France Plans to Take 17% From Forgotten Bank Accounts
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The French government is preparing a new measure for its 2027 budget. It wants to take 17% from bank accounts and savings products that have been inactive for a long time.
This includes Livret A savings accounts, which are popular savings tools in France, as well as old life insurance contracts. Many of these have been forgotten by their owners.
According to reports, the government hopes to recover 1.4 billion euros through this measure. The money would help fund the state budget for the coming year.
Over time, many bank accounts and insurance contracts become inactive. People move, change banks, or simply forget about old savings. The money often stays untouched for years.
Officials see this unclaimed money as a possible source of revenue for the state. France, like many countries, is looking for ways to reduce its budget deficit.
A deficit happens when a government spends more money than it receives. Reducing it is a major goal for the French government this year.
The plan could affect many ordinary savers who are unaware that old accounts still exist in their name. Some may be surprised to learn their forgotten money is being targeted.
This proposal is part of a wider discussion about the 2027 budget. More details are expected as the government finalises its plans in the coming months.
Critics may argue that this money still legally belongs to private citizens, even if it has been forgotten. The debate over this measure is likely to continue.
Vocabulary10 words
- inactive
- not used for a long time
- life insurance
- a financial plan that pays money to family after someone dies
- recover
- to get something back
- revenue
- money that a government or business receives
- deficit
- when spending is more than income
- budget
- an official plan for income and spending
- savings account
- a bank account for keeping money safe
- unclaimed
- not collected by its owner
- measure
- an official action to solve a problem
- ordinary
- normal; not special
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Quiz
Answer key
1. 17% 2. To help fund the 2027 budget 3. True
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
The French government is preparing a new _____ for its 2027 budget.
It wants to take 17% from bank accounts and savings products that have been _____ for a long time.
This includes Livret A savings accounts, as well as old life _____ contracts.
The government hopes to _____ 1.4 billion euros through this measure.
Over time, many bank accounts and insurance contracts become _____.
Officials see this unclaimed money as a possible source of _____ for the state.
France is looking for ways to reduce its budget _____.
The plan could affect many _____ savers who are unaware of old accounts.
This proposal is part of a wider discussion about the 2027 _____.
Critics may argue that this money still legally belongs to private _____.
Discussion questions
- Do you think governments should be allowed to take money from forgotten bank accounts?
- Have you ever forgotten about a bank account or savings plan?
- What else could governments do to reduce budget deficits?
- How could people be encouraged to keep track of their savings accounts?
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