Why not give solidarity-based finance a try?
Solidarity Finance Week, taking place November 11–17, 2024, provides France Active and FAIR with an opportunity to unveil the results of their OpinionWay survey titled “The French and Solidarity-Based Savings.” This survey highlights the attitudes and expectations of the French public regarding solidarity-based savings in an uncertain economic climate.
The results show that 55% of French people want to increase or maintain their savings efforts in 2025, with growing interest among young people, particularly those aged 18–24. The main motivations for saving include fear of the future (46%) and the desire to finance future projects such as real estate, travel, or education (38%). However, the French people’s desire to save safely far outweighs their desire to have a positive impact on society and the environment. Only 12% of respondents prioritize the social and environmental impact of their investments.
This preference for the safety and availability of savings can be largely attributed to a well-known lack of information about solidarity-based savings. Nearly 70% of French people say they are poorly informed about this type of savings, whether regarding how it works, its purposes, the products offered, or the entities that manage it. These results highlight the need for solidarity savings providers to better inform the public about the diversity of products and expected rates of return.
When it comes to social impact projects, the French prioritize initiatives related to the ecological transition (31%), strengthening social ties (19%), and job creation (16%). A majority believes these projects should be viewed from a medium-term perspective, with 34% willing to wait between 3 and 8 years before seeing a return on their investment. One in four French people (24%) even say they are willing to forego a specific return-on-investment timeline as long as their investment supports a charitable cause.
Denis Dementhon, CEO of France Active, points out that the social and environmental goals of solidarity-based savings align with the expectations of the French public, but that the challenging economic climate has diminished their interest in this type of savings. He emphasizes the critical need for guidance and information so that the French public can become active participants in deciding how their savings are allocated. Patrick Sapy, Executive Director of FAIR, adds that solidarity savings are accessible to everyone and offer a variety of financial products tailored to each type of saver, depending on their profile and priorities regarding returns, risk, or impact.
Solidarity savings have seen significant growth, with total assets under management reaching 30.2 billion euros in 2023—a 15% increase year-over-year. This growth has helped support 1,470 projects with social and environmental impact and has generated 8.5 million euros in donations to nonprofit organizations. The Finansol label, created in 1997 and managed by the FAIR association, enables savers to easily identify solidarity-based savings products that meet rigorous criteria for social and environmental impact as well as transparency.
Since the adoption of the Social and Solidarity Economy Act—the Hamon Act—ten years ago, solidarity-based savings have helped support more than 13,400 businesses and nonprofit organizations, raising more than 2.72 billion euros. France Active, which supports socially committed entrepreneurs, assisted more than 36,000 entrepreneurs and raised 485 million euros in 2023, contributing to the creation and preservation of nearly 200,000 jobs.
