Vieillissement et épargne des ménages. Comment favoriser une meilleure accumulation du capital ?

This article focuses on the accumulation of household wealth and its transformation into productive capital in a context of an aging population. By drawing on negative observations made at two levels, first microeconomic then macroeconomic, a set of remedies is proposed. From a microeconomic point of view, the great accumulation and concentration of wealth by older people, combined with a low level of shareholding, can be explained mainly by strong precautionary behavior. To alleviate the financial uncertainty induced by the lengthening of the life span (decrease in the purchasing power of pensions, new expenses in the event of dependency, etc.), senior citizens who are averse to risk and ambiguity are adopting strategies of over-saving and investing in low-risk assets (life insurance, real estate). The macroeconomic finding confirms the historical rise in the weight of wealth in GDP and its low counterpart in productive assets. It also reveals a worrying fall in the net investment rate, which appears to be correlated with the decline in per capita productivity and the increased dependence on foreign investors for financing the national economy. A series of social, fiscal, financial and institutional remedies are envisaged. Taken together, they could reduce the financial uncertainties posed by a lengthening life expectancy, promote a better flow of wealth between generations and encourage the orientation of savings towards the long-term investment of assets in the national productive sector.