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The outlook for Savings and Financial Investments, December 2024
[December 2024] Every quarter, the economists in the Group’s Research & Prospective studies department publish a snapshot of trends in the savings and financial investments made by companies and households in France. This analysis reviews the performance of the principal financial investments along with the behavior and perceptions of households and businesses in 2024.
Very limited household investments in 2024, with the exception of life insurance that performed better than expected
Aggregate inflows of savings – other than investment in securities – from French households (1) stood at 20 billion euros in 2024 (after reaching 17 billion euros in 2023), well below the annual average inflows of 67 billion euros noted between 2016 and 2019. Continued growth in fixed-term investments (term accounts and the ‘Plan d’Epargne Populaire,’ the Popular Savings Plan long-term savings product), tax-exempt passbook savings accounts and, above all, life insurance was observed in 2024 at the expense of low- or non-interest-bearing products such as sight deposits, taxable passbook savings accounts, and home savings schemes. As a result, investors continued to switch between investment vehicles in 2024, even if these adjustments were less marked than in 2023 owing to the interest-rate environment. In this respect, aggregate flows into term accounts over the year were divided by a factor of 3 in the space of one year, from 78 billion euros to 28 billion euros.
Collective investment vehicles pushed new household investments in securities to a historically high level (2).
In the third quarter of 2024, aggregate household investments in securities came to a total of 15.5 billion euros, the third-highest level since the 2000s:
- Collective investment vehicles (+15.5 billion euros) boasted record-breaking dynamism, driven by competitive yields (from 3.38% in 2023
to 3.9% in 2024) (3), - Bonds (+1 billion euros) and listed shares (-1 billion euros) showed little change, despite a recovery in Q3 2024.
Non-Financial Companies: fall in bank flows and portfolio adjustments
Banking flows into non-financial companies remained negative in 2024 (-17 billion euros, after -30 billion euros in 2023) owing to ongoing pressure on cash positions from, for example, the need to repay State Guaranteed Loans. The trend whereby investors switched between sight deposits (-17 billion euros) and term deposits (+0.4 billion euros) returned to normal in 2024 after massive movements in 2023 (-108 billion euros and +88 billion euros respectively). On the other hand, investments in securities from non-financial companies remain positive, despite being halved (+23 billion euros over the first 3 quarters after +50 billion euros in 2023 over the same period), notably thanks to the dynamism of non-monetary collective investment vehicles.
(1) Bank investments and life insurance, excluding securities and cash.
(2) Data up to Q3 2024.
(3) Source: Banque de France on money-market mutual funds, all agents taken together.