Nearly six in ten French citizens support the idea of mixing redistribution and capitalization within the country’s retirement system, according to a recent survey conducted by Elabe for BFMTV. This data emerges just after the French Court of Accounts released its latest report, offering added weight to discussions on the urgent need for pension reform.
The survey, published on February 21, 2025, revealed significant public sentiment, with 59% favoring a system primarily funded by redistribution paired with some measure of capitalization. Only 40% of respondents preferred the existing model, which relies solely on redistribution. The findings spanned all socio-professional categories, garnering strong support particularly among professionals and retirees—68% and 63%, respectively—who view the incorporation of capitalization as increasingly necessary.
Highlighting the growing concern about the system's sustainability, Pierre Moscovici, President of the French Court of Accounts, pointed out the projected financial troubles within the current structure. "Le déficit atteindrait 6,6 milliards d'euros en 2025," he stated, explaining how the situation is anticipated to worsen, presenting financial challenges expected to escalate to 30 billion euros by 2045, even with reforms enacted. His observations underline the urgency felt across the nation, where 62% of the population believe the current model is unsustainable.
Efforts to pivot toward capitalization have gained traction among some political figures. Both Gérald Darmanin, Minister of Justice, and Gabriel Attal, head of the Macronist deputies, have expressed openness to introducing aspects of capitalized pensions. Admittedly, this shift has not come without its challenges; unions remain wary of such transitions. Yet, discussions are intensifying as the backdrop of looming financial shortfalls persist.
One significant factor contributing to the push for capitalization is the continued rise of retirement savings plans (PER). Over 11 million individuals are registered with the PER, which collectively holds approximately 119 billion euros as of late 2024. The recent popularity of these plans highlights the public’s shifting attitudes toward retirement savings. Anne Hernandez, Director at Banque Populaire du Sud, credited the simplicity of the PER for its growth, noting, "Il est très simple d’utilisation." This ease of use has made capitalized savings appear more attractive to many.
Nicolas, a 34-year-old general practitioner, also shared his thoughts on self-managed pension contributions, stating, "Je ne compte pas sur l'État pour avoir ma retraite, donc je préfère capitaliser de mon côté." His perspective reflects a broader trend of individuals taking retirement planning personally, particularly following the contentious reforms of 2023. This implies shifting public confidence away from government participation toward self-reliance.
The increasing popularity of capitalized savings has ignited vibrant discussions throughout the nation. Reports indicated 62% of respondents view the current pension system as poorly functioning, which correlates with the rise of PER subscriptions. The public sentiment reveals mixed feelings; 53% still believe the system operates effectively, presenting concerns over long-term stability. A considerable portion—52% of participants—deem it urgent to reform pensions, whereas 30% supported reform but didn't deem it immediate. Meanwhile, 17% of the respondents expressed satisfaction with the status quo.
While the survey results portend considerable reform chatter, they simultaneously showcase the challenges leaders face moving forward. Collectively grappling with mixed sentiments and urgent calls for change, the figures suggest broader anxieties surrounding future pensions. The involvement of various political leaders indicates the topic is far from settled, leaving the door open for mixed implementation of redistribution and capitalization to find some level of acceptance within the public sphere.
Finally, as discussions continue and the action from government grows more likely, the degree to which capitalization becomes embedded within the retirement framework remains uncertain. The stakes are high with financial constraints looming, prompting demands for innovative solutions to support aging populations.