The vast majority of State Pension age adults in the UK view the State Pension as an entitlement, new research from Just Group has shown.
An overwhelming 94% saw it as an entitlement, versus 4% who view it as a benefit.
Despite continued public debate over the future viability of the State Pension, more than half (58%) of people aged over 66 also believe that the State Pension is affordable for the country over the long term. In stark contrast, less than a fifth (18%) disagreed, with around a quarter (24%) unsure.
Two thirds (66%) of over-66s agree that the triple lock guarantee was fair to older generations but only 16% said it was fair to younger generations, with a similar proportion (18%) arguing that it wasn’t fair to any generation.
Just Group’s research also shone a spotlight on the importance of the State Pension in pensioners’ retirement income. Around 13% of over-66s said that the State Pension accounted for over 90% of their monthly household income, with 44% stating that it accounted for more than half of their household income.
As a result of rising longevity and dropping birth rates, it is estimated that a quarter of the UK’s population will be aged 65 or older by 2050.
Stephen Lowe, group communications director at Just Group, said: “This means that the burden of funding the State Pension will fall on a shrinking proportion of working people. The State Pension age review is due in the next 18 months, it appears that if the Government wants to avoid increasing taxes or means-testing the State Pension then it may have to look at options either to increase the age at which people receive the State Pension or to moderate the amount paid.
“Neither of these are political vote winners and as we have seen with the winter fuel and disability payments, once a benefit is introduced it becomes extremely difficult to reduce or withdraw that support.
“If the Government does bring in changes to the State Pension, either to the amount or the age at which it is paid, then it makes sense for people who are not yet receiving it to build up some resilience against those changes. One of the best ways for individuals to prepare for this possibility is to build up private pensions and savings.”
