2023-05-17 17:57:53
The government has claimed that its pension reform aims to ensure the sustainability of the pay-as-you-go pension system and balance it to protect pension levels. However, the French do not believe it, as evidenced by the barometer of savings, retirement and investments of Odoxa-Groupama for Capital and BFM Business. Indeed, the pension reform had the opposite effect to that expected.
Apart from the health crisis, the French have never saved so much. According to the Odoxa-Groupama survey, 73% of them save each month. The Banque de France recently noted the same thing: households saved nearly 159 billion euros in 2022 (compared to 161 billion in 2021), which remains well above the average for the years preceding the pandemic (101 billion euros). euros per year from 2015 to 2019). The French save mainly because of uncertainty regarding the future (52%), but also to prepare for their retirement (38%), according to the Odoxa-Groupama barometer.
38% of French people want to save more in the future, either to protect themselves in the event of difficulties (57%), or to prepare for their retirement (38%). Concern for retirement has increased a lot since 2019, when only 22% thought regarding it. The events that encourage the French to be cautious and save more are the high inflation, the pension reform and the retirement age, which has been raised to 64 years.
An Odoxa poll found that 73% of people don’t think they will have a good retirement under the current system. Even though the government has promised to keep things looking good with pension reforms, people still don’t trust it. In fact, more people are concerned regarding their retirement money now than before the reforms. In 2019, only 68% worried regarding it, but now it’s 73%. This is a big problem because the reforms were supposed to help people feel secure when they retire.
The Retirement Savings Plan (PER), created by the Pacte law of 2019, has been a great success with 3.8 million people who have invested 48.4 billion euros at the end of 2022 and 4 million people who invested 51.4 billion euros at the end of March 2023, according to the Odoxa-Groupama barometer. People who have a high taxable income (at 30% or 41% income tax) can benefit from the tax advantage of a tax deduction for their payments. Since the Pacte law, it is now possible to exit entirely in capital, which was only possible up to 20% before this law. However, the government’s communication on the PER worries some, because it might favor insurers and bankers who sell these retirement savings plans.
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