Sunday, May 28, 2023

French retirees are pessimistic about their purchasing power

The results of a study by the CSA Institute for Silver Alliance on French retirees and their purchasing power show a strong concern on the part of seniors in the face of the current economic situation.

In 2023, inflation continues to climb to 6.1% in February according to INSEE data. How are retirees coping with this delicate economic situation? The Silver Alliance, a coalition of aging well at home companies, reveals the results of its second study conducted by the CSA Institute on the purchasing power of retirees aged 65 and older from March 6 to 14, 2023. This survey analyzes the wallets of French retirees.

Study shows income is rising, but still insufficient: 3 out of 4 retirees believe their purchasing power has decreased since their retirement (+6 points compared to 2021) And they are not overly optimistic about the future. 7 out of 10 retirees fear a decline in their purchasing power in the coming years (12 points compared to 2021).

The average income per retired household is 2,402 euros per month (compared to 2,199 euros in 2021). According to those surveyed, they lack about 500 euros more per month to live comfortably in retirement.

Spending is rising fast and savings are weakening

Like income, expenses also increased by 16%: on average, a retirement home costs 1,782 euros per month (compared to 1,524 euros in 2021). The amount of expenses is 1344 Euro for a single retiree and 2091 Euro for a couple. The increase is mainly in daily expenses: food, home insurance and energy.

On the other hand, the study shows that the share of savings is down at 13%. In 2023, it is €2,573 per year, a drop of over €500 compared to 2021. This reduction in savings may be associated with an increase in essential expenses (food, energy, health), which makes it necessary to change savings habits.

The study also shows that 16% of retirees who have children share in their current expenses (rent, bills, fuel, food) or that of their grandchildren, up to an average of 211 euros per month. 80% of them intend to pass on property (61%) or cash (50%).

Second Silver Alliance-CSA 2023 Study, Senior Citizens and their Purchasing Power.

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