The billions of euros left by the French in their current accounts fell sharply in the 4th quarter of 2022, according to data revealed by the Banque de France on Tuesday February 21. French savers have indeed logically turned to regulated savings products, the rates of which are on the rise.
Are the French emptying their current accounts? While last summer, the deposits seen represented a bonanza of 544 billion euros, for an average of 18,430 euros on the current accounts of each of the 29.5 million French households, the situation could be changing.
The peak was reached in July 2022, with more than 543.7 billion euros in French current accounts according to the Banque de France, and portfolios were still at their highest end of September with 542.2 billion euros. But inflation seems to have gotten the better of the accumulated savings… The data for the last quarter of 2022 show negative net flows on sight deposits. In detail, 18.9 billion euros left the current accounts of French households (1) between September 2022 and December 2022, and more than 20 billion since the summer.
The French are turning to regulated savings
Empty current accounts due to inflation? Or to better fill reboosts booklets? On the last quarter of 2022, investments in remunerated bank deposits remain high (+22.8 billion), in the context of the announcement of the additional increase in their yield in the first quarter of 2023, notes the Banque de France. Clearly, the French have profit from increases in regulated savingsin particular the Livret A and the Livret de développement durable et solidaire (LDDS), increased from 1% to 2% in August 2022 then from 2% to 3% in February .6% then 6.1%.
On the other hand, while passbooks are attractive in large numbers, life insurance is more timid at the end of 2022. Listed shares and unit-linked life insurance subscriptions experienced difficulties in the third quarter of 2022 (5.8 billion euros). euros against 11.7 on the previous one). But data from the Banque de France show that unit-linked life insurance nevertheless rebounded at the end of 2022 (8.8 billion euros after 5.8 billion in the 3rd quarter), while funds in euros are marking time (+0 billion euros in the 4th quarter after -2.4 billion in the previous quarter according to the Banque de France).
Current account: this error that will cost you dearly in 2023
(1) Deposits seen by resident individuals, Webstat Banque de France monthly statement.