Pensioners are increasingly turning to pawn shops in a bid to raise money, it has been claimed.
According to online pawn broker borro.com, pensioners now account for one-fifth of their clients after a 160 per cent rise in the last 12 months.
The firm also said that on average pensioners borrow £2,126 against goods such as art and jewellery.
This figure is double the average amount the company lends to individual clients as a whole.
Paul Aitken, the website’s chief executive, said: ”Over the last year we made cash available to over 1,000 pensioners who struggled to meet their needs through the banks.
"[We] have numerous examples of those over the age of 65 who have benefited from our services."
For those who do not wish to part with their belongings in order to raise funds there are alternative means available.
Those who have invested in property could realise the potential of the value of their home through a funding plan such as equity release.
