La dynamique des patrimoines des ménages selon l’âge et la génération en France et dans la zone euro

Aging, a joint consequence of the decline in fertility and longer life expectancy, is likely to influence household savings behavior, particularly in a context of public pension reform. In addition, the wealth of an aging population will have a particular structure, presumably less focused on risky assets. An underlying question then concerns the availability of this wealth to finance the economy : this is the meaning of the reform sought by the recent ?Loi Pacte?, aimed in particular at directing retirement savings towards equity rather than less risky assets (life insurance in euro funds for example). Therefore, it is important to study how the level and structure of wealth differ according to the age and generation. Insofar as these choices are also likely to differ from the institutional environment (pension system in particular) and the tax system, covering not only capital gains, financial products but also inheritances, it is important to include this study in an international context. This text focuses on France, but offers comparisons with the main European countries. Data show that the distribution of wealth, total or financial, has been distributed for 30 years for the benefit of the older generations. Moreover, since 2008, the structure of French savings is increasingly cautious, less and less focused on risky assets. From a macroeconomic point of view, these elements call for a better allocation of savings of individuals towards products more likely to finance the economy, one of the objectives of the recent ?Loi Pacte?.