A recent survey carried out on behalf of the Organization for Economic Development Cooperation (OECD) revealed that France has made a little progress in terms of financial culture. However, compared to the Germans, the best students, the French are to be pitied. Details !
Financial culture, France’s poor score
In mid-November, the Financial Markets Authority (AMF) unveiled a clear progress of France in terms of adoption of cryptocurrencies. The report spoke of a “ rate of individual holding of crypto-assets [qui] amounts to 9% of the French population “.
Although modest, this adoption rate far exceeds that of El Salvador. The country currently displays a rate of 1.72% of its population in possession of Bitcoin (BTC) and cryptocurrencies.
Except that this gap does not yet allow France to win medals.
Indeed, a recent publication of the Banque de France highlights unflattering figures for the French in terms of financial culture. Here is an excerpt from the report:
“ With a total score of 12.45/20 (i.e. 62.25%), French people aged 18 and over have a financial culture close to the OECD average, improving since 2021 (12.17/20 i.e. 60.85%). France ranks 14e in 39 countries who participated in the OECD survey. »
Financial Knowledge Score
If the French were able to achieve a score of 4.58/7 in 2021, this year 2023 saw a clear improvement to reach 4.61/7. This component concerns in particular the mastery of “ impact of inflation on purchasing power, the relationship between risk and return “. Nevertheless, investigators are unanimous about the lack of knowledge of the mechanism of simple or compound interest rates among the French.
Attitude score
It particularly indicates the Frenchman’s relationship to money. According to the survey, they are no longer inclined to spend lavishly or save for the future. The progression amounts to 2.35/4, or +0.13 points compared to the 2021 evaluation.
Behavior score
This score, which has increased by 0.12 points since 2021, currently at 5.49/9, quantifies the behavior of the French in practical situations.
“ The French are adopting more financially savvy behaviors: 76% of them monitor their financial situation and 65% say they always make thoughtful purchases. », We can read on the Banque de France website.
However, we would agree to mention the low rate of people setting long-term financial goals or preparing for retirement.
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