Tuning in…
Tuning in…
Castaway
1 appearance
Financial expert and TV presenter who founded Money Saving Expert and led consumer campaigns against bank charges and PPI.
On the island
Eight records
In conversation
Presenter asks
2:01So Martin, you call yourself an accidental entrepreneur. Why?
Because I never set out to make money. When I set up moneysavingexpert.com, I see myself as a journalist, now a campaigning journalist. And it was set up partially to promote my broadcasting work, which was started out. I'd been to Cardiff University, I'd done a post-grad in broadcast journalism. I was interested in personal finance and empowerment. And I set the website up to make that work. Originally, when I set it up, it had no way of making money. And it was only when it got bigger and bigger and the server costs started to explode, so that it was costing me a thousand pounds a month, which out of a freelance journalist's salary was a big whack that I was struggling to afford. I had to find some way that it could pay for itself. So I put these affiliated links on transparently, ethically, giving people an alternative choice, always saying when it worked, never changing my editorial on the back of it. And that was almost something that was accidental. I didn't expect it was going to make quite the revenue it does or provide the amount of wealth that I now have.
Presenter asks
7:00You use the word cataclysm, Martin. Where do you start with something like this? I'm thinking of our listeners sitting at home. What's the best advice that you have for people who are at home feeling vulnerable and worried right now?
Hope that it will get better. They talk in economic terms about the graph. And what we have to hope is we're in a V. So a very sharp decline and a very steep rise at the back end of this. There will be financial casualties to this. People who lose their jobs, their livelihoods, and it's very difficult to return. But we all have to hope that our society will return to normal, both in its health sense and in its financial sense. And that there will be enough care and consideration for everybody from the state and from our fellows in society to make things better.
The keepsakes
The book
Game of Thrones series (A Song of Ice and Fire)
George R.R. Martin
Most of my reading tends to be escapism... I think it's one of those series you could reread a few times and just take up a bit of time with it.
The luxury
solar-powered electric carving knife
I use it for cutting bread. I use it for cutting broccoli into nice thin strips... I'd like a solar-powered one, obviously. But I also thought I might sneakily be able to use it for some practical, you know, cutting through some branches type stuff as well.
Presenter asks
9:23And that sense of being, you know, one of just two in your upper school, how did that impact on your identity?
It's an interesting time when you look back on it, because my nickname was Jew. It started off with Jewie Louie and Lou the Jew and it became shortened to Jew and I look back now and I'm offended with my current environment, but it was just the way things were then. I don't feel that was anti-Semitism or I suffered a deliberate form of prejudice. It was just more the way the 1970s and 1980s worked. But all of that did cement my identity into me. I mean, I went to a cathedral school, and in the morning there were prayers, and there were 600 or whatever it was, boys in that school. And when everybody knelt down to do the Lord's Prayer, there were only a few of us who sat upright and said nothing. And that's quite formative. Sitting up when everybody else in the room, when you're 12 or 13, is kneeling down and saying something and you're saying nothing. Actually, I do think there's a certain level of individuality that was educated in me that it's okay to be different, and it's okay not to do what everybody else says you should do if it's not right for you.
Presenter asks
12:43So Martin Lewis, another good cause that you've been involved in is a bereavement charity and you've been working with them for a number of years. You lost your mum in a tragic accident just before your 12th birthday. Now looking back at your younger self, at that little boy, what sort of counselling might have helped you at the time?
Anything at all. My mum was there one day and she wasn't the next. That was it. And none of us knew how to deal with it and we were all stunted by it at the time. And it was this was 1984. You didn't have counselling. Certainly you didn't have counselling in rural Cheshire. And so we had to get on with it. That was the end of my childhood. Ended on that day. And I struggled very, very hard, as we all did, for a long time. And I'm still not over it. Just better at dealing with it.
Presenter asks
18:46When I was getting ready for the interview today, I was looking through some old photographs and cuttings and I saw a really remarkable picture of you at LSE back in your time there, you and Mick Jagger, both grinning. I need to know the story behind it. How did you come to meet?
LSE operated an honorary presidency system, which was by a vote. And in my year, when I was General Secretary, or President of the Union, if you like, it was Mother Teresa, Yitzhak Rabin, and Mick Jagger. And to all of our surprise, Mick Jagger, who was promoted by the entertainment sabbatical, a guy called Gary Delaney, who's now stand-up comic and he's a mate. Gary proposed Mick Jagger and Mick Jagger won. Now Mick Jagger had been at the LSE. He did two terms of accounting and finance, then left to pursue his music career, which I hear from his tutor, who his tutor at the time says you'll never make any money from this, but it'll be ready for you when you come back. He won and Gary and I went to meet him to present him with his honorary presidency at Wembley Stadium when he was doing a concert. And I was empowered by the school, the LSE, to say that they had checked and his degree was still open and he was still welcome to come back and finish it whenever he liked. And we chatted for about probably 45 minutes an hour until he said, I've probably got to go and do a concert now. It was just one of those marvelous experiences. Meeting Mick Jagger when you're that age, going to Wembley Stadium. We got to see the concert afterwards. We were in hospitality, which was very nice for students. They were very, very posh pucker grub, I remember at the time. And yeah, it was just fantastic.
Presenter asks
26:23But in 2018 you were the victim of scam adverts on Facebook. They were using your picture. What was your reaction when you first realized what was happening?
Well, it was pretty horrible to be honest. The first person who really notified us, they were using scams for these things called Bitcoin Trader, nothing to do with Bitcoin, I just scams using the get-rich quick idea of Bitcoin. And these adverts promised that I backed it, I made all my money from it, and I'd give you the money back if you lost anything. And we had an old gentleman who got in touch very angry with me, asking where his money was. And then when we found out what was going on, you know, we wanted him to give... give us his details so that we could help him and he was quite angry and said why would I give you details you scammer it's a bit of a slap in the face when you spent your whole career with sort of advanced paranoia not to do anything wrong which is how I live my life to have somebody treat you that way. And that was the tip of the iceberg, as people will know. Not wasn't what I particularly wanted to spend my time doing, but we started the scam campaign that resulted in me suing Facebook, which was one of the scariest things I've ever done. I settled in a very good way. You always get flat for these. Why did you settle? Well, because I've been advised by my lawyers that had I gone to court, I might have won 50 grand. And I should say, this was always a campaigning lawsuit. I always said I'd never take any of the proceeds. And I settled for £3 million donation to set up Citizens Advice Scam Action, which has one-on-one facilities to support people who've been scammed or in the process of being scammed. And the UK now has on Facebook the first scam reporting button. So if you see a scam ad, you can press a button and report it, which doesn't exist on Facebook anywhere else in the world.
“I need to admit something here that may be difficult for listeners of Desert Island discs to hear, but I've never really listened to music.”
“I feel that this is the position I was put in. All the work I've done and the trust I've built up and trying to do this, suddenly I find myself in a time where it really needed somebody who is outside of the Westminster political bubble... to be able to put their point across, find the information for them and fight their corner.”
“I'm a secular person with a religious bit on the side, if you like.”
“I never went out until I was 18. Never left the house, couldn't leave the house because I wasn't at home when it happened to my mum and I couldn't cope with leaving the house because of the thought of something else could happen.”
“Without my wife and my daughter, that's total misery. I can cope without anything else, but not without them.”