Retirement savings: only 1 in 10 active people have subscribed to a PER – Economy


The new retirement savings plans (PER), open for subscription since October 1, 2019, are struggling to convince the French. Only 12% of working people say they have taken out a PER, and only 11% of French people say they are very familiar with this product, reveals an Ipsos survey for the Cercle de l’Épargne.

1 in 6 French people have already been offered the subscription of a PER

The PERP, PERCO and “Madelin contract” retirement savings contracts have not been marketed since October 1, 2020 and are doomed one day to disappear. But the new Retirement Savings Plans (PER), which are supposed to replace them and open for subscription since October 1, 2019, are struggling to gain the support of savers. In fact, only 38% of working people are aware of the upcoming abolition of PERP, PERCO and Madelin contracts, only 12% have already taken out a PER, and only 11% indicate that they are familiar with this savings vehicle, we learn from an Ipsos survey for the Cercle de l’Épargne.

One in six French people has already been offered a subscription to a PER, most of the time by their banker (in 55% of cases), their employer (23%) or even their insurer (16%). Only 17% have already spoken with a professional about preparing for their retirement; among them, 49% have exchanged with the pension fund or social security, 20% with their banker and 14% with their employer.

Life insurance, still considered the best savings vehicle by the French

In general, 78% of working people have a Livret A / LDD / popular savings account, 38% have a life insurance contract, 35% have a PEL (Housing Savings Plan) or CEL ( Home savings account), 20% hold an employee savings contract, 17% have a PEA (Share Savings Plan), 13% have tax accounts and 12% have a PER. But only 1 in 4 active people save in preparation for retirement (24%): the majority of savers do so in order to build up precautionary savings (55%).

When asked about the best savings product in their opinion, the working people cite above all life insurance (21%), regulated savings accounts (Livret A / LDD / popular savings account / youth savings account) (19%) and PEL (Housing Savings Plan) / CEL (Housing Savings Account) (12%).

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