The savings rate of the French jumped last year, going from around 15% in 2019 to more than 21% in 2020. Wealthy households are the most affected since health restrictions have mainly penalized purchases of amenities, like restaurants, travel and recreation.
With stable incomes and consumption that contracted as a result of the health crisis, the French have put money aside over the past year.
The average savings rate in France rose from 14.9% in 2019 to 21.3% in 2020. This increase primarily affects the wealthiest households, forced to give up the entertainment that they can usually afford. to offer because of the Covid-19.
The richest 25% saved an additional 10,000 euros
The richest 25% of households saved an average of 10,000 euros in 2020, for lack of being able to consume.
The bottom 25% saved too, but to a much lesser extent: they set aside 200 euros on average.
The explanation for this is simple: health restrictions have especially penalized leisure purchases, such as restaurants, travel and leisure, as many expenses that modest households can rarely afford.
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The fact remains that with these 200 euros saved last year, the 25% of the poorest households saw their financial wealth jump by 32%, reveals INSEE.
While with their 10,000 euros not consumed, the wealthiest households only got richer in a much smaller proportion: 6% on average.