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Simon Meechan

How Martin Lewis became Britain's Money Saving Expert after starting website for £100

Martin Lewis is one of the most trusted people in Britain, thanks to his expert advice on how to save money.

The founder of Money Saving Expert was even dubbed "The People's Shadow Chancellor" by The Sunday Times, a nickname he winced at a little bit during Good Morning Britain's Cost of Living Special. But there is no doubt that people turn to Martin for guidance on how to make their money last. Recognition has come from the top, too, with the consumer expert awarded a CBE in the 2022 New Year's honours.

In recent weeks, the broadcaster, who has worked in The City as well as a journalist, has been calling on Chancellor Rishi Sunak to do more to protect Britons as the cost of living crisis worsens. On spiraling energy costs, Martin has said there is little more he can do. Not that he'll stop trying.

Read more: Martin Lewis' shares 'heat the human' tips as bills rise

Below we take a look at how Martin Lewis became Britain's go-to man for financial advice.

What did Martin Lewis do before TV Money Saving Expert?

Born in Manchester on May 9, 1972, a young Martin grew up in Cheshire. He moved to London as a teenager, to study at the prestigious London School of Economics. There, he spent a year as president of LSE's students' union and was chosen to represent the UK at a UN World Youth Leaders' event in South Korea.

He graduated with a degree in Government and Law, and then took a job in the City of London, where he worked in public relations and dabbled in stand-up comedy in his spare time.

Martin then switched his career, studying for a diploma in broadcast journalism at Cardiff University. He joined the BBC's business team, rising to the business editor at Radio 4's Today programme.

At Cardiff, Martin set out his stall for his future career.

He told the Guardian in 2019: “Everybody else wanted to be a war correspondent or go in fighting zones".

“I talked about doing money on This Morning.”

As the last millennium ended, he moved to the Simply Money channel, which does not exist anymore, but created the "Money Saving Expert".

How did Martin Lewis become famous?

Simply Money did not last long. It was taken off air in 2001 after launching in 2000. But one of its creations, Martin Lewis as The Money Saving Expert, has lived on.

In 2003, Martin set up the Money Saving Expert website in his living room for £100. It was an instant hit and had 1m visitors a month by 2006.

"With a focus on how to cut bills without cutting back, it soon saw explosive growth" reads the Money Saving Expert website.

"And very quickly it became the UK's biggest consumer site, a title it has now held for well over a decade."

Weekly emails on how to save cash proved popular and helped the site grow. Those emails offering " latest deals, guides & loopholes" are still going. More than 7.5 million receive them every week - equivalent to more than one in 10 of the UK population.

Money Saving Expert joined the MoneySupermarket group in 2012. Martin stayed on as editor and remained after the site was sold, where he is now executive chair and plays an active role. He launched the Martin Lewis Money Show on ITV in 2012. Martin has appeared on other ITV shows, including Good Morning Britain, This Morning and Lorraine, for more than 15 years, and has a weekly "Ask Martin" show on BBC Radio 5 Live.

What is Martin Lewis' role at Money Saving Expert now?

Martin had the option of leaving Money Saving Expert in 2015 when the sale to MoneySupermarket was complete. But neither he nor the brand's new owners wanted to part ways, so he took on a new role as executive chair, tasked with "overseeing the site, focusing on journalism and content quality, ethics, strategy and creativity", Money Saving Expert's profile says.

Although he is not putting in 90 hour weeks for Money Saving Expert anymore, he still puts in more than full-time hours, according to a Guardian report, which says he has cut down to "50-60" hours a week.

How much is Martin Lewis worth and how did he make his money?

According to the Sunday Times' Rich List, Martin Lewis is worth an estimated £123m, with "internet and media" the main sources of wealth. He sold Money Saving Expert to MoneySupermarket for £87m, after setting it up for less than £100. And he still works for them. Savvy.

The site makes money through click-through links to services and products, although MSE says that does not compromise its articles. The site does not host adverts.

"The MoneySaving guides are written, then, totally separately, paid links are looked for," says MSE.

"If no paying link is available, nothing in the guide changes. If the best is the best and doesn't pay, it stays the best. The link used is simply 'non-affiliated' – in other words, non-paying. Financial considerations do not affect inclusion in articles."

According to the Mirror, Martin has given away more than £20m of his own money to charity. That includes £2m of donations to Citizens Advice.

Go here for the latest news on the cost of living

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