An 84-year-old widower is battling to get back £50,000 from a bank which persuaded him to tie it up in a five-year investment.

The man, who says he has only £20 a week to live on, today pleaded with Barclays to return the cash which was tied up after his wife died.

He claims he was wrongly advised to put it into an investment package and is "worried sick" about how he is going to survive.

After paying the rent on his housing association flat, the retired painter and decorator has just £20 of his £70-a-week basic state pension left.

And his investment has shrunk by almost £3,000 from when it was first paid into the bank - although its value is likely to increase as it heads towards its maturity date in 2005.

Today, Barclays said it has started an investigation into the complaint.

The widower, of Eccleshill, Bradford, who was in tears as he told his story to the Telegraph & Argus, said he went to the bank to pay in the £50,000 from the sale of his house following the death of his 81-year-old wife of 62 years last April.

At Barclays branch in Market Street, Bradford, a cashier persuaded him to see one of its financial advisors after telling him that his intention to put the money in a current account would not yield much interest.

"I was still very upset and I just wanted to put it into my current account until I could sort everything out," said the man, who has asked not to be named.

"The cashier said I wouldn't get much interest in my current account and she said I should put it into another kind. Then she called a financial advisor.

"All I know is I put £50,000 in and my statement says it is now worth just £47,399. 35p.

"I am on a basic pension of £70 a week and I am struggling. I can't claim housing benefit, because I sold the house. I just want to be able to get some money out when I need it. I may only have a couple of years left - I'm too old for a plan like that.

"I still haven't got over my wife's death and I have had to move house and sort everything out - I am worried sick about what's going to happen to me."

He says he is still not sure what the account is he has, although the T&A has established the money has gone into an Individual Savings Account and a managed income fund, through which units are traded on the Stock Exchange on the customer's behalf.

The pensioner has now written to Barclays complaining that he should never have been advised to open such an account at his age and is demanding a full refund of his £50,000.

Barclays has claimed the pensioner approached the bank for advice on investing his money but he told the T&A: "I just asked the cashier how much interest I would get if I put it into my current account and she said 'You don't want to put it in there - I will get someone to see you and you might get some more money'."

A Barclays spokesman said the pensioner was "a highly valued customer" and she added: "We are concerned about his dissatisfaction.

"We are conducting a full investigation into his circumstances and will contact him to discuss the situation with a view to finding a solution to his concerns."

Asked if the bank would refund his money in full, as he requested, she said: "Until we have clarified it with the customer we can't make a statement about it. We are more than happy discussing his case with you, if he wishes, after we have discussed it with him."

She said the bank had a policy of assessing each application on an individual basis and this was applied when talking to the man about his investment.

"He was offered a choice of investments to meet his needs and wishes."

A spokesman for the Personal Investment Authority Ombudsman - the national watchdog - said: "He has done the right thing by writing a letter of complaint to the bank and he must allow them the time to investigate it.

"If he is unhappy with the outcome then he should come to the Ombudsman. We would be looking at whether the advice given was suitable for the client, taking into account his age and circumstances."

But Sarah Wilkinson from Help the Aged said: "It doesn't seem a very sensible way for this gentleman to be using his money.

"Financial issues for older people can often be very worrying which is why they need particular care when they are being given advice by institutions such as banks. They often don't understand the complexities of the account and are concerned about asking more detailed questions."

And Carol Wooller of Age Concern Bradford & District, said she had great sympathy for the widower.

"On the surface it does seem like he has been given poor advice," she said. "We hope the bank involved acts with all speed to put the matter right."

The Financial Services Authority (FSA) operates a helpline on 0800 9173311 for advice on financial complaints.