"People are becoming increasingly aware that their financial choices have the potential to make a positive social and environmental impact, but social finance still represents just 0.5% of the total retail savings market, so there's a lot more work to be done."
So says Martina Mettgenberg, head of France's social finance observatory, after the release of the 22nd edition of the Social Finance Barometer, a report that shows a 15% increase in retail savings and investments in France over the past year.
That brings total solidarity-based savings in France to $30.2 billion in 2023, or 0.5% of household financial savings, up from 0.45% in 2022, Impact Investor reports.
The barometer covers three channels: savings products from banks and mutual insurers, employee savings schemes, and direct investment through shares and bonds issued by (unlisted) social enterprises.
Direct investment into solidarity-based companies and projects grew 17.6%, while employee savings into such companies grew 19.5%.
But Mettgenberg says there's more to be done: "We are conducting several studies to try to understand how we can accelerate this market share."
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A Gilesgate-based shop and community facility, Hexham’s Core Music, launches a separate workshop where up to six people will be trained how to repair guitars and make ukuleles. The European Social Fund grant supported the project and has secured funds through the County Durham Communication Foundation to equip the workshop in Burn Lane.