Solidarity finance is now worth 30 billion

Solidarity savings return to double-digit growth. After a mixed year in 2022 compared to previous years (+7.4%), the balance of solidarity products increased by €4 billion (+15%) in 2023 due to the turbulence in the financial markets. According to the annual FAIR-La Croix solidarity financial barometer, published on Wednesday, June 19, it exceeds 30 billion for the first time.

These numbers include savings with the Finansol label as well as “solidarity” employee savings and life insurance products within the meaning of the law, whether they are labeled Finansol or not.

Solidarity finance “continues to leave its lasting mark on the French austerity landscape”, “These results show an increasingly important relationship between savers to issues of social and ecological transformation: they act on their savings.”rejoices the FAIR association, which manages the Finansol brand and supports solidarity financing.

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“And supply stimulates demand: financial institutions create new solidarity products, improve existing ones and market them better”, judge Patrick Sapy, CEO of FAIR. But we must stay “modest”says: the growth is certainly partially explained by the collection of solidarity products, but owes a lot to the good results of the financial markets in 2023.

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Solidarity employee savings accounts for 60% of the balance of solidarity financing. However, these funds are heavily subject to financial markets, as 90% to 95% of the money they withdraw is placed freely, often in listed shares or bonds (5% to 10% must be earmarked for social economy and solidarity, ESS ). This “market effect” explains approximately 2 billion of the 2.7 billion euros of growth in extraordinary solidarity savings of employees.

For solidarity bank accounts, whose principle is generally based on donating all or part of the generated interest to the association, there is less time for parties – their outstanding amount (2.7 billion) lost 9.4%. The problem, FAIR explains: the labeling of savings accounts that were no longer marketed and regulated savings rates. From February to December 2023, Livret A benefited from a net (tax-free) reward of 3%, Livret d’épargne populaire at 6.1% or 6%.

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“Although rates for solidarity savings accounts have increased in 2023, some by 3% (before social security contributions and income tax)competition of regulated deposit books (their) injured »FAIR note.

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