While economists estimate the savings surplus to be 200 billion euros in 2020 and 2021, not all households are equal in the face of the crisis, which continues to widen the gaps between French households.
Savings of 10,000 euros for the wealthiest households
According to Insee figures, obtained by analyzing anonymous data from numerous Crédit Mutuel bank accounts, 25% of the wealthiest French households saved an average of 10,000 euros in 2020.
The least affluent 25%, with the lowest financial assets, were only able to save an average of 218 euros over the year.
Despite considerable variations, Insee notes that the financial wealth of the French has increased "for virtually all wealth deciles", this increase being linked to the containment measures that led to a 13% fall in household consumption in 2020.
Depending on the sector, incomes were more or less impacted by the health crisis. Craftsmen and shopkeepers, as well as private-sector employees, increased their savings less than public-sector employees.
An uneven drop in consumption
While household consumption fell, it did not involve the same goods and services for all French people.
The most affluent households have reduced their consumption to a greater extent, mainly in the sectors shut down as part of the health precautionary measures, namely restaurants, travel and cultural and leisure activities.
On the other hand, consumption by the poorest households, who spend more on basic necessities, fell less in 2020. Managers therefore consumed less than workers, and saved more thanks to higher salaries.
French age has also had an impact on savings. According to a European Central Bank study published in February 2021, savings among the over-65s had risen by 5% in the eurozone, compared with zero among the under-30s. This phenomenon can be explained by the fact that older people have more stable and higher incomes.