Long neglected by savers, provident products are attracting the attention of a growing number of French people. Households that hold at least retirement savings have increased in number since 2018, according to the latest figures revealed by INSEE. The launch of the new retirement savings plan in 2019 is a big part of this change.
In a study published last March, 72% of French people say they are in favor of a reform of the pension system. 70% of respondents are in favor of harmonizing the rules for calculating and awarding the 42 regimes recognized in the country. More than half of respondents categorically refuse to push back the retirement age to 64 years.
Paradoxically, the report highlights renewed confidence in the future of the French pension system. The latest INSEE survey seems to explain this illogicality: in addition to compulsory schemes, more and more French people are adopting retirement savings products.
A less marked appetite among employees
Overall, INSEE notes a clear increase in the percentage of households with at least one retirement savings product – such as the PER or life insurance – in 2021. The national statistics institute however notes some disparities, depending on the profile of savers, their profession and their age. Among employees, retirement savings are still marginal, both for workers (12% of holders) than for employees (10%) and intermediate professions (19.7%). These exceptions do not detract from the obvious success of the new retirement savings plan launched in October 2019.
For INSEE, the creation of this product has contributed to the growth of retirement savings on a national scale since 2018. The reason is simple: this formula has arguments that allow it to replace the old retirement savings schemes. , such as :
- Madelin contracts;
- The PERPs;
- The PERCO;
- The Prefon;
- Le Corem.
Plus flexible,
ImportantThis product benefits from uniform regulations, which apply to individual, company and collective company savings plans.
Its more advantageous taxation and its capital or annuity exit conditions are all advantages that have been favorable to it.
Liberal professions and farmers stand out
The INSEE report indicates that 16.4% of French households will hold a retirement savings product in 2021. This figure is up by 1.2 points since 2018. Still according to the institute, 5.7% of households have already subscribed to the new retirement savings plan.
Not surprisingly, households whose reference person has a liberal profession are the best represented on the market. 48.9% of them have retirement savings, i.e. 5.2 points more than in 2018. farmers come third, with 29.8% of them invest part of their income in a retirement savings product.
Entrepreneurs, merchants and craftsmen are also well off: the ownership rate in this category reached 28.5%. According to INSEE, these profiles mainly flock to long-term savings products in anticipation of a retirement pension below their earned income. This explanation also applies to executives, 34% of whom hold at least one retirement savings product.
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