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State pension should increase by 50%
2 January 2009 18:38
The UK's state pension is not capable of providing sufficient support for people in their old age and should be increased.
That is according to new research from Friends Provident, which has suggested that in order to provide an adequate existence the state pension should be doubled.
Respondents to the survey said that, on average, £832 a month would be enough to provide a comfortable living. At present, this is almost £440 more than is giving to pensioners in the UK.
However, of those questioned 57 per cent said that they are not planning to use any other means to survive once they are retired.
Additionally it was revealed that 56 per cent of those who partook in the research want to see a big increase to the state pension in the next 40 years.
A number of people would be prepared to cut back in retirement if they did not have enough money, the survey showed.
Seventeen per cent of those questioned would retire five years after they should do, while 19 per cent would cut back on the day to day cost of living.
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