Concerns over the sustainability of the State Pension Triple Lock could be a major influence on the way people vote in the General Election expected later this year, Steven Cameron, pensions director at Aegon, has predicted.

He has urged political parties to make their State Pension intentions clear ahead of the election.

He said that those on a fixed income continue to face a tricky time ahead and that includes many pensioners, despite the inflation busting 8.5% rise in the state pension from this April due to the Triple Lock.

He said: “The State Pension is a lifeline to millions but is very costly for today’s workers to fund from their National Insurance.”

He made the Triple Lock election prediction after Aegon published its latest research about how people feel about their finances.

More than half of UK adults - 52% - said they were feeling positive overall about their finances in 2024, according to the firm’s study. But just under two in five – 38% - were feeling negative about their finances in the year ahead.

Men (58%) were 11% more likely to be positive about their finances than women (47%) while those aged 50 to 59 were the most negative about their finances, with as many feeling negative (46%) as feeling positive (46%).

Two years on from the start of the cost-of-living crisis ‘paying for basic living expenses’ remains the top priority for the year ahead, according to the research.

Building emergency savings (32%) and enjoying life (28%) were also common financial priorities, although ‘enjoying life’ has dropped down the priorities list from the previous research carried out in late 2021.

When asked if specific events would change how people feel about their finances, almost half (49%) thought a lowering of inflation would make them more optimistic. By contrast, only 6% would be more pessimistic and around a quarter (26%) said their view would not change, while 16% were not sure.

Mr Cameron said: “As we enter 2024 and look to the year ahead, people’s confidence and optimism is returning when it comes to their personal finances. For many, this is being bolstered by recent falls in inflation and hopes for further reductions.

“But our research also points to how the cost-of-living crisis and paying for basic living expenses remains the priority for many individuals and their personal finances.”

He said the research made it clear that lower inflation would make people feel more optimistic about their personal finances in the year ahead.

Mr Cameron said: “Recent drops in inflation are hopefully a sign that inflation can be brought back under control after a tumultuous 18 months.”

• The research was carried out among 2,000 UK adults, weighted to be nationally representative criteria. Fieldwork dates 15 – 19 December 2023 by Opinium. Compared with 2,001 UK adults, weighted to be nationally representative criteria. Fieldwork dates 2 – 7 December 2021 by Opinium.