Profiles

Valerie

Names and ages: Valerie – 55, Sons: Kevin – 30 and Ricky – 27

Occupations: Valerie – full-time property manager, Kevin – painter and decorator working variable hours, Ricky – builder working variable hours

Household Income: Their combined income is roughly £40,000

Location: Woking

Housing: Buying on a mortgage. Remortgaged to pay for an extension and buy out ex-partner.

Current situation:

• Valerie lives with her two adult sons who provide a very important source of help financially. Their combined household income varies because of her sons' causal work hours. This can mean that their finances in some months are very tight. Valerie has previously worked supermarket night shifts to top up her income.

• She is on a fixed rate mortgage and so has not benefitted from reduced interest rates. She says that she will be paying off the mortgage until she is 70.

• Valerie struggles with large debt repayments, which she has accumulated over the years to top up her low income. She has no savings or pension to rely on in later life.

Challenges:

• Supporting herself financially in later life

• Paying off her mortgage

Aspirations:

• To pay off credit card and overdraft debt

• To be able to go on a few more trips

Listen to Valerie being interview on Radio 4's The World Tonight