Nearly one fifth (18 per cent) of people don’t believe that the state pension will exist when they retire, while a further 26 per cent are unsure, research from Hargreaves Lansdown has revealed.

While more than half (57 per cent) said that they thought the state pension would exist when they retire, the research found that the younger savers are, the less likely they are to believe the state pension will still be around.

Indeed, according to the survey, only 38 per cent of 18–34-year-olds believe the state pension will still exist at that point.

This compared to 42 per cent of those aged 35-54, and a "whopping” 83 per cent of over 55s who believe it will be around.

Commenting on the findings, Hargreaves Lansdown head of retirement analysis, Helen Morrissey, stated: “The state pension is the backbone of our retirement income, and yet the constant merry go round of change means almost one in five of us don’t think it will exist in the coming years.

"We are all living longer, and this has pushed up costs. Added to this the triple lock looks set to deliver an eye watering 8.5 per cent increase in state pension next year.

"This is on top of the enormous 10.1 per cent boost awarded back in April - great news for pensioners who have been struggling with the cost-of-living crisis but also an enormous financial headache for the government."

Morrissey acknowledged that there are levers government can pull to try and contain the cost, such as tinkering with the triple lock, so increases are not so high.

Alternatively, Morrissey said that the government could look to increase state pensions age, noting that while the government recently opted against plans to accelerate the shift to 68, it will be revisited in future.

However, she admitted that, given these potential changes, "it's no wonder" that there is a view, particularly among younger people, that the state pension is under threat.

"Given its importance as the foundation upon which we build the rest of our pension planning, we need to see real long-term thinking in this area with an overarching review to ensure it remains sustainable long-term and allows people to plan their retirement with confidence," she added.

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