{"id":22505,"date":"2026-06-03T10:32:38","date_gmt":"2026-06-03T08:32:38","guid":{"rendered":"https:\/\/www.amafi.fr\/?p=22505"},"modified":"2026-06-03T10:37:09","modified_gmt":"2026-06-03T08:37:09","slug":"allocation-of-savings-rexecode-study-published","status":"publish","type":"post","link":"https:\/\/www.amafi.fr\/en\/allocation-of-savings-rexecode-study-published\/","title":{"rendered":"Allocation of savings &#8211; Rexecode study published"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">At a time when the financing of the European economy and the competitiveness of capital markets are at the heart of discussions at European level, Institut Rexecode (Centre de recherche pour l&#8217;expansion de l&#8217;\u00e9conomie et le d\u00e9veloppement des entreprises), with the support of AMAFI, AFG and France Invest, has published a <a href=\"https:\/\/www.rexecode.fr\/competitivite-croissance\/documents-de-travail\/repenser-l-allocation-de-l-epargne-des-menages-en-france-et-en-europe\" target=\"_blank\" rel=\"noopener\">study on the optimal allocation of household savings in France and Europe. <\/a> <\/p>\n\n<p class=\"wp-block-paragraph\">Entitled &#8220;<em>Rethinking the allocation of savings in France and Europe<\/em>: <em>how to make it more optimal from a macroeconomic perspective <\/em>&#8220;, the study is organized around two modules:  <\/p>\n\n<ul class=\"wp-block-list\">\n<li>An international comparison of household savings allocation  <\/li>\n<\/ul>\n\n<ul class=\"wp-block-list\">\n<li>An optimal allocation analysis, from the dual perspective of the risk\/return trade-off for savers and maximizing the economy&#8217;s growth potential.  <\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">It highlights a paradox: the French save a lot, but have relatively limited financial assets compared to other developed countries. This is due in particular to a structural under-exposure to equities, which account for just 19% of household financial assets. This situation weighs on the return on long-term savings in France, the lowest of the countries studied, and limits the financing capacity of companies, particularly in phases of growth and innovation.    <\/p>\n\n<p class=\"wp-block-paragraph\">Rexecode&#8217;s research shows that a greater allocation to listed and unlisted equities (from 19% to 27%) would have significantly improved the return on household savings over the long term, with little or no additional risk. Such a development would also help to strengthen the financing of productive investment, and ease bottlenecks in the financing of innovative companies, both listed and unlisted, particularly in the <em>scale-up<\/em> phase. As the Swedish example shows, national savings that are much more geared towards equity capital flow into companies, particularly domestic ones, encouraging IPOs and business development.    <\/p>\n\n<p class=\"wp-block-paragraph\">It therefore seems highly desirable to increase the amount of French long-term savings invested in listed and unlisted equities. This does not necessarily require structural change, but already a more optimal allocation, even if a layer of capitalization for retirement would have additional virtues in terms of public finances.   <\/p>\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At a time when the financing of the European economy and the competitiveness of capital markets are at the heart [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":21407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":""},"categories":[122],"tags":[],"class_list":["post-22505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/posts\/22505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/comments?post=22505"}],"version-history":[{"count":1,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/posts\/22505\/revisions"}],"predecessor-version":[{"id":22506,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/posts\/22505\/revisions\/22506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/media\/21407"}],"wp:attachment":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/media?parent=22505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/categories?post=22505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/tags?post=22505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}