More than 11% of French households' financial savings are currently held in current accounts or in cash, and not in Livrets A passbook savings accounts, for a total amount of 603.8 billion euros. This amount has almost doubled in 10 years.
An unprecedented increase
The Banque de France reports a very substantial increase in the amounts held in current accounts and cash. Outstanding amounts in current accounts and cash have risen by 53 billion euros in just one year, accounting for almost 40% of net flows into total household financial savings.
This has risen sharply over the past 10 years. Amounts invested in current accounts and cash represented 9.36% of total household financial savings 10 years ago, compared with 11.25% today.
Outstandings higher than those of Livret A passbook savings accounts
Livret A deposits are half as large. At the end of January 2020, it stood at 302.7 billion euros.
Current accounts and cash, totalling 603.8 billion euros, account for almost a third of the combined total for retirement savings and life insurance.