Thrifty pensioners : pensions and savings in France at the turn of the twentieth century

Building on a large sample of elderly French individuals, we evaluate the resources that were available to the old. We find that a considerable percentage of the French population did not have sufficient assets to live off of when aged. We compare the savings behaviors of pensioners and non-pensioners at a time when only a small part of the labor force was entitled to a pension. We show that pensioners were better able to accumulate wealth than were non-pensioners, even when we take into account their occupation and inherited wealth. “Oh! La misère des vieux sans pain, des vieux sans espoir, sans enfants, sans argent, sans rien autre chose que la mort devant eux, y pensons-nous? Y pensons-nous, aux vieux affamés des mansardes? Pensons-nous aux larmes de ces yeux ternes qui furent brillants, émus et joyeux, jadis?”