Personal finances in France – changes in August 2024
An electricity price increase of approximately 1% has been cancelled
This increase was due to take place on the 1st of August, but the measure has been cancelled, with the government aiming instead to reduce electricity prices by 15% in February 2025. Electricity prices increased by between 8.6% and 9.8% in February 2024.
Government support of over €400 to pay for school uniform and material
This is granted to low income households and is paid automatically from the 20th of August. The amounts are as follows:
- 416.40 euros for children aged between 6 and 10
- 439.36 euros for children aged between 11 and 14
- 454.59 euros for children aged between 15 and 18
The household income limits in order to be eligble for this grant are as follows:
- 27,141 euros if you are responsible for one child
- 33,404 euros if you are responsible for two children
- 39,667 euros if you are responsible for three children
- 45,930 euros if you are responsible for four children
- Plus 6,263 euros for each additional child
You can read more about this grant here.
Reduction in the interest rate for the Livret d’épargne populaire (LEP)
The annual tax-free interest rate for the LEP is reducing to 4% from the 1st of August. It is currently 5% and in 2023 it was 6%. The interest rate is reducing due to falling inflation.
Annual tax bills and refunds will be sent in August
Households in France started to receive their tax bills and refunds for the 2023 tax year in July and the remainder should be received by the 29th of August. You can find out more about the dates in our July blog.
Feel free to visit our blog regularly for more news related to personal finances in France.
The views expressed in this article are not to be construed as personal advice. Therefore, you should contact a qualified, and ideally, regulated adviser in order to obtain up-to-date personal advice with regard to your own personal circumstances. Consequently, if you do not, then you are acting under your own authority and deemed “execution only”. Additionally, the author does not accept any liability for people acting without personalised advice, who base a decision on views expressed in this generic article. Importantly, this article is dated and is based on legislation as of the date. It should be noted that legislation changes, but articles are rarely updated. Sometimes a new article is written; so, please check for later articles. Additionally, check for changes in legislation on official government websites. Finally, this article should not be relied on in isolation.
