The Impact of Retirement on the Well-Being of the French
In its 42nd study, published as part of the "Social Policy Issues" series, the Caisse des Dépôts examines changes in the well-being of French people as they transition into retirement.
Based on the Pat€r survey (PATrimoine et préférences vis-à-vis du TEmps et du Risque), this study reveals that the French—whether of working age or retired—have a predominantly positive view of retirement. However, does the transition to retirement actually coincide with an improvement in well-being?
The well-being of the French varies more based on their perceived health than on their age
Analysis of data from the Pat€r survey shows that life satisfaction varies little by age. Subjective well-being reaches a low point between the ages of 45 and 59, but the difference between the various age groups does not exceed 0.6 points on a scale of 0 to 10. In contrast, perceived well-being varies considerably depending on perceived health status. People who report being in good or very good health have an average level of life satisfaction above 7 out of 10, compared with 5.3 for those who report being in poor health and 3.8 for those who report being in very poor health.
The Common Misconception That Retirement Has a Positive Effect on the Well-Being of the French
When examining changes in subjective well-being at the time of retirement, we find that this stage of life tends to coincide with a slight decline in well-being, ranging from -0.4 to -0.5 out of 10. This reality contrasts with the predominantly positive perceptions of retirement. It is possible that coming face-to-face with the reality of retirement forces people to find a new balance in life and temporarily leads to some disappointments, which would fade as retirees adapt to their new situation.
The study also highlights that well-being is significantly and negatively affected by certain life events, such as a decline in health or living alone following a separation or the death of a spouse. However, the likelihood of these events occurring is higher among retirees than among those of working age.
