The booklet of savings populaire, a credible alternative to the booklet?

access to this savings method, intended for low income and very little used, will be dramatically streamlined by the government.

It's been a little over four years that the rate of the booklet Has had not moved. But on 1 February 2020, the government has applied a new calculation formula, lowering the rate from 0.75% to 0.5%, net income tax and social contributions. A historically low level. At the same time, on Wednesday, the bill ASAP (act on the acceleration and simplification of the public action) and arrived in council of ministers. It provides, in particular, to simplify the access to the livret d'épargne populaire (LEP). This way of saving is more rewarding as the booklet Is with a rate that is increased from 1.25% to 1%. However, its conditions of access are more restricted.

A device not known to the general public

Because it is a paradox, despite its explicit name, the LEP is very little used and often unknown to the general public. In comparison, at December 31, 2018, 55 million people had a Booklet Has been opened, compared to only 8.5 million for the livret d'épargne populaire. "The booklet of savings populaire is better paid that the booklet Has, has the same operation, except that it is subject to conditions of resources," argued in the same Economy minister Bruno Le Maire, who encouraged this action at the microphone of Europe 1 in mid-January. The booklet of savings populaire is in fact reserved for people with modest incomes. The ceiling is set at 19 779 euros in annual income for a single person. 40% of the French would be eligible, but the device does not find its public.

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"It is not always put forward in the banking and financial institutions, for the benefit of other products and investments to savings", highlights Pascal Glémain lecturer in social and solidarity Economy at the university of Rennes-2. To try to raise awareness of this device to the greatest number, the public authorities have thus initiated with the banking profession a communication operation of large-scale in 2019. "There has been a collective effort. In the 2nd half we had a early positive result," says Delphine Moreau of the department of statistics, monetary and financial of the Bank of France. All eligible people received an e-mail to remind them of the existence of this savings method-specific. The banks have also played the game with operations in the agencies and highlighted on the internet sites.

Remove the administrative burden

In addition to this enhanced communication, the bill ASAP aims to remove one of the main sticking points in the booklet of savings populaire : the administrative procedures. Today, a person who wishes to open a savings book of the people must present his record of laying at its first request with his bank. The investor must then return every year in its facility to present a new credential. "The more you weigh, the administrative, the more it deters the public," says Pascal Glémain. Poor families are also not inclined to highlight their low incomes. "As it is a book which is conditioned by an obligation of income, the fact of having to make a deposit with his bank a tax return, is a stigma. The constraint of the condition of income is strong", for its part, considers Valérie Plagnol, president of the Circle of investors.

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The new procedure provides that the banks consult with their own tax administration general to determine whether the person is eligible or not. Institutions will, however, never access the tax file complete. "The government wants to give access to the banks information that would come from the tax administration, rather than having to bring it to the investor," says Delphine Moreau. To try to attract new investors, the government boasts a booklet more rewarding as the libretto Is, with a lower ceiling. It is this last point that fishing and who pushes future investors to turn to the booklet A. The ceiling is indeed blocked to 7,700 as against 22 950 euros for the booklet A. "In France, there is a very big tradition of encouraging popular savings.

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The rate of the Livret A and its economic impacts

Interestingly, the Booklet Has ? "The booklet Has could quickly become profitable" is it still Necessary to lower the rate of Booklet A?

The SARA responds to this line, but the ceiling remains relatively low in comparison to the booklet A", abounds Valérie Plagnol. In spite of everything, the SARA presents a significant advantage. Its interest rates today to 1% will be revised every six months and may not fall below the level of inflation. "On the SARA you are at least the rate of the booklet A + 0.5% gain. It provides for the preservation of purchasing power", said Valerie Plagnol. The measure of law of acceleration and simplification of the public action has yet to pass the legislative impediment. Part of the law of finance for 2020, it had been retoquée on the 27th of last December by the constitutional Council.