Abstract
In this paper we analyse the saving behaviour of French households by cohort and by age. We exploit two data sets: the Household Budget Surveys (HBS) allow us to define saving as residual of income minus consumption, while the Financial Assets Surveys (FAS) give us saving as changes in wealth. We make use of both financial assets surveys, gross them up using national accounts, and distinguish between “active” and “passive” saving.In France, tax policies appear to be one of the main factors that explain the recent evolution of household saving rates. The complex tax treatment of savings and capital income as well as the way in which households perceive the future of the French retirement pension system (5) also help to explain the composition of active and passive saving.
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