Retirement: What the French Can Teach Us, According to the Observatoire de l'Épargne.
The French and their retirement: a topic that causes concern but is often poorly understood. According to the Savings Observatory report published by Garance in partnership with Viavoice in October 2024, only 8% of the French population truly understands how the retirement system works.
This striking figure highlights a widespread lack of awareness, exacerbated by significant regional disparities. Which regions are best prepared? Who saves the most? And how can these differences be explained?
Widespread Concern, Limited Understanding
The study reveals that 81% of French people say they are concerned about their retirement prospects. Yet this concern is accompanied by a glaring lack of knowledge. Among the most striking gaps in knowledge:
• 74% are unaware of how contributions work in the retirement system.
• 51% do not know how it is funded.
• 49% do not know exactly who benefits from the system.
At the regional level, perceptions and knowledge vary widely. For example, in Île-de-France, 40% of residents believe they are familiar with the retirement system, but the rate of correct answers to technical questions tops out at 39%. Occitanie stands out as an exception: 41% of residents there say they are knowledgeable about the system, and 47% answer correctly—the highest score nationwide. Conversely, residents of Normandy and Brittany, despite their modest self-assessments, achieve above-average results.
Retirement Savings: Significant Regional Disparities
While the Retirement Savings Plan (PER) is emerging as a key tool for retirement planning, its adoption varies widely by region. In Île-de-France, 53% of residents save for retirement, and 74% of Garance clients have signed up for a PER, with an average monthly contribution of 139 euros. This momentum can be attributed to higher income levels and a higher concentration of self-employed professionals and executives, as Virginie Hauswald, CEO of Garance, points out: “Residents of Île-de-France often prioritize individual planning, which gives them greater confidence in their future retirement.”
In Occitanie, despite more modest incomes, 38% of residents save for retirement. At Garance, PER plan holders contribute an average of 98 euros per month—a significant effort for a region where 88% of residents remain concerned about the future of the system.
At the other end of the spectrum, the Hauts-de-France region has an alarming retirement savings rate: only 25% of residents save, the lowest level in France. This figure reflects significant economic insecurity in this region, where several departments rank among the poorest in the country.
A Need for Personalized Information
Paradoxically, despite an abundance of information available on retirement, the French feel they are not receiving adequate support. In Auvergne-Rhône-Alpes, 67% of residents feel that savings options are poorly explained—a sentiment shared in other regions such as Nouvelle-Aquitaine (66%) and Occitanie (65%).
Even in Île-de-France, often perceived as better informed, more than half of residents (51%) say they lack clarity about the available options. Virginie Hauswald emphasizes the urgent need for personalized guidance: “Every French person needs a solution tailored to their personal situation, whether in terms of their income, their profession, or their retirement goals.”
Initiatives to Make Saving More Accessible
In light of this, Garance is committed to making saving accessible to as many people as possible. Among the strategies identified:
• Product transparency: making it easier to understand tax-related details.
• Financial education: raising awareness among the French public about savings solutions and empowering them to manage their finances independently.
• Accessibility of tools: offering innovative solutions, such as a savings system funded by everyday expenses.
To reinforce this approach, Garance recently collaborated with financial influencer Guillaume Simonin. His simplified educational guides, available online, aim to make complex topics like retirement more accessible. In addition, the “Garance Retirement Tour de France,” which traveled across the country this year, helped foster direct dialogue with the French public; videos from the tour are available on demand to continue raising awareness.
An Ongoing Challenge, a Renewed Commitment
Despite regional disparities and widespread concern, retirement savings are on the rise, driven in particular by the growth of the PER. However, to meet the expectations of the French public, greater efforts in education and support remain essential.
