Carol Decker is lead singer of pop group T’Pau, who had a string of hits in the late-1980s with songs such as China In Your Hand, which spent five weeks at No 1, and Heart And Soul, a Top 5 hit in Britain and the US.
The band is still going strong and will perform at various Eighties pop festivals this summer. To date, T-Pau have sold four million records.
Carol, 66, lives in Henley-on-Thames with restaurateur husband Richard and their two children, here she reveals all about her finances and whether 80s stardom left her rich.
Top of the pops: Writing hits like China in Your Hands has paid off for T’Pau singer Carol Decker
What did your parents teach you about money?
I remember my father quoting me a famous line from Hamlet: ‘Neither a borrower nor a lender be,’ and I’ve always liked to live within my means. So even at the height of T’Pau’s success I didn’t go crazy.
My attitude to money was influenced by my upbringing – I spent my first couple of years in a Liverpool council flat. But my dad worked his way up to become a supermarket manager, so we moved to Shropshire when I was seven and he bought us a three-bedroom house in the late-1960s for less than £3,000. What would that buy now?
Have you ever struggled to make ends meet?
Absolutely. I blew my A-levels so I didn’t go to university and ended up doing a series of dead-end jobs. But at 22, I decided to try and make it in music with my then boyfriend Ronnie, although I didn’t have any money and my dad was always having to bung me a few quid to cover the bills.
I was so broke at one point I had to watch telly in my sleeping bag to stay warm because there was ice on the inside of the windows of my chilly Shrewsbury flat.
Have you ever been paid silly money?
Yes, the money for doing the occasional solo private corporate event can be pretty good – usually a five-figure sum for playing a handful of hits. But I think I’ve got impostor syndrome because sometimes when I’m offered a sizeable fee to play I think: ‘You’d pay that for me?’
I got some big royalty cheques because I co-wrote those songs … we bought a house, mortgage-free, near London’s Hampstead Heath for around £200,000
What was the best year of your financial life?
It was probably 1988, the year after we had our biggest hits, China In Your Hand and Heart And Soul. I got some big royalty cheques because I co-wrote those songs with Ronnie.
When the big bucks came in, we bought a three-storey town house, mortgage-free, near London’s Hampstead Heath for around £200,000, plus a ten acre farm near Monmouth, Wales.
Carol reveals that in the late 80s her hits bought her a London house mortgage-free… for £200,000
The most expensive thing you bought for fun?
A brand-new, silver Mazda MX-5 – a real head-turner in its day – which I got for £16,000 in 1990. It was the first car I bought – I didn’t pass my driving test until I was 33. I used to race around the lanes of Monmouthshire and drive around with the roof down, showing off.
What is your biggest money mistake?
I haven’t made any one massive money mistake, but I keep being suckered into buying cleaning gadgets online that claim they’re going to change my life but turn out to be rubbish.
I lately bought a chargeable, lightweight patio cleaner on the web for £60 that looked nice – but turned out to be a glorified hair dryer. I must spend £500 a year buying nonsense online. Perhaps I need therapy.
Best money decision you have made?
When Ronnie and I parted company personally – although we’re still bandmates and he’s one of my oldest friends – he kept the farm and I kept the house in London. In 2005 I sold the house for just under £1 million. It’s probably now worth double that.
I get the state pension, but my live T’Pau work is my real pension
Do you have a pension?
I recently turned 66 so I get the state pension, but my live T’Pau work is my real pension. I also have a small private pension I haven’t topped up in years.
Hitmakers: Carol and T’Pau were regularly in the top of the charts in the 1980s
Do you own any property?
A large bungalow with an outdoor swimming pool and half an acre of land in Henley-on-Thames, which cost a six-figure sum in 2005. We’ve since built into the loft, so we’ve got lots of room.
If you were Chancellor what would you do?
I’d get rid of VAT straight away. I’d also scrap inheritance tax and reduce business rates so that people in hospitality and other sectors can thrive.
What is your number one financial priority?
Just to make sure that I’ve got enough money for when I stop touring. My husband’s seven years younger, so he can pick up the slack and work until he drops!
T’Pau are appearing at summer festivals and supporting The Human League on the Generations Tour in December (tpau.co.uk). Carol Decker is also starring in the Now That’s What I Call A Musical! tour later this year (thenowmusical.com).
