Retirement: Shattered Trust Drives the French Toward Individual Savings

Just as the pension reform has been suspended in the National Assembly, a Poll&Roll survey conducted for Goodvest paints a troubling picture: seven out of ten French people no longer believe the government will guarantee a decent pension. Faced with this record-high level of mistrust, individual savings—from the PER to life insurance—are becoming a safe haven. And defined-contribution plans, long considered taboo, are now emerging as a serious option for the majority.
 

The study reveals a profound shift in the way the French view their financial future. Amid a series of reforms—which are often misunderstood and even less accepted—44% of respondents say they save primarily to protect themselves from economic uncertainties, rather than to finance specific projects. 

For 21%, rising prices and political tensions are even prompting them to increase their precautionary savings. But the situation remains highly uneven: 30% of those surveyed say they are saving less than before—or not at all—under pressure from inflation. Even more concerning is that 15% of French people do not hold any savings products, a proportion that highlights the existence of a persistent wealth gap.
 

This pervasive anxiety is reflected in the criteria considered most important when choosing an investment. Safety ranks far ahead of the rest (45%), followed closely by liquidity (39%), while performance takes a back seat. This preference explains the enduring appeal of products that are simple, accessible, and perceived as reliable. As a result, 61% of French people favor the Livret A or the LDDS as their primary savings vehicle, despite their modest returns. These investments offer a sense of psychological certainty at a time when financial benchmarks are becoming blurred.
 

Market volatility, ongoing political debates, and fears that the redistributive system is breaking down are fueling this shift toward defensive assets. The middle class, already weakened by a loss of purchasing power, is focused above all on preserving its capital. As the social contract surrounding retirement begins to unravel, households seem less willing to take risks and are reevaluating their wealth management strategies from a decidedly protective perspective.
 

Capitalization: From a Marginal Idea to the Majority View
Distrust of the public system has now reached an all-time high. According to the survey, 70% of French people no longer trust the government to guarantee a decent pension. This figure, unimaginable just ten years ago, reflects a profound cultural shift. Successive reforms, confusing communication, and the prospect of a rapidly aging population are fueling this sense of uncertainty.
 

In this context, the idea of a funded pension system—long associated with the Anglo-Saxon model or ideological debates—is gaining ground. Fifty-eight percent of respondents say they have heard of it, and 73 percent now support it. Support is particularly strong among working-age adults and the self-employed, for whom a funded system represents a form of financial autonomy in the face of a system they view as unpredictable.
 

The figures show that this trend is not merely a theoretical notion. The PER (Retirement Savings Plan) appears to be a safe haven for 29% of those surveyed, far ahead of life insurance (16%) and rental real estate (13%). For many, the PER meets the need for a stable tax framework, a system of regular savings, and clarity about their future retirement. Life insurance retains its traditional appeal, but its role is gradually shifting toward building wealth rather than directly preparing for retirement.
 

As Joseph Choueifaty, CEO and co-founder of Goodvest, points out, defined-contribution plans already cover 11 million French individuals. According to him, they help finance the real economy and the green transition, while offering a complementary alternative to the redistributive system. With the reform currently on hold, these figures raise a key question: Is France ready to embrace a hybrid model, in which a growing portion of retirement income would depend on personal investment and savings?
 

This perspective, though still controversial, is nevertheless gaining increasing traction in a society that doubts the government’s ability to keep its promises. A cultural shift is underway: retirement is no longer a guaranteed prospect, but a plan that each person must now make on their own.