Olympics legend Lady Mary Peters admits she's cautious with money

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Former athlete Lady Mary Peters, 85, won the gold medal for pentathlon for Great Britain in the 1972 Olympic Games in Munich, writes Peter Robertson. 

She also represented Northern Ireland at every Commonwealth Games between 1958 and 1974, winning two golds in pentathlon and a gold and silver in shot put. 

Mary worked as a teacher until deciding to pursue athletics full time. 

She lives in a cottage near Belfast.

What did your parents teach you about money?

Nothing really – they paid for everything when my older brother John and I were growing up.

My father Arthur Peters was a leading violinist in the Liverpool Philharmonic Orchestra, who, after he married my mother Hilda, became an insurance agent with the Liverpool Victoria Society.

Going the distance: The former track star lives in a cottage she bought in the 1970s

We moved from the North West of England to Northern Ireland when I was 11, and from then on John and I used to get two shillings a week pocket money – even when I was 18. It seemed like a fortune. I'd spend it on ice cream wafers in the shop, then I'd run about a mile home, trying to get there before the bus.

What was your first pay packet?

It was £19 for my first month as a home economics teacher at Graymount Girls' School in Belfast.

If the pupils didn't do what they were told in my cookery classes, I'd hit them across the knuckles with the back of a spoon!

I taught for four years, but then I was becoming a well-known athlete and the director of education wouldn't let me have time off to pursue athletics, so I left in 1964.

When I won gold in 1972, the school wanted to honour me because I'd given up my job for the sake of my sport and it had paid off.

Have you ever struggled to make ends meet?

All the time in my early athletics years, as the money I earned teaching went on travel to get to competitions. Living in Northern Ireland, it was always a flight away. I looked after every penny. When I won gold I was in the red at the bank. But I didn't want money when I competed – I did it as a hobby. So I don't resent what athletes receive today. I don't think it makes them any happier.

Have you ever been paid silly money?

A couple of years after Terry Waite was released as a hostage, we went to an Amway conference (markets health, beauty and home care products) to give motivational talks and were paid £3,000 each, which I thought was a huge amount.

It was good to tell my story about working for two charities, one building Belfast's first running track and the other, The Mary Peters Trust, which is celebrating its 50th anniversary this summer.

The best year of your financial life?

These are the best years – I have my old-age pension and the pension I paid into during my working life. I don't take money from engagements – I give it to my charity. As long as I have a warm bed and food, and I can go on the odd holiday, I'm happy.

Are you a spender or saver?

Born winner: Mary with her pentathlon gold in 1972

I'm a saver. I am very cautious shopping and think 'oh this would be cheaper than that'. But my financial adviser said: 'Mary, you're going to pay too much inheritance tax! Spend it!'

I go to the theatre a lot, and I was in New York over Christmas and saw two shows on Broadway. I also go to a lot of parties because I still have many friends.

What's the most expensive thing you bought for fun?

In Cyprus I once bought a beautiful black leather made-to-measure coat. But I left it somewhere and never saw it again.

What's been your biggest money mistake?

My first car was quite an elderly Morris 1100 and, when I went to pick it up, it ran out of petrol on the way home and I had to siphon some out of a friend's lawnmower to get me to a garage.

The best money decision you've made?

I lived in a flat on Antrim Road in Belfast and, during The Troubles, three soldiers were killed next door in 1975.

I wanted to move and I saw a little cottage advertised in the local paper which I thought was the house of my dreams. I went to see it, and when I rang the doorbell the gentleman who answered shouted: 'Look who's here!'

It cost me £18,000. I'm still living in it, and a few years ago it was valued at £300,000.

Do you have a pension?

On the advice of a friend, I started paying into one about 45 years ago with small contributions and built them up. It's certainly paid off.

Do you own any property?

Just my two-bedroom cottage eight miles from Belfast.

There's a golf course behind me. I don't play but I hear the bad language from golfers missing shots! I've never been tempted to buy a place in the sun because I like to go to different places for holidays.

Do you donate money to charity?

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I give every penny I earn from public appearances to The Mary Peters Trust.

One year I raised £1 million. We help young people – disabled and able-bodied – achieve their sporting ambitions. These athletes have included golfer Rory McIlroy and boxer Carl Frampton.

At the 2024 Olympics in Paris, we won four gold medals, two silver, and two bronze – the highest number of medals per head of population in the world.

If you were Chancellor, what would you do?

I feel bad for the elderly because during Covid they suffered. They've lost their free TV licence and heating allowance. What are they going to lose next?

We've paid into the NHS all our lives and now have to pay for private care due to long waiting lists.

I've been approached in the past to go into politics but I don't trust politicians, and think you can do more good through charity work.

What is your top indulgence?

I am extravagant with clothes, particularly dresses as I go to so many functions.

But I took five black bin bags to a charity recently because I've lost weight and I wasn't going to wear those clothes any more.

What is your No.1 financial priority?

That I have enough money to fly to see my brother John. In 1960 he moved to Australia with his then-new bride and he's been there ever since. He is now 88.

I've been to Australia 30 times, business class. The only time I get to see him is when I go out there.

I was last in Australia two years ago and I will have to go once more before we are both too old.