Forum. If the disenchantment of the French to the financial markets is a well-established fact (barely 20 % holding of shares in spite of their profitability over the long term) and if the interest rate is still a mathematical problem intractable for many, just as the functioning of stock markets or even the pension system, the situation is now conducive to a reorientation of the savings of the French towards the productive economy.
In the first place, the optimism of the French, the confidence of business leaders and economic growth are on the rise. The GDP of France grew by 0.5% in the third quarter 2017 and is expected to increase 1.9 % on the year as a whole in 2017.
We are witnessing the end of the reign of the fund in euros. Real specificity in the French, they have long deterred the French from taking risks ; its yields moribund should be 1.5% on average to 2017.
Third reason : the implementation of the tax on the real estate asset (IFIS), which subtracts the value of the securities of such tax, may create a mobilization of capital to other markets as real estate.
Finally, the French are increasingly concerned about their retirement : nearly three seniors active on four fear to receive a pension insufficient (IFOP survey for the financial Union of France, published in January 2018) and could be sensitive to new types of funding.
However, for the French have a decent pension, they need performance, and to obtain this performance, it is necessary that the investment of the savings occurs in businesses. It is also necessary that asset managers can have access to time and thus to a blocked savings in the medium or long term. Finally, let’s be clear, so that the French agree to block their savings, they must offer irrefutable !
The collective pension savings (Perco)…