State pension `needs to double`

Many Britons would like to see the government considerably increase the value of the state pension by 2059, a new study has found.

Conducted by Friends Provident, the research discovered that 57 per cent of people questioned reported such a desire.

It was also found that 75 per cent of respondents felt that the state pension is not sufficient to live on - potentially putting them at risk of high level debt in their post-work years.

Meanwhile, it was discovered that £832 is the average monthly amount considered enough to live on comfortably in retirement, excluding rent or mortgage payments. This is £439 more than an individual pensioner currently receives as the basic state pension.

"Today, even though it is a universal benefit, paid at an earlier age and worth more in real terms than in 1909, many people feel [the state pension] is an inadequate benefit, insufficient for their needs," stated Martin Palmer, head of corporate pensions marketing at Friends Provident.

Founded in 1832, Friends Provident is a UK-listed life and pensions firm.