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Household savings: savers as a liquid and guaranteed!



On an annual basis, their savings flow reached 135.4 in the first quarter of 2019 compared to 113.7 billion euros in the last quarter of 2018. Interest-rate products are the biggest winners. Overdue loans totaled 3.322 billion euros in the first quarter of 2019. The corresponding flows were € 35.0 billion in the first quarter of 2019, compared to € 32 billion in the fourth quarter of 2018. Cash and cash equivalents demand demand continues to grow with a turnover of 20.3 billion euros from January to March 2019 versus 9.1 billion euros in the last quarter of 2018. For the second quarter of 2019, the increase would be lower, 8.5 billion euros. EUR. The best cash and demand deposits reached a new high of 576.2 billion euros. The advantage of liquidity remains strong in the context of economic and social uncertainties. With the "yellow vests" crisis, many households have delayed particularly sustainable purchases, leading to an increase in the precautionary savings pocket.

Regulated savings (Livret A, LDDS, PEL, etc.) continue to record significant flows. In the second quarter of 2019, they reached 11 billion euros versus 11.9 billion in the first quarter and 7.5 billion euros in the last quarter of 2018.

Stocks with regulated savings of 75.9.2 billion euros in the second quarter of 2019. Households households continue to put their money on these products despite their low rate of return. Given the money market situation, we still have to relativize the weakness of these yields. Indeed, without their regulated fixation, they should be null and even negative. Indeed, the 10-year government bond rate was, in mid-August, less than 0.4%.

Euro life insurance remains on course. Thus, the flows were 11.3 billion euros in the second quarter of 2019 compared to 10.1 billion euros in the first quarter. The outstanding assets in euros in the first quarter of 2019 were EUR 1,625 billion. The capital guarantee is still the main asset of the euro funds.

Households excluded in the first quarter of the capital market. The flow was negative by one billion euros. This outflow is explained by the poor performance of stock prices at the end of 2018. In contrast, due to the appreciation of prices in the first quarter of 2019, the bidding is for shares listed at 253 billion euros compared to 245.9 billion euros in the fourth quarter of 2018. The flows of shares held indirectly through the Collective Investment Enterprises (UCIs) are also negative, both in the fourth quarter of 2018 and in the first quarter of 2019. Life insurance contracts recorded a quarterly recovery of one billion euros in both the first and second quarters of 2019. The backlog was 362.8 billion euros in the first quarter of 2019.

French households remain highly risk averse, limiting, as far as possible, their exposure to products that do not benefit from a capital guarantee.

Interest rate products represent 64% of all financial investments. In addition, these products include shares of independent contractors in the form of unregistered shares (1.036 billion euros). The listed shares, units of account (all of which are not invested in the shares) and the shares in UCI represent a total of € 705.3 billion, or less than 14%.



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