Solidarity finance reached 29.4 billion euros in assets under management at the end of 2024, representing a 7% increase compared to 2023. French solidarity savings now demonstrate competitive performance against traditional regulated savings accounts, with several funds displaying attractive returns. This breakthrough marks a turning point for a sector long considered less profitable than traditional investments.
The explosion of this performance is explained by a favorable convergence of factors. On one hand, the tax reduction for subscriptions to the capital of a solidarity enterprise of social utility increased from 18% to 25%, making these investments fiscally attractive. On the other, traditional regulated savings accounts offer only a real return of 0.82% in 2025, with a rate of 1.7% and inflation at 0.88%.
Solidarity Funds Outperform with 6% to 7% Growth
Solidarity employee savings funds confirm their positive momentum with 6% growth, bringing their assets under management from 15.41 to 16.3 billion euros. According to FAIR, solidarity funds display stable growth of 6% to 7%. This performance far exceeds that of traditional savings accounts, which stagnate in positive territory but with modest returns.
Solidarity funds outside employee savings reach 4.6 billion euros in assets under management, up 7%. This growth rests almost exclusively on inflows, with approximately 300 million euros in net subscriptions. Savers now prioritize social and environmental impact without sacrificing profitability.
The concentration of the sector around a few major players reinforces this performance. Five principal actors dominate management and distribution in France, representing approximately 80% of assets under management: Amundi alone holds 28% of the market. Mirova and VEGA Investment Solutions hold 24% of solidarity funds. BNP Paribas AM, Sienna Gestion, and Crédit Mutuel complete the top 5.
Decisive Tax Advantage Boosts Solidarity Savings
The tax reduction applies to contributions made between June 28, 2024, and September 30, 2026. The rate is increased to 25% for subscriptions to the capital of a solidarity enterprise of social utility throughout 2024 and 2025. This tax advantage transforms the economic equation for solidarity savings.
For a saver in the 30% marginal tax bracket, an investment of 10,000 euros in a solidarity enterprise generates an immediate tax reduction of 2,500 euros. The real cost of the investment falls to 7,500 euros, which mechanically improves effective returns. Annual subscriptions are capped at 50,000 euros for a single taxpayer and 100,000 euros for a married couple.
Solidarity bank savings reached 18.1 billion euros, an increase of 10.8% over one year. More than 38% of collected funds were directed toward projects related to energy transition and ecological matters. This orientation responds to the expectations of 55% of French people who declare they want to increase or maintain their savings effort in 2025.
The Challenges of Greenwashing and Project Selection
The success of solidarity savings has attracted covetous attention and multiplied greenwashing risks. The AMF and ACPR have intensified their scrutiny in recent months. They have not failed to reprimand several actors. French regulators are intensifying their controls to prevent funds from adorning themselves with a social or environmental label without genuine commitment.
The ISR Label distinguishes funds that integrate environmental, social, and governance criteria. The Finansol Label identifies solidarity savings products that finance projects with strong social and environmental impact. These labels constitute initial protection, but according to ESMA, greenwashing is defined as a practice in which statements related to sustainable development do not clearly reflect the underlying sustainable development profile. This practice can mislead investors.
Rigorous project selection becomes crucial for maintaining confidence. To avoid greenwashing, it seems essential to clearly affirm one’s ‘intention’ to have a positive impact on the economy, according to Ladislas Smia, Head of ESG Research at Mirova. Savers now demand tangible proof of impact rather than mere marketing promises.
Scalability, the New Challenge for Solidarity Finance
FAIR anticipates significant growth in global assets under management for 2025. Discussions around a future ‘impact finance label’ could boost the visibility and credibility of solidarity product offerings. But this ambitious growth poses major operational challenges.
In 2024, solidarity savings contributed to the creation or consolidation of more than 65,000 jobs, the housing of nearly 50,000 people, and the financing of hundreds of environmental initiatives. The increase in collected savings volumes requires finding sufficient viable projects meeting social and environmental impact criteria.
Solidarity financing generated in 2024 reached 739 million euros, compared to approximately 680 million a year earlier. The increase approaches 8%, confirming that collected assets translate into increased support for social and environmental projects. Yet this positive momentum masks growing tensions regarding the absorption capacity of the social and solidarity economy sector.
20% of French people desire solidarity-focused savings combining financial profitability with contribution to social and ecological projects. But the primary explanation for limited use of this savings type remains lack of information about solidarity finance. Nearly 70% of French people declare themselves poorly informed about this type of savings.
French solidarity savings crosses a decisive threshold in 2025. Financial performance and social impact converge thanks to reinforced tax incentives and declining traditional investment rates. Yet this success raises new challenges: avoiding greenwashing through enhanced controls, maintaining project selection quality despite capital inflows, and educating savers to democratize this approach. The Kenyan universal income reveals the effectiveness of one-time payments on poverty, confirming the importance of rigorous impact measures in social innovations financed by this savings.