With 7.4 million French people equipped, Bercy is delighted with the success of the retirement savings plan

2023-10-04 10:32:16

Margaux Fodéré / Photo credits: Riccardo Milani / Hans Lucas / Hans Lucas via AFP
12:32 p.m., October 4, 2023modified to

12:59 p.m., October 4, 2023

The latest figures revealed this Tuesday by the Ministry of the Economy confirm the French enthusiasm for the retirement savings plan, the PER. Easy to use and fiscally attractive, this product, which came into force in 2019, is attracting an increasingly wide audience.

Bercy did not expect as much. Faced with a retirement sometimes considered uncertain, the French are looking more and more at investments allowing them to build up additional income for their old age, in particular with the retirement savings plan (PER), launched four years ago via the law Retirement savings pact.

The latest figures revealed on Tuesday October 3 by the Ministry of the Economy confirm this: at the end of the first quarter of 2023, 85 billion euros had been invested by the French in the retirement savings plan, an increase of almost 30% in one year.

“This responds to a relatively high level of anxiety”

The number of French people who have opened a PER is also increasing to reach 7.4 million people today. That’s 1.8 million more over one year. Especially since when this savings product was launched, the government targeted 3.5 million French people equipped with a PER by the end of 2022. The objective was therefore largely exceeded.

The debates on pension reform in recent months have pushed many French people to save on their own, believes Philippe Crevel, director of the Cercle de l’Épargne. “According to a survey carried out by the Cercle de l’Épargne, nearly 3 out of 4 French people consider that in retirement, they will have an income problem. So obviously, this is a clientele likely to open a savings plan retirement. This responds to a relatively high level of anxiety,” he explains at the microphone of Europe 1.

An increasingly young audience

If this system attracts outstanding funds which were previously placed in other employee savings accounts, it also attracts an increasingly young audience, underlines Philippe Crevel. “The PERP, the popular retirement savings plan, was mainly open to employees over 50. Today, with the PER, there has been an expansion. There are more and more young people who open it and therefore, there has been a rejuvenation of the average age at the PER level”, he underlines.

Another argument which explains the success of the PER is its tax attractiveness. Amounts paid into an individual PER are deductible up to 10% of taxable income.

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