To live well in retirement, 8 out of 10 French people believe that it is necessary to save

Worried that their retirement pension is not enough for them to live comfortably, the French try to anticipate this period of their lives. Even though there exists certain aids for those with low incomes, this is not always enough to enjoy their old age. Our colleagues from West France unveiled the results of the Ifop Barometer for Altaprofits, 2023, for which 2,407 people were interviewed.

A release for nearly one in two French people

For 79% of respondents, retirement is above all a means of having more time for themselves. It’s a good time to indulge your passions, or to see more of your loved ones. For some (40%), this period allows them to preserve their health, while 29% are relieved because they feared they would no longer be physically able to work. One thing is certain, many of them see stopping work as a release – one in two people.

On the other hand, others also dread the moment of retirement, both for material and psychological reasons. They are afraid of the drop in income, which is even more important in the regions than in Ile-de-France, but also that their life will lose its meaning. Indeed, they apprehend the loss of social ties, boredom or even a lack of physical and intellectual stimulation.

The importance of saving before retirement

Well aware that their income will drop in retirement, 84% believe that it is essential to save before stopping work. By putting money aside, these French think to complete their future retirement pension, which depends on many parameters. In Brittany, this number even reaches 91%, while young people are already aware of the importance of saving – 78% of 18-24 year olds.

Worried about not having enough money to live on, many French people have already subscribed to the Plan Epargne Retraite. A number that continues to grow. In fact, 37% of French people questioned intend to take out a PER, whereas they were not » that « 28% in 2021.

What is the Retirement Savings Plan?

“The PER is a new retirement savings product. It has been available since October 1, 2019 and is gradually replacing other retirement savings plans., explains the Public Service website. There is an individual PER and two company PERs. In the case of an individual who wishes to save for his future, the first applies.

“It allows you to save during your working life to obtain, from retirement age, a lump sum or an annuity. The plan gives rise to the opening of a securities account or subscription to a group insurance contract., can we read on the site. This individual PER is open to all French people, and is not subject to any conditions. When the time has come for retirement, it is of course possible to unlock these savings. It can then be paid in capital, as an annuity or both.