As a popular destination for British expats, France offers many opportunities and can provide a high quality of life, with lots of exciting opportunities. And now it appears that there are burgeoning employment opportunities as well.
Like so many other countries, France was hit hard by the financial crisis of 2008 and the country’s economy was damaged, as was its job market. However, France has made a gradual recovery and new statistics suggest that recently its pace of recovery has rapidly accelerated.
Research from RegionsJob has shown that the number of jobs being created in France shot up to 200,000 in the third quarter of 2017, which is an increase of over 40% when compared with the same period in 2016. France has not seen as many vacancies created since the financial crisis.
The report did note, however, that some French regions have experienced a lot more job growth than others, which is useful to bear in mind if you’re planning to be one of the British expats who move to France for work.
Unsurprisingly, the area that saw the most growth in job opportunity was the Ile-de-France region, which includes Paris and the surrounding area. This region saw an incredible increase of 75% in job offers.
Other regions were not too far behind, though. The Northwest saw substantial growth; Normandy saw a 59 per cent increase, Brittany saw 57 per cent, and Occitanie, located in the South West, had 50 per cent more job offers than in 2016.
As for individual cities, Paris, again unsurprisingly, was top, followed by Rennes (53 per cent), Strasbourg (47 per cent), Bordeaux (46 per cent), Toulouse (44 per cent), and Lyon (39 per cent).
David Beaurepaire, from RegionsJob, explained that the French labour market started to get on the road to recovery at the end of 2015, strengthening at a higher rate over this past year. Beaurepaire said that this was a result of “business owners gaining back confidence” and because of tax reforms that are beneficial to businesses.
And the situation looks like it will only improve. The country’s president, Emmanuel Macron, is set on boosting the country’s economy, and, in his first budget, unveiled several pro-business policies, such as reducing the wealth tax to make France more attractive to investors.
The news may not be beneficial to all expats, though. Many British expats in France moved there to retire, with statistics from INSEE categorising 70% as not in employment. But to those who do plan to work in France in the future, knowing about the most dynamic areas is invaluable knowledge.
Of course, lucrative employment is important so you can build up a healthy pension pot, but to get the most out of your retirement savings, there are other steps you can take. There are several ways to make your money grow, but it will require some smart decisions on your part.
As has been made clear from recent pension studies, solely relying on your country’s state pension system is not a wise idea. While workplace pensions are invaluable, and the introduction of Auto-Enrolment is a fantastic way to get more people saving for retirement, you also need to consider taking personal control over your pot.
Luckily with the help of a financial adviser, any retirement saver can learn to do what is best for their money. One particularly attractive option, whether you’re already enjoying your retirement or still working towards it, is transferring your pension into a self-invested pension plan (SIPP). A SIPP is a great way to get more out of your pot and allow you to have greater control over your savings. Providing you with more flexibility over your investment options, a SIPP will allow you to pool your pensions into a single pot and later draw income from it.
A SIPPs in France may be the perfect solution to living out a long, happy retirement in the country. Contact a Blacktower adviser today to discuss your options so that you’ll be well equipped to reach all your financial goals.