Overview

• INSEE reports that 43% of households are putting money aside, six points higher than before the pandemic.
• Household financial assets now exceed €6,300 billion, nearly twice the size of France’s public debt, according to reporting on official figures.
• Interviews and coverage point to precautionary motives, with savers citing uncertainty in the current economic and political climate.
• Economists differ on the policy response, with OFCE’s Mathieu Plane arguing for stronger consumption and others citing Pascal Salin to contend higher saving is needed to finance investment.
• The findings land as France wrestles with record debt of €3,345 billion (about 114% of GDP) and a 2026 budget proposal asserting €44 billion in measures are needed, which faces opposition from left-wing parties and unions.