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Rather than taking it easy, retirement is now seen as an opportunity to live life to the full, it has been reported, while individuals looking to have fun after they have left the job market may want to fund life's adventures with a loan.

World cruises are one popular pastime that seniors like to take part in, says Mark Locke, a spokesperson for the pensions provider AEGON, although such expense could be covered by secured loans.

"As long as people are living longer and healthier lives, which at the moment there is a trend for, that will continue and increase over the coming years," he says.

Furthermore, people in retirement "don't want to sit around and just knit", Mr Locke adds, while individuals may use their spare time to travel the world, carry out long awaited home improvements or treat themselves to a new car.

Research by AEGON discovered that running out of money is a concern for 22 per cent of Britons questioned.

But for those who worry that their pension may not fund the lifestyle they want, a secured loan could provide extra cash and may have a lower annual percentage repayment rate than other loans.