These actively managed funds invest in small companies requiring money to develop their businesses. As part of their financing often comes from loans, VCTs can also generate impressive tax-free dividends on the side.

Alternatively, Mr Hollands suggests that investing in renewable energy infrastructure might be worth a punt. These vehicles mainly specialise in wind or solar power and, encouragingly, generate a portion of their returns from government subsidies.

“Infrastructure can also be appealing for income seekers, especially as underlying contracts on projects are very long-term in nature and often include annual inflation adjustments,” he says.

“However, core investment companies which own operational infrastructure projects are across the board standing on very high premiums to net asset value (NAV). There are, however, some opportunities in the renewable energy infrastructure space. For example, Bluefield Solar Income is trading just above NAV and is yielding 7 per cent.”

Don't put all your eggs into one basket

If placing all your hard-earned money into the fate of one or two asset classes makes your stomach churn, a multi-asset income fund may represent your best option.

That’s certainly the view of Patrick Connolly, certified financial planner at Chase de Vere, who adds that today’s “volatile and uncertain world” has made it “really difficult” for investors to keep faith with any particular asset class.

“Stock markets have performed very strongly, with many stock valuations now being difficult to justify without increased company earnings,” he says.

“Many fixed interest assets look expensive and could be susceptible to significant falls in the future. And the issues with property investments have been well documented following the EU referendum vote.

“The best approach is to invest in a range of different income-producing asset classes, such as equities, fixed interest and property, to spread risks.”