuneration rose to 3% in February – explains these arbitrations. Regulated savings also tend to compete with investments in life insurance, which fell by a net billion euros for unit-linked funds, and by 2.4 billion euros for funds in euros (life insurance and PER ).