Self-Employed Workers, Who Still Have Limited Access to Social Security Coverage

The 2024 MetLife France Barometer, conducted by CSA, surveyed 411 self-employed individuals and executives of very small businesses about their concerns and expectations regarding personal financial planning.

The results show that pension coverage for self-employed workers remains insufficient, with a participation rate that remains low and is correlated with income. However, there are indicators suggesting that self-employed workers and owners of very small businesses are placing greater importance on pension plans than they did in the past.
 

Self-employed individuals are inadequately protected by their mandatory social security programs in the event of unforeseen life events and do not have sufficient individual retirement savings. According to the Barometer, only 45% have individual retirement plans, with a higher rate for those earning over €60,000 (79%) and a lower rate for those earning less than €40,000 (39%). The main barrier to taking out such coverage is cost (61%). Furthermore, self-employed individuals feel inadequately protected by their mandatory social security plans, but very few know their actual level of coverage.
 

However, the 2024 Barometer shows a slight improvement in awareness of the risks involved and the need to protect oneself. The uptake rate has increased slightly (45% in 2024 compared to 41% in 2023), and 50% of respondents now view retirement planning as a form of protection rather than a financial burden. Furthermore, 62% of self-employed individuals without coverage would be encouraged to purchase an individual retirement plan if a simplified solution at a competitive rate were offered.
 

Finally, the insurer’s role in prevention is increasingly recognized. 67% of self-employed individuals and business executives believe that offering prevention and support services to improve health is part of the insurer’s role. The most popular services are those aimed at maintaining mental and psychological well-being (36%) and proper posture (27%). For 45% of self-employed individuals, support services included free of charge in a health insurance plan would be a deciding factor when choosing a policy.
 

Agnès Bruhat, CEO of MetLife France, emphasizes the importance of analyzing and explaining the benefits of individual insurance for self-employed individuals and executives of very small businesses, as well as of developing a focus on prevention to help them maintain their health and avoid life’s uncertainties. MetLife already offers support services as part of its product offerings and aims to strengthen its prevention services.