While the terms of application of the pension reform are beginning to be known, a recent study shows that more and more French people are making sure to prepare for this stage of life.
It must be said that only 32% of them trust the State to protect them from the risks of life, according to this study* by Viavoice for BPCE. As a result, the French count on them first to prepare their withdrawal.
The levers to achieve this are multiple. Almost half (48%) of the French are saving money for their retirement. An Ipsos survey for the Cercle de l’Epargne published last February showed that 29% of future retirees save regularly for their retirement, that is, 12 points more than a year ago.
47% of people aged 25 to 34 are already starting to save
Most strikingly, this trend is particularly marked among the youngest, the most affected by the reform but historically the least active in retirement savings.
Thus, 30% of those aged 18-24 and especially 47% of those aged 25-34 are in this case. Objectives: “to be able to live adequately” (39%) and “to remain financially independent” (34%) underline the BPCE.
More specifically, “47% of those who say they are preparing are building capital, 46% are thinking of owning or investing in real estate and 47% resort to savings, of which 32% regularly contribute to a savings plan for retirement”, we can read.
Remember that 35% of the French today say they want to join a Retirement Savings Plan compared to 28% in 2021.
A slightly older study carried out by Escal Consulting for Caravel also shows that 15% of French households have at least one retirement savings product: thus, more than 4 million French have PER (retirement savings plans ).
In addition, there are even 31% who declare to reduce their expenses today in order to save.
Unequal access to the PER
“The results of this second edition of the BPCE Assurances barometer of changes in life confirm the trend already observed in 2022: the French feel increasingly vulnerable. The economic, social and political context seems to weigh heavily on their morale and ability to take risks and plan,” said François Codet, Managing Director of BPCE Assurances and member of the BPCE General Management Committee.
However, this approach is not widespread. 47% of French people surveyed in this study say that they are not yet financially preparing for their retirement. “Among the latter, a large majority (71%) mention the lack of money as the first obstacle encountered,” it can be read.
In addition, only 10% of employees today have a PER compared to 49% of the liberal professions and 34% of managers.
*: Study conducted February 21-27, 2023 by the Viavoice Institute for BPCE Assurances. Online interviews with a sample of 2,000 French representatives of the population, aged 18 and over, residing in metropolitan France. Representativeness ensured by the quota method applied to the following criteria: sex, age, profession, region, agglomeration category.
Source: BFM TV
