This is a small part of France’s enormous heritage deposit, but details of its composition and distribution shed light on mechanisms of heritage transmission. Savings “for children”, created in their names by parents and grandparents, concern more than one in two children in France, according to an analysis published Wednesday 26 November by the National Institute for Demographic Studies (INED).
Based on data from five INSEE surveys conducted between 2003 and 2021, with a sample of almost 29,000 children, Marion Leturcq, INED researcher, observed that around 35% of children under 1 year old already have a savings product, the proportion reaching 53% for ages 10-11 years and 72% for ages 16-17 years. many years.
Savings accounts are still the products most frequently opened in children’s names, but 4% of them also have home savings accounts and 2% more profitable products, such as life insurance or retirement savings plans.
3,150 euros for the most spoiled 10%
If the average savings represent 1,300 euros per child, the research details show significant differences: zero or symbolic for one in two children, exceeding 3,150 euros for the 10% of the most spoiled children. Among 16-17 year olds, the average is 2,330 euros but 10% of children in this age group have more than 6,000 euros.
This gap results in a high concentration of savings even before entering adulthood: the most well-off 10% concentrate 74% of savings made on children and the next 10% 15%. This difference is mainly due to the level of parental wealth, because in the richest 10% of households, almost nine out of ten children (87%) have savings before they reach adulthood, whereas this proportion does not exceed 60% for children from less well-off households.
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