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Purchasing power: a third of French people overdraw at least once a year

Published on September 21, 2021 - 2 mins reading time
Bank watch
A CSA (Consumer Science & Anallytics) study for Cofidis published on September 17, 2021 shows that this year, the average overdraft amount reached the lowest level seen since 2016. The health crisis has prompted the French to save more. While savers have tightened their belts, financing their projects also involves consumer credit, production of which has rebounded sharply since January.

A reduction in certain expenses

37% of French people say they are overdrawn at least once a year, according to the 10th edition of the CSA Baromètre du pouvoir d'achat for Cofidis. This figure is down sharply on the previous year, when 40% of those surveyed said they were in the red at least once a year.

In 2021, the average overdraft will amount to 316 euros per person, whereas previous overdrafts fluctuated between 340 and 400 euros. This trend is directly linked to the Covid-19 crisis, which has forced the French to cut back on certain expenses (leisure, transport, vacations, etc.).

Disadvantaged households are the hardest hit by overdraft. In fact, more than half of them are in the red at least once a year. Working people are not spared either, and don't hesitate to dip into their savings to make ends meet, or to forego purchases. As for retirees, 23% say they are running dry, a figure down on 2012.

A shortfall of 467 euros per month

The study reveals that the French feel that everything is on the increase:

  • 72% believe that energy prices have risen over the past 12 months,
  • 70% share this view for food,
  • 59% for health,
  • 51% for real estate.

On average, they estimate the amount missing out on not having to worry about your budget at 467 euros a month, 3 euros more than in 2014. This sum would be devoted in particular to food and leisure expenses.

Major projects for the year ahead

After a special year in 2020, the French say they are confident in the economy's rapid recovery and France's ability to emerge from the economic crisis in the medium term. As a result, many of the initiatives put off by successive confinements are back on the agenda.

More specifically, 61% of French people have major plans for the coming year, and 21% are confident of seeing them through, compared with 15% in 2020. Consumer credit appears to be the preferred solution for achieving these goals. After savings, it is the second most popular solution.

After an 11.7% fall in 2020, consumer credit production has risen sharply, representing 22.3 billion euros in the first quarter of 2021, up 25.3% year-on-year.