Following yesterday's pension rate increase, GB News spoke with Cheshire pensioners Diana and Mavis to get their thoughts on how they will be impacted by the change.
Both pensioners expressed how the money just isn't enough to live off, with both having to use private pensions and savings to survive.
New pension rates came into effect yesterday, with the New State Pension for those who retired after April 2016 increased to £230.25 a week, while the Basic State Pension for those who retired before April 2016 increased to £176.45 a week.
There are concerns from industry experts that these increases still fall short of the estimated £14,400 a year required for a single person to cover a minimum retirement lifestyle - meaning many of pension age will be reliant on savings and private pensions to survive.
Pensioners Mavis and Diana told GB News of their financial fears following an increase in pension rates
GB News
Speaking to GB News, both Diana and Mavis explained how financially tight life can be for people of pension age.
Discussing the rate, Diana explained: "Well it was nice to have a bit more money, but it's just disappeared because you have water rates, council tax, gas, electric, food, and your house insurance.
"So as soon as we get an increase, it's disappeared."
Mavis told the People's Channel: "It's not really positive, because everything has gone up. The Government give it to you in one hand, but it's taken from the other. So, I don't feel any better off."
LATEST DEVELOPMENTS:
Chancellor Rachel Reeves announced the increase in her Autumn Budget last year
PADetailing the ongoing struggles of the cost of living crisis, Diana and Mavis claimed that although they can "manage" with the new pension rates, it is "difficult" when everything has "gone up" in price.
"I can manage, but things are getting more difficult. We're paying out all the time and not getting anything in", Diana said.
Mavis highlighted the importance of savings for pensioners: "Well, it is difficult. If you haven't got any savings, then you're stuck really.
"Everything has gone up, literally."
The pensioners told GB News that they feel 'penalised' by the Government after working 'all their lives'
GB News
Both pensioners concluded by expressing their concern that aging Britons are being forgotten about in society, with Diana feeling that "no-one cares" in the Labour Government about those of pension age.
Diana stated: "Nobody seems to be able to help us, the pensioners.
"They seem to be having a down on the pensioners at the moment."
Mavis shared similar feelings, by saying: "I just don't feel that the Government care about pensioners. We've all worked hard all our lives and now we're penalised - really and truly."
