How much money do people in France need to live well?
What is the role of money in well-being and how much do people need on average, new poll asks
66% of people in France said they think about money regularly, the poll found
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People in France who responded to a new poll say they would ideally need €897 extra per month on average to ‘live well’.
Almost one in five people polled (19%) said they would need €1,000 a month more than they currently earn to live well, said the poll* by l'Observatoire Société et Consommation (ObSoCo) for online bank BforBank.
What is ‘financial well-being’?
Over a quarter (27%) said that they defined ‘financial well-being’ as being able to meet their fundamental needs, while 23% said it would mean not having any money problems. A further 18% said that it would mean they could give themselves ‘little pleasures’ in life.
"’Financial well-being' means different things depending on individuals and personal situations,†said Agnès Crozet, deputy director general of ObSoCo.
“However, the study reveals that it is linked above all to a feeling of control: the regularity of income and the ability to cope with unforeseen events, rather than a question of income level.â€
Read also: How much money do you need for a ‘decent life’ in France?
Is there an ideal income level?
Not according to this study. Instead, it showed that rather than a definite amount per month, the extra amount that people felt they needed per month is “proportional to their current level of incomeâ€.
Put simply, this means that the more people already have, the more they feel they need.
Households earning between €1,500 and €2,000 a month said they needed an extra €751
While those earning more than €6,000 said they needed an extra €1,369
Age, geography, gender, and children had an impact too.
55-64 year-olds felt they needed €1,014 extra
Families with children said €1,077
Residents of the Paris region needed €1,044
Men wanted €943 extra, while women said €852
How often do people think about money?
Money is also a subject that preoccupies people in France considerably, the poll showed.
Again, age and family situation made a difference.
The dominant feeling when thinking about money was stress (28%), especially among single-parent families (47%).
The great taboo?
Thinking about it and talking about it are two different things, however.
While 89% talk about money easily with their partner, considerably fewer (68%) feel free to talk about it with their parents or children. Just 55% said they felt they could talk about it with friends, and only 41% felt comfortable talking about money with work colleagues.
Read also: French expressions about money: Should I use 'thunes' or 'argent'?
How important is money to well-being?
More than three in four people in France (76%) said that they believe that their financial situation contributes directly to their well-being.
However, 68% of Âé¶¹´«Ã½Ó³» feel ‘general well-being’, and more than half of those surveyed (55%) said that they are satisfied with their current life, despite many feeling that they need more money and thinking about money regularly.
*ObSoCo study for BforBank, conducted from August 21 to 30, 2023 among a sample of 2,000 people representative of the population of France aged 18 to 75.