Lisa Mckenzie grew up on a council estate and was the first in her family to go to university. She worked hard at school, and while at uni volunteered at a homeless hostel, convinced she was destined for a better life. She even completed a PhD and is now a university lecturer – but, at 56, McKenzie says her salary is stretched to the limit and she struggles to make ends meet. She has no savings or pension and is “terrified” about the years to come. Mckenzie married young and had a son when she was 19. She and her husband bought a small home together in Nottingham in the 90s – but the marriage broke down and they were forced to sell it. “My life was moving in a different direction, so my marriage drifted apart. I’d gone to university and he worked in the factory. If someone doesn’t want to be married to you then there’s no choice.”

Move to London

As it was an endowment mortgage loaned on an interest-only basis, they made virtually no profit. Mckenzie’s share was spent on a rented flat deposit in the capital where she moved to teach sociology at the London School of Economics. “I was working my way up, and hoped that somehow I would be all right; that if I just worked, studied, got my PhD, moved to London I’d do well.” She spent half of her income on her London flat, and when the rent increased she turned to payday loans. “I was running out of money and using those Wonga sites. You borrow £100 and pay it back at the end of the month. It seemed great, but the interest was massive and they just took everything. When you’re in that position with no money, you do it and think you’ll pay it back. That’s what happens when you don’t have enough money to live.” (Photo: Victoria Jones/PA)

Salary stretched to the limit

Today, she works at the University of Bedfordshire for two-and-a-half days a week – the only job she could find – and her £2,200 a month salary is stretched to the limit. As her son is currently studying he lives with her. Her rent is £800 and with her electric bill, council tax and other housing necessities almost half her wage is gone. Another £150 a week goes on to weekly hotel stays as her job is a two-hour drive away, plus petrol. (Photo: View Pictures/Universal Images Group via Getty)

Not enough to contribute to a pension

Mckenzie is lucky to save £100 per month. “I always try and put money away but then something happens. Last week I needed new brakes on my car which used all the money straight away. When something like that happens you’re back at square one.” She has no pension because while she was studying she couldn’t afford to put money aside from her part-time jobs, and all her money was going on surviving whilst in London. “The money that I would have put aside for a pension was money that I needed to live. I was also paying my student loan, which was around £110 a month.” If she contributed to a pension now her income would drop to £2000, which is not enough to cover her costs. (Photo: Nora Carol Photography/Getty)

'What will happen to me?'

With retirement nearing, her biggest fear is how she’ll make ends meet, as the state pension and housing benefit will not cover her expenses. “It’s terrifying. When I retire and can’t work and don’t own a house what will happen to me? What will happen to hundreds of thousands of people like me that have lived in rented properties? We’re going to get to a point where we’re not earning. My greatest fear is being forced to live in a houseshare. Being in your late fifties or early sixties and your only option is to live with strangers isn’t humane, it’s not right. Her university has been making redundancies and she doesn’t know how long she’ll be able to keep her stable income. “I don’t even know if I’ll keep my job. In the higher-education sector, none of us know how long we’re going to be here. There’s this idea that the older generation are rich and it isn’t true. I went to university as an adult to try and get a better life but I didn’t have the capital to do it. I got into this middle-class environment but it still didn’t work.” (Photo: Joe Giddens/PA)

'Keeping my health together'

Mckenzie has looked at back-up careers but many involve online work or technology she’s unfamiliar with. As a 56-year-old woman she’s found that it can be harder to get a job in her sector. “As a single woman, it’s harder to find a job that’s going to pay enough. It’s definitely harder when you’re older.” She exercises regularly in an attempt to stay healthy, as because becoming sick and not being able to work isn’t an option. “I‘m hoping keeping my health together might help but even people who are extremely healthy have terrible things happen. I do realise the minute I can’t pay my rent I’m out. You can’t negotiate with a landlord. At 56, I didn’t think this would still be happening to me. I became an academic, was writing a PhD and had two jobs, thinking it’ll be hard now but I’ll get the benefits later. It seems odd this is happening to me, but being working class never leaves you.” (Photo: Carolyn Eaton/Getty)