- Thursday, 25 February 2010An
IVA could help those pensioners who are selling their possessions at pawn shops in order to raise extra money.
According to online pawnbroker Borro.com, an increasing number of retired people are pawning art, sculptures and jewellery to free-up cash.
Borro reports that it has seen a 160 per cent rise in the number of pensioners pawning goods in the last 12 months.
Pensions expert Dr Ros Altmann said cash flow problems among the retired are being caused by a failure to understand their investment situation.
"Millions of people have been lulled into a false sense of security by pension forecasts that have failed to materialise," she said.
"Also, there has been a loss of confidence in pensions and a lack of understanding of the main issues."
Dr Altmann added that the regulatory regime has prevented many people from accessing the right kinds of advice to deal with such complex issues.
According to a report from Aviva, 40 per cent of those aged 55 to 64-years-old are saving nothing per month and one fifth still owe more than £75,000 on their mortgage.
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