2023-10-24 09:00:12
Livret A did not make any money in September, despite the record level of its outstanding amount which reached 406 billion euros. The collection was “only” 450 million euros last month, compared to 2.67 billion euros recorded in the same period the previous year. After the holidays, households dipped into their nest egg to meet expenses related to the start of the school year, among other obligations. The impact of inflation also weighed on household spending. The cumulative collection over the first nine months of 2023 amounts to 30.73 billion euros, bringing the total outstanding savings to 406.1: the A savings account beaten by its cousin in September 2023 billion euros. This sum is an increase compared to 369.7 billion euros the previous year.
Back to school and inflation: key factors for Livret A
The government has decided to freeze the Livret A rate until 2025, on the recommendation of the Banque de France. This decision might represent a shortfall of nearly 3.8 billion euros for savers between February 2023 and January 2024. Bruno Le Maire, Minister of the Economy, justified this choice by mentioning “ reasons of national economic interest », notably the impact on the cost of credit for SMEs and for social housing. Furthermore, the Popular Savings Booklet (LEP) is experiencing growth, with a net collection of 800 million euros in September 2023. The cumulative net collection over the first nine months of the year for the LEP is 11, 10 billion euros, and the total outstanding amount reached 59 billion euros.
An exceptional year for regulated savings
In October, the LEP ceiling will be raised from 7,700 euros to 10,000 euros, which might confirm the trend of greater collection for this savings product with a higher rate (6%), reserved for low-income households. The Banque de France indicates that 5.3 million Livret A accounts exceed the regulatory ceiling of 22,950 euros. The wealthiest households are therefore turning to other savings alternatives, such as term deposits or money market SICAVs. Despite the downturn in September for the Livret A, the year 2023 will remain an excellent year for regulated savings.
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