Despite the war in Ukraine, tensions in the Middle East and the increase in military budgets around the world, the French remain reluctant to place their savings in the defense industry. A paradox, even though the sector displays strong prospects for growth and returns. To mobilize the savings of individuals, Bpifrance launched in March 2025 a fund of 450 million euros dedicated to financing defense companies. The ambition: to enable the French to support a sector deemed strategic in the face of growing international threats.
But the initiative struggles to convince. “Çaa start sweetly»notes Emmanuel Lechypre, economic columnist on BFM TV and RMC. More than a year after its launch, the fund has only collected less than 100 million eurosan amount well below expectations. However, the placement is intended to be accessible. The entry ticket is set at 500 euros. This caution among savers is all the more surprising given that the defense industry is going through a particularly favorable period.
Above all ethical reluctance
“The defense is one of the fastest growing sectors. France has many world champions in the sector »underlines Emmanuel Lechypre. He also recalls that France is today the second largest arms exporter in the world. According to him, the prospects for gains are far from negligible. “All of this will pay off with almost certainty three to four times more than Livret A»says the editorialist. Despite these arguments, the French continue to shy away from this type of investment.
The obstacle is less financial than moral. According to the latest Ifop-Altaprofits barometer, 70% of French people do not wish to invest in the defense sector. A figure which has practically not changed in a year, despite the deterioration of the geopolitical context. “A large part of the French invoke political, ethical or moral reasons»explains Emmanuel Lechypre. Many also believe that defense financing should be the responsibility of the State and be provided by taxes rather than by private savings.
For the editorialist, this distrust reflects a deeper trend. «The French are pacifists. They want their savings to be invested in companies that correspond to their values.» Added to this is their traditional taste for secure investments. “They prefer life insurance and not risks,” summarizes Emmanuel Lechypre. Despite potentially attractive returns and a sector driven by military orders, defense savings are still struggling to find their audience in France.
