In April 2026,Ifop conductedthe eighth wave of the Savings Barometer in France and its regions for its partner Altaprofits. The survey examines trends in savings behavior, retirement, and investments dedicated to funding national defense.
I – FRENCH SAVING BEHAVIOR REMAINS UNCHANGED DESPITE SIGNS
INDICATING A WEAKENING ECONOMIC ENVIRONMENT
In terms of investing money, frequency, and types of savings products: 81% of French people report putting money into their savings products; 62% do so at least once every six months, including 37% who do so at least once a month—these proportions have remained stable since 2020.
It is worth noting that monthly contributions are particularly common among men under 35 (50%) and the most financially well-off groups (primarily the upper middle class, at 51%, with a monthlyhousehold income of at least €2,262 per person).
Among those who reported owning at least one savings product (95% of the sample), reluctance toward risky investments remains a constant: more than three-quarters (79%) report using risk-free products, even if they offer a low return. While this result is similar to that of 2025, this rate is up by 3 percentage points compared to 2024 and by 4 percentage points compared to 2023. This is a first sign of growing caution, likely linked to economic and geopolitical turbulence.
Women are the most affected (83% compared to 74% for men), including both those under 35 (85% compared to 64% for men) and those over 35 (83% compared to 76% for men), as well as retirees (83%); and lower-income households with monthly incomes below €1,608 per person in the household (85%) as well.
Conversely, 18% of savers continue to favor “somewhat risky” products with a higher (stable) expected return, while barely 3% of savers report using risky products with a chance of achieving a high return—a figure that has been steadily declining by 1 percentage point per year since 2023, representing a decrease of 3 percentage points compared to April 2023.
Two investment vehicles continue to dominate French savers’ behavior: regulated savings accounts (Livret A, LDDS, PEL, etc.) for 3 out of 4 savers (75%, stable compared to 2024), despite successive cuts to the interest rate since February 2025, and, to a lesser extent, a life insurance or endowment policy for more than one in four savers (27%, up 3 points compared to 2025). 14% choose to save in a Retirement Savings Plan (PER),
13% in a Stock Savings Plan (PEA), and 2% in Real Estate Investment Trusts (SCPI); year-over-year, these rates remain stable.
A second sign of the deteriorating economic climate: for the second consecutive year, 13% of respondents choose to leave all their money in their checking account (a jump of +7 points compared to 2024), a choice indicative of a strong wait-and-see attitude in an uncertain environment. This is particularly true for those aged 65 and older (15%), retirees (16%), and retirees in lower socioeconomic categories (19%).
II. RETIREMENT AMID A SIGNIFICANT DECLINE IN PURCHASING POWER
WORKING PEOPLE ARE RELYING INCREASINGLY AND EXCLUSIVELY ON THE PAY-AS-YOU-GO PENSION SYSTEM
- The vast majority of French workers anticipate a decline in their standard of living upon retirement,
although most do not know the exact amount they will receive:
While 7 out of 10 working adults (70%) do not know the amount they will receive upon retirement—including44% who say they have absolutely no idea (figures that have remained very stable since April 2023)— just as many—if not more—expect their standard of livingto decline ( 75%, up 3 points from April 2025 and up 6 points from November 2024), while only 4% believe their standard of living could improve (a stable figure) and 21% believe it will remain stable (down 2 points from 2025 and down 5 points from 2024).
Behind this shift toward a lower standard of living, it is clear that working adults are expressing an increasingly pessimistic outlook on the subject.This fear of a decline in income is particularly pronounced among those aged 50–64 (82%)—that is, those approaching retirement—women aged 35 and older (80%), and single parents with dependent children (86%), who traditionally constitute the most economically vulnerable groups. - Against this backdrop of pessimism about the future, more working-age adults than in 2025 are relying exclusively on the pay-as-you-go pension system to provide their entire retirement income:
The share of working adults planning to rely exclusively on the current pension system has risen substantially in 2026, reversing the downward trend observed in 2025. Forty-three percent now estimate that their retirement income will come entirely from the pay-as-you-go pension system (a figure that represents a 15-point increase compared to April 2025). This year, a higher proportion of women aged 35 and older than men plan to rely solely on the pay-as-you-go pension system, and this trend has continued since 2025 (51% of women, an increase of 18 points compared to 2025, versus 48% of men, an increase of 15 points compared to 2025). The group of working-age people living in poverty (with a monthly income of less than €1,080) is the most affected (57%, an increase of 19 percentage points compared to 2025), as are blue-collar workers (55%, an increase of 16 percentage points compared to 2025). Finally, it is primarily those who save less than once a year—or never at all—who are most represented (64%, up 17 percentage points compared to 2025).
