Livret P: good investment against inflation?

Updated March 2026 - The Livret P presents itself as a more dynamic real estate savings alternative than a regulated livret. The commercial promise is attractive, but the real question is not the marketing rate. This is the net return actually accessible after taxation, conditions for obtaining boosts and taking into account risk.

At the time of our analysis, the commercial documentation for Livret P indicates in particular:

• ▸a fixed base rate of 4%;
• ▸boosts that can increase yield up to 6%;
• ▸availability announced within 24 to 48 hours for part of the funds;
• ▸and, above all, the existence of a risk of capital loss as well as an unregulated investment.

This last point changes everything: the Livret P is not the equivalent of a Livret A.

The Banque de France relays ECB projections showing average inflation of 2.6% in 2026. If we think on the base rate of 4% and a flat rate taxation of 30%, the theoretical net return falls to around 2.8% before taking into account other parameters.

In this scenario, the net rate remains slightly above projected inflation, but the gap is small and does not compensate liquidity and capital risk for free.

Yes, but on two conditions: that they are truly achievable for you and that they are sustainable over time.

1. ▸How much of your savings should remain completely risk-free?
2. ▸Do you understand the return/risk ratio?
3. ▸What real taxation will you incur?

To go further, you can read our article on tax optimization for individuals, our analysis of Manager PER 2026 and our decryption of the flat tax.

Hayot Expertise Advice: A product presented as simple becomes risky as soon as the saver uses it as a pocket of security when it is an unregulated investment exposed to real estate.

We help our clients place each product within a global strategy: security, taxation, investment horizon and transmission.

👉 Take stock of your wealth strategy

Faced with 2026 inflation, the Livret P can do better than a regulated livret on paper, but at the cost of a level of risk that is not comparable.

📞 Do you want to decide between security savings, investments and taxation? We can help you build a consistent allocation. Make an appointment with Hayot Expertise

(Official or primary sources: livretp.fr - Livret P commercial documentation, Banque de France - ECB inflation projections, French taxation of movable income)