In reality, how much money do the French have in their current account ?

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A report from the Banque de France published on July 17, 2024 via its official website highlights the financial investments of the French with a detailed analysis of current accounts. In December 2023, nearly 83 million current accounts were recorded for a total outstanding amount of 660 billion euros. On average, there are therefore 1.2 current accounts per French person.

Nearly 8,000 euros per account

On average, there are also 7,952 euros placed in each current account. In parallel, another report by MoneyVox estimated this amount at 16,562 euros, based on an outstanding balance of 497 billion euros divided by the number of households (and not current accounts).

Why such a difference? ? The Banque de France emphasizes that this average is misleading due to the concentration of deposits: only 13% of accounts hold more than 10,000 euros, and they represent 83% of the total outstanding. The median of current accounts is around 1,000 euros. In other words, half of current accounts have less than 1,000 euros stored. It should be remembered that the current account is a very bad investment and that it is better to reduce the outstanding balances on it as much as possible.

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27% of accounts = 0.1% of the overall outstanding balance

This disparity between the mean and the median reveals deep inequalities within the population. In this case, the 27% of accounts with the lowest balances represent only a meager 0.1% of the total outstanding balance. Although some accounts with low balances may belong to people in precarious situations, others may be inactive or simply little used.

It is also important to note that being nearly overdrawn at the end of the month does not necessarily mean financial difficulty. Many French people manage their finances by transferring part of their salary to a savings account at the beginning of the month. In addition, many have multiple checking accounts, which can also distort the perception of their financial situation.

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