If building up precautionary savings remains the main motivation for the French in 2024, almost a third are saving to prepare for retirement. Good news for the PER, whose reputation continues to grow again this year. But he still faces unexpected competition in the minds of the French in the range of preferred investments for retirement.
The 2024 barometer The French, savings and retirement produced by Ipsos for the Circle of Savers (1) was published this Tuesday, February 6. The result is clear for the retirement savings plan (PER): its notoriety continues to grow. Two thirds of French people now say they are familiar with this product (66%), a score up 9 points compared to 2023… and 17 points compared to 2022!, explains the study.
A large majority of French people who know this product find it fiscally attractive (62% exactly), 46% describe it asinteresting in the context of a transmission and flexible. Furthermore, more and more French people said they were convinced to join the PER by the arguments presented (69%, +12 points in 1 year and +15 points in 4 years). 72% of savers who already have a Perp, a Madelin contract or a Perco plan to do so transfer to a PER.
Retirement savings: is the PER an investment reserved for the rich?
The PER exceeds life insurance for retirement preparation
If the Livret A remains the popular savings product by savers, indisputably number one, when it comes to preparing for retirement… the people interviewed still cite the Booklet A in number one (24% of non-withdrawals cite it as the best product for their retirement). And this even if the Livret A does not really provide concrete guarantees for putting money aside for the very long term. But it remains popular with the French thanks to its appeal as a popular savings product.
However, from now on, when it comes to preparing for old age, the PER is now positioned in second position (23%, or +1 point in one year) compared to decline in life insurance which reaches its lowest level among non-withdrawals (21%, or -3 points in one year and -10 points in 4 years), further explains the Cercle des pargnants in its barometer.
Life insurance or PER: what is the best investment to prepare for your retirement?
PER, 6th in the ranking of investments held by the French
The PER is in sixth position among products held (17% of French people hold one, +5 points in 1 year, +7 points in 4 years), equal to shares and bonds on securities accounts and tax-free bank accounts. Far behind the regulations booklets (Livret A, LDDS and LEP), life insurance and the PEL, an essential podium.
Building up precautionary savings remains the priority for savers again this year (52%). Preparing for retirement also motivates nearly a third of French people (26% exactly). The desire to insure oneself against the risk of dependence is also an important reason (22%), along with wanting to help one’s children or grandchildren.
The Savings Circle barometer, however, highlights the fact that savers still have difficulty identifying differences in risk, of remuneration and use of money between life insurance and retirement savings plans.
Livret A, life insurance, home savings… The top 10 investments for the French
(1) Survey carried out online from January 8 to 11, 2024 among a representative sample of 1,000 French people aged 18 and over.