Research highlights intergenerational divide on triple lock support

There is an intergenerational divide on support for the state pension triple lock, with younger people less likely to believe it should be maintained, according to research by Canada Life.

It showed that 78 per cent of over 55-year-olds believed that the triple lock promise, which commits to increasing the state pension by the highest of inflation, earnings, or 2.5 per cent, should be kept.

However, support for the triple lock fell to 33 per cent amongst 18–34-year-olds.

Canada Life also revealed that, overall, more than half (55 per cent) of adults believe the triple lock should stay.

Almost a fifth (18 per cent) of those surveyed thought that the government should revert to a “double lock” and increase the state pension by either 2.5 per cent or the rise in earnings, depending on which is higher.

An intergenerational divide was also discovered on the issue of reversion to a double lock, as 9 per cent of over 55-year-olds believed there should be a reversion compared with 26 per cent of 18- to 34-year-olds and 21 per cent of 35- to 54-year-olds.

Canada Life technical director, Andrew Tully, commented: “This is an economically challenging time, and it is especially difficult for many pensioners who rely on fixed incomes.

"In recognition of this cost-of-living challenge, more than half of all UK adults support the continuation of the triple lock, even when it’s set to increase the state pension by more than 10 per cent.

“When we analyse the data, we can see a difference of opinion between the generations. Unsurprisingly perhaps, the vast majority of over-55s support the triple lock, but less than a third of under-35s are in favour of the mechanism.

“While this largest ever increase to the state pension will be an added strain on the public purse it’s clear there would be a significant political challenge if our new Prime Minister was to suggest watering it down.”

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