Profiles

Sharon and Wayne

Names and ages: Sharon - 36 and Wayne - 42 and Jenson - 3, Holly - 3, Scott - 8, and Connor - 12

Occupations: Wayne works full-time in management at a tyre manufacturers

Household Income: Approximately £24,000

Location: Ashby de la Zouch, Leicestershire

Housing: Home owners with a mortgage. Remortgaged house to finance the construction of an extension.

Current situation:

• Wayne was made redundant a couple of years ago but managed to find a new job in the same industry which he enjoys and feels is relatively secure. He has opportunities to work overtime but needs to balance this with spending time at home with his family.

• Sharon and Wayne are relatively content with their situation but they have to budget carefully, shop for discounts and are unable to heat their home adequately in the winter.

• They rely quite heavily on financial gifts from their extended family to make sure that their children have presents at Christmas and to contribute towards their annual foreign holiday.

Challenges:

• In order to create more space, Wayne and Sharon remortgaged their house to build an extension which now means that their mortgage is £50,000 bigger than it was.

• Their lack of savings leaves them vulnerable to unexpectedly large bills or other expenses. A recent gas bill for £750 wiped out their savings.

• Wayne froze his pension when he was made redundant and never reinstated it again due to the birth of the twins. As a result, they are not continuing to save for their retirement.

• Wayne has a variety of ailments which may in the future affect his ability to work.

Aspirations:

• Sharon worked before Holly and Jensen were born and would like to go back to work when the children go to school. But she would need to find a job that fits with school holidays such as a dinner lady or shift work at Tesco.

• They would like to be able to save £100 a month in order to increase their resilience against unexpected costs.

• They would like to see Wayne's wages rise with inflation. Promotion at work would involve Wayne travelling long distances away from his family which he does not want to do.