Older people shun pawnbrokers

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FOURTEEN per cent of people would consider borrowing money from a pawnbroker, according to a study by pawnbrokers Albemarle Bond and Herbert Brown.

The survey of more than 2,000 UK consumers showed the older age groups, 35-54 and over 55s, are the most unlikely to use pawnbroking, with 52 per cent and 64 per cent respectively, saying they would never consider it. And, more than a fifth, or 22 per cent of 18-34-year-olds claim not to have made up their minds either way.

A separate survey of 2,000 people carried out by Albemarle Bond and Herbert Brown reveals a quarter of consumers believe that “only people who aren’t very good with money” use pawnbrokers. Albemarle Bond and Herbert Brown said it believes this is “the biggest pawnbroking myth” as research among their customers found that 56 per cent felt they are good money managers.