Epargne: The French on the defensive but not on defense

Life insurance collections are breaking records, units of account are progressing, and yet: the French have never been so cautious. The Altaprofits-Ifop 2026 barometer reveals a paradoxical saver, active in appearance but defensive in his choices – and impervious to defensive savings despite political injunctions.

We could say that the eighth edition of Altaprofit’s “Savings barometer in France and regions” (1), published on June 4, pays homage to its predecessors. Ifop pollsters began their work on March 30, three days after a low point in the markets.

An environment similar to that of the previous barometer, carried out in April 2025, shortly after Donald Trump’s “Liberation Day” and its string of announcements of customs duties. This year, the French’s relationship with their savings was influenced by multiple factors: tense geopolitical context with the war in Iran, fears of recession with the surge in oil prices or, on a more national level, presidential elections in 2027 and suspension of the pension reform…

Safety my love

The perennial observation that the French are too risk averse in their investments is therefore unlikely to change any time soon. If 8 out of 10 respondents say they invest money in their savings products – and 37% of them at least once a month – there are just as many among the savers population who favor risk-free products, even if it means sacrificing returns.

The proportion of adventurers in a territory that is “a little risky” but offers a better return remains stable at 18%, while those who accept an even higher risk/return couple fall by 3 points (3% of the panel) compared to the 2023 barometer.

Focusing by region does not reveal much more, since the regions most inclined to take risks are those where disposable income is the greatest: Ile-de-France (6% of inhabitants), Auvergnes-Rhône-Alpes (5%) and Pays de la Loire (6%).

The false nose of the UC

Logically, the French people’s favorite savings products are regulated savings accounts, and by a very long way (75% of the panel). Life insurance or capitalization contracts, in second place, are far behind despite an increase of three points over one year (27%).

The effect of communicating vessels with the Livret A, losing momentum since its annual interest rate decreased following inflation, has clearly not emboldened the French. The growing weight of units of account (CU) in net collection, to which they contributed €3.6 billion in April compared to €1.6 billion for euro funds, is in reality a sham.

“Even if life insurance collections have been breaking records since last year, the most selected UCs are very defensive, mainly focused on money, bonds and structured products with guaranteed capital,” explains Catherine Baudeneau, marketing and communications director at Altaprofits.

The following quotes concern the PER (14% of respondents), then the PEA (13%), and the SCPI anecdotally (2%). The investment that has progressed the most in recent years is… the absence of investments, since the proportion of French people who keep their savings in their current account has increased by 8 points since 2023 (13% in 2026).

“Wait and see in the face of uncertainty”

“We interpret this figure as a wait-and-see position in the face of uncertainty,” continues Catherine Baudeneau.

If the context influences the investment decision, it does not guide it thematically. Because despite the return of international conflicts to the forefront of the geopolitical scene, the French are avoiding military rearmament. The theme of national defense is not popular despite the multiple incentives: only 30% of respondents say they are ready to invest their savings in dedicated savings products.

This low support is not only due to economic and financial reasons (40% of the panel), but is primarily due to personal convictions, whether “political, ethical or moral” (44%). A quarter of French people even consider that defense financing should only come from taxes. The investment fund dedicated to national defense created by BPI France is not attractive, since only 3 out of 10 citizens say they are ready to invest in it.

A low result which can be attributed to personal convictions, but also to risk aversion, since Bpifrance Défense SLP is an Eltif vehicle, therefore focused on the unlisted, with a blocking period of five years without guaranteed return. At the crossroads of obstacles to savings…

(1) Barometer carried out by Ifop from March 30 to April 8, 2026, from a sample of 2,412 people, representative of the French population aged 18 and over, and constituted according to the quota method (sex, age, profession of the person questioned) after stratification by region and category of agglomeration