Are French retirees too rich?

In France, retirees are better off than in many countries around the world, explained Minister of Labor Astrid Panosyan-Bouvet on France Inter: " Forty years ago, " she said, " poverty was mainly among the elderly. Today, retirees have a standard of living almost equivalent to that of working people. 75% of retirees are homeowners and they own 60% of our country's financial and non-financial assets."

When we talk about standard of living, we are not just talking about retirement pensions but about all resources. In 2020, the average standard of living of those over 65 is equivalent to that of the rest of the population, according to the Court of Auditors in its latest flash report , commissioned by the government to feed into the thinking of social partners on the future reform.

But if we take into account the fact that they are most often owners of their homes, then, according to other figures from the Ministry of Health , the Drees, the standard of living of retirees is even 10% higher than the French average, with in 2019, the equivalent of 2,300 euros per month. Which is not illogical because the older we get, the more we normally build up assets. According to the latest figures from INSEE from 2021 , 70% of those over 65 actually live within their walls.

As for their wealth , a 2020 study by the OFCE and Sciences Po confirms that more than 60% of France's total wealth is in the hands of seniors, those over 60, who represent around a quarter of the population. A wealth consisting mainly of real estate, life insurance and savings accounts.

But these figures nevertheless mask significant inequalities. In 2022, just over one in 10 retirees still lived below the poverty line, compared to 14% for the general population.