Since the economic crisis has had its effects in the daily life of the French, they now seem more inclined to favor liquid investments and short-term spending, to the detriment of investment products and even credit.
French people less inclined to make long-term commitments
Thus, in an increasingly tense economic context, and in the absence of encouraging prospects in the short term, French households are increasingly mobilizing their savings on liquid investment products, such as passbooks for example, in order to be able to dispose of their money at any time, with the aim of avoiding the need for credit in the event of expenditure.
Indeed, in 2011, many French people withdrew all or part of their savings to pay for expenses usually financed by a loan; others chose to buy real estate with maximum cash contributions, thus minimizing the burden of their future repayments, and still others preferred to opt for an early repayment of their various loans, including loans real estate.
A rebalancing of savings solutions
There is therefore a significant boom in all bank books, despite the loss of confidence experienced by financial institutions accused by many savers of having more or less led to the current deterioration of their economic condition.
However, this preference for liquid investments occurs mechanically to the detriment of other longer-term investment products, life insurance and UCITS securities in particular. This trend is all the more marked as the difference in remuneration between passbooks and less liquid products becomes minimal.
Now, faced with life insurance in particular, ordinary passbooks are becoming very competitive, starting with the very conventional passbook A: not only are their rates almost equivalent, but above all they offer completely liquid savings, available at any time, guaranteed and tax exempt. The transfer of household savings is therefore quite naturally in favor of passbooks.
Banks reduced to serving as piggy banks
This situation finally gives the impression of arranging the bankers who collect 95% of the outstanding booklets in France (against only 50% of the outstanding life insurance contracts for example). However, this windfall is offset by the drop in borrowing as well as by the increase in loan buy-back operations.
Because the time is definitely no longer for reckless spending and savers are struggling today to project themselves into the future; on the contrary, they strive to ensure their daily lives by postponing or even giving up their longer-term projects, which until then would have required recourse to credit, which was much more remunerative for the banks than the only account service. piggy bank “.