Willingly or not, we already knew that the French had saved a lot, a lot in 2020 in reaction to the various effects of the Covid-19 pandemic; we now know that part of this savings has gone towards solidarity products.
According to the solidarity finance barometer La Croix / Finansol, the outstanding amount of these products as of December 31, 2020, that is to say the total sums invested therein, in fact increased by 5 billion euros – an annual record – reaching 20.3 billion. That’s an increase of about 33%, according to figures released on June 7.
These amounts take into account the products bearing the Finansol label, from the name of this association which promotes solidarity in savings and initiated the label making reference in this field, but also all the solidarity employee savings funds, labeled or not Finansol.
Solidarity finance brings together savings products aimed at financing structures of high social and environmental utility, through two mechanisms: sharing products, which are similar to a donation (the principle is often to pay to an association of interest general all or part of the interest), and financing products, which direct money to these structures through loans or equity investments.
837,000 new subscriptions
“This very sharp increase in outstandings is driven by subscriptions”, indicates Jon Sallé, head of the Observatory of Solidarity Finance at Finansol, which announces, for 2020, 837,000 new subscriptions to solidarity investments, against 810,000 in 2019. A high number that he explains, in particular, by progress made by banking players in promoting these products to individuals.
An outstanding amount which has also increased due to the increase in the number of products labeled by Finansol over one year, from 159 to 166. Above all, with the arrival in the family of a juggernaut, the fund in euros of the Insurance contract – responsible and united life of the Maif, with its more than 2 billion euros in assets. This is the largest of the products labeled by Finansol, and the operation boosted the amount of Finansol labeled life insurance outstanding by almost… 1,000%!
If the records follow one another in recent years for solidarity finance, its weight remains low in the overall financial savings of the French, of which it represents 0.36% at the end of 2020, according to calculations by Finansol. This share continues to increase, however – it was 0.12% in 2012 and 0.29% in 2019.
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