Consequently, fewer working-age adults than last year expect that the majority of their income could come from the current pay-as-you-go pension system, supplemented by a funded component derived from their savings or financial or real estate investments (39%, down 8 points compared to 2025), and fewer believe their income could come equally from their retirement pension and their investments (9%, down 6 points). These two responses are now at a level close to the 2024 results, following the increase
in 2025.
FRANCE IS DIVIDED INTO THREE CAMPS ON THE FUTURE OF THE CURRENTLY SUSPENDED 2023 PENSION REFORM
The 2023 pension reform was intended to address demographic imbalances in order to ensure the long-term sustainability of the French pension system (in particular, by raising the legal retirement age from 62 to 64 by 2030). It was temporarily suspended under the 2026 Social Security Financing Act until the 2027 presidential election. When asked about its future, the French public is divided into three fairly balanced groups, with no clear majority:
37% of French people want another reform to be considered—one different from the one initiated in 2023—34% would like the reform to be repealed outright , and 29% believe the reform should be implemented as originally planned.
Those aged 18–24 are among the most likely to want another reform to be considered (44%), while the call for repeal is driven by those under 35 (39%) and particularly by working-class groups: manual laborers (45%) and those in lower-income groups (41%). Support for implementing the reform is strongest among retirees in the upper socioeconomic classes (47%), those aged 65 and older (40%), men aged 35 and older (32%), and the affluent (43%).
Among the 37% of French people who want a different reform, a clear majority has emerged regarding the measures that should be prioritized:
– 63% support the idea of contributing more during their working lives to increase revenue without changing the contribution period —an option clearly favored by younger people in particular (the rate rises to 67% for those under 35, and even 74% for those aged 18–24).
– Conversely, 32% of French people believe that people should work longer to account for increased life expectancy and to increase the number of working people making contributions; this option is particularly supported by those aged 65 and older (50%) and, in particular, by retirees in the higher socioeconomic classes (54%). These two groups can be considered neutral, since theyare not personally affected by a potential reform.
– Finally, the option of lowering retirement pension levels to encourage people to save on their own for their future retirement is rejected by 82% of the French population; this option tends to benefit primarily those who are already economically privileged: executives and professionals in higher-level intellectual occupations (29%), high-income earners (33% with a monthly household income of more than €3,652 per person), and those with advanced degrees (31% for master’s and doctoral degree holders).
III – THE FINANCING OF NATIONAL DEFENSE STILL INTERESTS ONLY A MINORITY OF FRENCH PEOPLE, DESPITE THE LOGIC OF REARMAMENT TO ENSURE THE SECURITY OF NATIONS THROUGHOUT EUROPE
The first public opinion survey on the topic of defense was conducted during the April 2025 wave, at a time when discussions about the need for European rearmament were gaining momentum and the French government announced plans to create a dedicated fund.
The Bpifrance Défense S.L.P. fund was launched in October 2025. Since then, the geopolitical environment has deteriorated further, notably due to the war in the Middle East. Against this backdrop, the second survey on defense shows that French citizens’ interest in investing in national defense has not changed since the April 2025 survey.
Only three in ten French people are willing to invest part of their savings in investment funds or savings products intended to finance national defense (30%, of which 5% “definitely”), a figure that remains particularly stable compared to last year. Among those most inclined to invest are men (39%), particularly those under 35; 18- to 24-year-olds (41%); executives and professionals in higher-level intellectual occupations (44%); those with higher education degrees (39% of master’s and doctoral degree holders); and French people in the upper-middle-income bracket and above ( with a monthly household income of at least €2,262 per person, 38%).
Conversely, among the 70% of French people who are somewhat reluctant to invest in investment funds or savings products dedicated to national defense (stable), 44% cite political, ethical, or moral reasons (nearly stable, up 2 points from 2025): nearly a quarter (24%) view this funding primarily as a responsibility that should fall exclusively to the government and be funded through taxes, while 15% cite the belief that funding the defense sector goes against their ethical principles, and 5% believe it is incompatible with Environmental, Social, and Governance (ESG) policies.
At the same time, 40% cite economic or financial reasons (stable): 18% fear excessive risk-taking, 12% believe that these types of products do not meet their expectations in terms of investment duration or minimum investment amount, 6% have doubts about the returns, and 4% cannot afford to invest in such funds.
Finally, 12% of those reluctant to invest do not cite any specific reason.
Find all the results in PDF format in the downloadable documents.
The results of Wave 7 are available here:
https://ifopasia.com.cn/article/barometre-de-lepargne-en-france-et-en-regions-vague-7/
@corporate&workexperience
