Money shouldn’t be a problem

Fame and fortune: Shirley Conran

Superwoman author and women’s rights campaigner wants a simpler tax system and says women must learn to handle their own finances.

Shirley Conran is an internationally-renowned writer and campaigner for women’s rights. Her latest project is to help teenage girls better understand money. Her new book, Money stuff for girls, will be published next month.

She was married to design tycoon Sir Terence Conran. Their two sons, Sebastian and Jasper, are also designers. She lives on her own in Putney, in southwest London.

Conran, 76, is famed for her books including Superwoman (1974), a guide to household management, as well as novels such as Lace, which was an international bestseller in 1983. She became the first women’s editor of The Observer colour magazine and then women’s editor of the Daily Mail.

How much money do you have in your wallet?

I carry enough for two longish taxi fares.

What credit cards do you use?

I have two. One with Coutts and the other with Barclays. I pay my bills in full each month. I took out the Barclays card because I travel a lot and I don’t want to be caught out. Recently, after attending a wedding in Thailand, I had to settle my £4000 hotel bill at 7am. I only had the Coutts card then, but it was rejected. I eventually talked my way out of it, but the manager had to be woken up to sanction it.

Are you a saver or a spender?

Theoretically, I’m a saver, as all my money is in cash. I moved out of equities at the end of 2006. I wanted to reduce risk because I didn’t like what was going on in the City — it had a bad whiff about it. I spread my money around different currencies to hedge against fluctuations. What I resent is the little or no money I get on my savings. I blame (Prime Minister) Gordon Brown. One way or another, he has cost me hundreds of thousands of pounds in interest because rates are so low. Brown is making gamblers out of pensioners who do not want to gamble.

How much did you earn last year?

Not much at all. My income is mainly royalties, and returns from investments and cash deposits. As I haven’t had anything coming in from investments for the past two years, and cash is paying close to nothing, I’m having to live off my capital.

Have you ever been really hard up?

When I got divorced in 1962, I found myself in a desperate situation. I didn’t get any money from the divorce because I was earning at the time. Terence did pay towards the school fees, though.

I remember one year, when Sebastian was about 13, he wanted a pair of boots for Christmas. They cost £12 but I couldn’t afford it. I said I’d pay for one boot if he paid for the other from his allowance. Jasper never had a bicycle as a young boy. The first thing we did when I got the money from writing Superwoman was buy him a bike.

Do you own a property?

I own one. It’s a 2000 sq ft flat in a modern building. I bought it in 1997. It started off with five bedrooms, but I’ve converted it, so it has three larger bedrooms instead.

What was your first job?

Being a public relations officer for a jewellery firm, Asprey Suchy, when I was 19. They specialise in gold plating. It was great fun. All I had to do was to have lunch with important women and ask if they’d like to wear pieces of our jewellery. I earned £12 a week.

What has been your most lucrative work?

In the ’80s, the features editor of the Daily Mail rang me up asking if I’d write an article about how to take off your bra on the beach. I sat down roaring with laughter and wrote it in half an hour. It was the easiest £300 I ever made.

Are you better off than your parents?

Difficult to say. My father worked for Lloyd’s of London and owned several dry-cleaning businesses.

What’s better — property or pension?

I never bought into a pension. I hate the idea of leaving so much of my money in other people’s hands. If you do have a pension, I think property should always be part of it.

What’s been your best investment?

The time I spent writing. I received a record advance for Lace. That, plus the movie rights, amounted to a small seven-figure sum. I was in New York when I heard the deal had gone through so I bought a hairbrush for 22 as a treat. I sweated all night feeling guilty about spending so much on a hairbrush. I later bought an apartment in New York with some of the money. It was 1500 sq ft opposite City Hall with a lovely view of the Brooklyn Bridge. It cost 60000. I sold it in 1994 for several times more.

What about worst?

I invested in gold in the early ’80s. I thought it was time to sell when it hit 500 an ounce, so I rang my broker in the morning. I rang again later that day to discover he hadn’t sold. He said I forgot to place a stop-loss order. The price fell to about 270 and I lost about £100000.

Why is it important to help girls learn about money?

The financial world is loaded against women. I was part of the ’70s women’s movement, but I think that many women are fearful of money. A structured programme tailored to them would help build confidence.

Do you manage your own financial affairs?

Since I was about 50 I’ve been doing my own book- keeping, although I have someone to help out as well.

What’s the most extravagant thing you have ever bought?

A Christian Dior dressing gown, which I bought in 1985. It cost about £750. I never regretted buying it for one instant. Novelists spend a lot of time in their dressing gowns.

What is your money weakness?

Truffles. I would have said travelling around the world — which I’ve done about eight times — but it’s always been at other people’s expense.

What aspect of the tax system would you change?

I think it should be made much simpler. I’m all for having no allowances whatsoever so long as an equitable alternative can be worked out. Complicating the tax system is another thing I blame Gordon Brown for.

What is your financial priority?

To make the Money stuff for girls project succeed.

What is the most important lesson you have learnt about money? Learn to look after it yourself. — Additional reporting by The Sunday Times, London