More than half of adults (55%) believe the state pension triple lock should stay, however, support for the measure drops significantly among the younger generation, according to a survey from Canada Life. 

In September 2021, the triple lock - the mechanism which commits to increasing the state pension by the highest of inflation, earnings or 2.5% - was downgraded to the double lock.

However, Liz Truss's recent appointment as prime minister could mean that triple lock will be reintroduced as she had pledged to retain the state pension triple lock until the next general election.

A recent survey by Canada Life points to a large generational divide when it comes to this measure, with 78% of over 55-year-olds agreeing it should be maintained, while just a third (33%) of 18 to 34-year-olds support this measure.

On the other hand, a fifth (18%) think the government should revert to a double lock and increase the state pension by either 2.5% or the rise in earnings, whichever is the higher, according to Canada Life. This falls to just 9% of over 55-year-olds as compared to 26% of 18 to 34-year-olds and 21% of 35 to 54-year-olds that support reverting to a double lock.

Andrew Tully, technical director at Canada Life said: "This is an economically challenging time and it is especially difficult for many pensioners who rely on fixed incomes. In recognition of this cost of living challenge, more than half of all UK adults support the continuation of the triple lock, even when it's set to increase the state pension by more than 10%.

"When we analyse the data we can see a difference of opinion between the generations. Unsurprisingly perhaps, the vast majority of over 55's support the triple lock, but less than a third of under 35's are in favour of the mechanism.

"While this largest ever increase to the state pension will be an added strain on the public purse it's clear there would be a significant political challenge if our new Prime Minister was to suggest watering it down.

"However, it's important to note not all retirees currently claiming the state pension will receive a state pension of over £10,000 a year. Presently, around a quarter of all retirees receiving state pension benefits are paid less than the full new state pension of £185.15 a week."

Tom Selby, head of retirement policy at AJ Bell said: "The triple-lock, a manifesto commitment, is supposed to guarantee the state pension rises by the highest of average earnings, inflation and 2.5%. However, when average earnings in the three months to July 2021 - the figure usually used for the triple-lock the following year - surged past 8% this was deemed too expensive by then Chancellor Rishi Sunak.

"The earnings element was suspended for a year and state pensions instead increased by just 3.1%, in line with the September 2021 inflation figure. That decision saves the Exchequer around £5bn a year, every year.

"Liz Truss has pledged not to go down this path again as Prime Minister. Assuming she sticks to her guns and the triple-lock remains in place, retirees could receive a huge boost to their incomes next year. September's inflation figure will be the one to look out for, with the Bank of England predicting a peak at 13% at some point later this year.

"If it were to hit 13% for September, the basic state pension would rise by £18.45 to £160.30 per week (£8,335.60 per year) in April 2023, while the new state pension would increase by £24.10 to £209.25 per week (£10,881 per year).

"This could cost the Treasury well in excess of £10bn - a huge price to pay for the keys to Number 10. What's more, this isn't a one-off cost - it would fall on the Exchequer every year."