Most see red. This is the trend among PER holders according to the latest Odoxa-Groupama savings and investment barometer for Capital and BFM (based on a survey carried out on a sample of 996 people representative of the French population aged 18 and over). Nearly one in two people surveyed (46%) plan not to more feed its PER due to the latest restrictions. Of those over 65, directly affected by these changes, 85% say so.
A trend that could concern nearly 12.7 million PER holdersas of September 30, 2025, according to the Ministry of the Economy, Finance and Industrial, Energy and Digital Sovereignty, for a total of 141.1 billion euros in outstanding amounts. “The PER was nevertheless marketed by the tax administration as being a product for active people with the idea of further promoting capitalization retirement,” explains Matthieu Silva Santos, director of supply and ISR at Goodvest.
Booklets/PER: the distrust of the French 🇫🇷
“The PER is one solution among many others, but it is not a miracle solution.”
💬 Marion Chapel-Massot, director of DeCarion pic.twitter.com/eMKBzymNgs
— BFM Business (@bfmbusiness) April 15, 2026
A fundamental product
On the scale of the study in question, 77% of French people surveyed are aware of the PER and 25% say they have at least an individual PER, mandatory PER or a PERCO, i.e. a doubling since its creation in 2019 (12% of subscribers at the end of 2019 compared to 25% today) and an increase of almost 50% over the past three years (+8 points between 2023 and April 2026, from from 17% to 27% of subscribers).
“I don’t think there is any desertion planned for the PER,” analyzes Matthieu Silva Santos. Because there must remain one fundamental building block of a heritage strategywithout being the main one. It still retains an interest in terms of tax savings since those under 70 retain the deductibility of payments from their taxable income.”
A deductible, simple and profitable product
When we question PER holders as part of the barometer, the number one criterion is obviously the tax deduction (38% of quotes). Then, respondents talk about the “simplicity” of the product (2nd most cited criterion with 21%) and its “performance” (3rd criterion with 20% of citations).
But since the start of the year, the rules have changed for the PER since the deductibility of payments is not possible for people over 70 years old but other products exist to respond to the problems of these subscribers: “Our strategy is to say that these people ultimately retain thelife insurancewhich today remains a fairly interesting tax, financial and inheritance package, notes Matthieu Silva Santos. We must not forget that after 70 years, the capital gains associated with the price paid remain exempt from inheritance tax.” The other change that will impact all holders? “It is the increase in the CSG of 1.4% only on the PER, particularly at exit,” he adds.
Abandoned savings accounts
Asked about the investments they consider the best for their savings, the people questioned no longer place savings accounts at the top, which have for a long time been the most cited. In April 2025, they were at the top of the list with 42% of citations, far ahead of other placements: the accommodation (2nd with 22%) and life insurance (3rd with 19%) were then mentioned half as often.
A year later, it is the opposite effect: housing and life insurance are ahead with 25% each and 23% of quotes for savings accounts. Moreover, half of the respondents no longer add funds (42%), or even have closed (7%) their Livret A account because of repeated drops in its yield. In 2025, its yield fell first to 2.4% then to 1.7% (in August). Its recent fall to 1.5% on February 1 should further accentuate this desertion.
