Who benefits from savings ?

In a country where social protection is an integral part of the economic model, the French are showing a preference for saving. After peaking at almost 21 % during Covid-19, the French savings rate fell back to around 17.5 % in 2023, well above the levels of the Eurozone, the USA and the UK, which are closer to 10 %. Set aside, however, this 6,000-billion-euro windfall could act as a brake on the mechanics of economic recovery. Today, household savings in France are used to finance home purchases, and two-thirds are held in bank accounts or in regulated savings schemes (life insurance, passbook savings accounts). The shortfall in savings can be seen on two levels: firstly, in consumption, as we saw in 2023, to what extent it has been an obstacle to growth. Secondly, in terms of financing the productive investment and innovation our country needs: R&D, reindustrialization, financing start-ups. How can we unlock French savings for growth ?