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“Eating and petrol. That’s what I use the money for,” says Zach.
The 30-year-old from Chester is explaining how he spent the money he got after pawning his laptop.
As the cost of living rises, a new report suggests people on low incomes are pawning their possessions to pay for everyday essentials.
The National Pawnbrokers Association (NPA) says it will meet with the UK’s finance watchdog next week to discuss the research.
The NPA is worried banks are shutting down pawnbroker accounts because of money laundering concerns and it wants the Financial Conduct Authority (FCA) to work with banks to resolve the issue.
The number of pawnbrokers has fallen from more than 2,000 in 2014 to fewer than 900 last year.
The report from independent think tank the Social Market Foundation, which was paid for by the NPA, says pawnbroking is an “essential source of credit for some customers, who feel they have no alternative ways to borrow”.
Zach, who lost his job as a plumber during the pandemic and now works as a roadside labourer, agrees.
“Eating and petrol. That’s what I use the money for,” says Zach.
The 30-year-old from Chester is explaining how he spent the money he got after pawning his laptop.
As the cost of living rises, a new report suggests people on low incomes are pawning their possessions to pay for everyday essentials.
The National Pawnbrokers Association (NPA) says it will meet with the UK’s finance watchdog next week to discuss the research.
The NPA is worried banks are shutting down pawnbroker accounts because of money laundering concerns and it wants the Financial Conduct Authority (FCA) to work with banks to resolve the issue.
The number of pawnbrokers has fallen from more than 2,000 in 2014 to fewer than 900 last year.
The report from independent think tank the Social Market Foundation, which was paid for by the NPA, says pawnbroking is an “essential source of credit for some customers, who feel they have no alternative ways to borrow”.
Zach, who lost his job as a plumber during the pandemic and now works as a roadside labourer, agrees.
“Eating and petrol. That’s what I use the money for,” says Zach.
The 30-year-old from Chester is explaining how he spent the money he got after pawning his laptop.
As the cost of living rises, a new report suggests people on low incomes are pawning their possessions to pay for everyday essentials.
The National Pawnbrokers Association (NPA) says it will meet with the UK’s finance watchdog next week to discuss the research.
The NPA is worried banks are shutting down pawnbroker accounts because of money laundering concerns and it wants the Financial Conduct Authority (FCA) to work with banks to resolve the issue.
The number of pawnbrokers has fallen from more than 2,000 in 2014 to fewer than 900 last year.
The report from independent think tank the Social Market Foundation, which was paid for by the NPA, says pawnbroking is an “essential source of credit for some customers, who feel they have no alternative ways to borrow”.
Zach, who lost his job as a plumber during the pandemic and now works as a roadside labourer, agrees.
“Eating and petrol. That’s what I use the money for,” says Zach.
The 30-year-old from Chester is explaining how he spent the money he got after pawning his laptop.
As the cost of living rises, a new report suggests people on low incomes are pawning their possessions to pay for everyday essentials.
The National Pawnbrokers Association (NPA) says it will meet with the UK’s finance watchdog next week to discuss the research.
The NPA is worried banks are shutting down pawnbroker accounts because of money laundering concerns and it wants the Financial Conduct Authority (FCA) to work with banks to resolve the issue.
The number of pawnbrokers has fallen from more than 2,000 in 2014 to fewer than 900 last year.
The report from independent think tank the Social Market Foundation, which was paid for by the NPA, says pawnbroking is an “essential source of credit for some customers, who feel they have no alternative ways to borrow”.
Zach, who lost his job as a plumber during the pandemic and now works as a roadside labourer, agrees.
