The results of the study conducted 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 6.1% in February according to INSEE figures. How are retirees coping with this delicate economic situation? Silver Alliance, an alliance of aging well at home companies, reveals the results of its second study conducted by the CSA Institute from March 6 to 14, 2023, on the purchasing power of retirees aged 65 and over. This survey analyzes the wallets of French retirees.
The study shows incomes on the rise, but still insufficient: 3 out of 4 retirees believe that their purchasing power has decreased since their retirement (+ 6 points compared to 2021) and they are not more optimistic about the future. More than 7 out of 10 retirees fear a drop in their purchasing power in the years to come (+ 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 growing faster and savings are weakening
In the same way as income, expenses have also increased by 16%: on average, a retirement home spends 1,782 euros per month (compared to 1,524 euros in 2021). For a retired person living alone, the expenses amount to 1344 euros, and for a couple to 2091 euros. The increase is mainly in daily expenses: food, home insurance and energy.
On the other hand, the study reveals that the share of savings is down 13%. In 2023, it amounts to 2,573 euros per year, i.e. a drop of more than 500 euros compared to 2021. This reduction in savings can be linked to the increase in compulsory expenses (food, energy, health) , which makes it necessary to change savings habits.
The study also reveals that 16% of retirees who have children, participate in their current expenses (rent, bills, fuel, food) or those of their grandchildren, up to 211 euros per month on average. They are also 80% intending to pass on assets (61%) or cash (50%) to them.
Second Silver Alliance-CSA 2023 study, seniors and their purchasing power.