Nigel Mansell CBE, 63, won 31 Formula One races during his career and became world champion in 1992.

After 15 years on the F1 circuit racing for Lotus, Ferrari, Williams and McLaren, he retired in 1995 and now spends his time on the amateur golf circuit and as president of the children’s charity UK Youth.

A father of three children, he lives in Jersey with his wife, Roseanne.

How did your childhood experience influence your attitude to money?

I didn’t have any interest in money growing up because I didn’t have any, but as you get older you realise that money makes the world go around and it becomes important.

I was an early-Fifties baby, so things were very difficult back then, but it made me appreciate everything. My father was an engineer at Lucas Aerospace and my mother was a housewife and we lived as good a life as we could have done.

How much was your first pay packet?

I was an apprentice engineer at Lucas Aerospace and my first weekly salary was £6.30. Money came to me very late in my career and I’m very pleased that the late, great Colin Chapman signed me and got me on the road to success and a little bit more financial security.

Are you a spender or a saver?

I’m an impulsive buyer. If I like something I normally buy it, which was a bit devastating at the beginning of my Formula One career because the first time I had a good pay cheque I went to America without my wife and I came back with a helicopter, and she was quite upset with me.

The next time I went to America I came back with a jet. And then she made me promise that I’d never buy another plane or helicopter when I wasn’t with her, so I didn’t. So after that I came back from America and said: “I’ve kept my word. I haven’t bought a helicopter or a plane but I’ve bought a house. Here you go!”

How dramatic was the leap from your salary as an engineer to your Formula One income?

I would have made more money as an engineer. My first salary in Formula One was only $25,000 and I had to pay all of my hotel bills and air fares and car hire, so my wife was still at work at that time to support my racing. We didn’t have any sponsors behind us.

How quickly did your earnings skyrocket once you were established?

I don’t think any sizeable sums came very quickly at all. You had to earn your spurs in the early days and it was the best part of eight years before it changed significantly.

The Williams and Ferrari pay cheques were awesome and obviously I earned a lot of spurs by winning a number of races, but in those early days I was just grateful to be doing the job. It wasn’t so much the money but the glamour and the accolades of being a Formula One driver.

Your wealth is now estimated at £70m but what’s the most lucrative single day’s work you’ve done in your career?

It was working for the charity UK Youth. It raises millions of pounds for children and we did a ride from John O’Groats to Paris where we rode 120 miles a day for 11 straight days, doing 1,320 miles in total.

Have you found it a challenge not to spoil your three children, Leo, Greg and Chloe?

All children have to earn respect. It’s not their divine right, although they have expectations.

They realised when I went into motorsport that you could do everything right and still get it wrong. You can do that in most businesses too, but if they’re well grounded and you give them a lot of nurturing and love and hopefully point them in the right direction, they’ll find their own way.

What are the biggest financial lessons you’ve learnt?

That it is far more difficult to save than it is to spend. If you can’t afford it then don’t do it.

What’s your main source of income today?

I don’t have any. I’d like a job. Anyone out there got a job? I’m a bit old now. Not many people would employ me.

Apart from property, what’s the most you’ve ever spent on a single item?

I bought an F40 Ferrari when I was a Ferrari driver. I got a good discount and when I eventually sold it I made a bit of profit. [The car in question sold at auction in 2014 for £543,375.]

Have you ever bought anything expensive and later regretted it?

I’ve been with my wife for 48 years – that’s probably been the most expensive purchase. But the most loving and caring one of course. I’ll get shot there!

Do you prefer to pay with cards, cash or cheques?

I do have credit cards but I pay them off every month, as I don’t like having any charges.

What’s your most treasured possession?

The relationship I have with my wife and family, and obviously the most treasured possession anyone can have is their health.

Are you a generous tipper?

I’m very fair and very correct and I reward people who serve and do a good job. I try to be generous throughout my whole life and I’ve literally given away millions.

Do you ever gamble?

I’ve gambled my whole life driving a Formula One car. When I used to drive the cars there were concrete walls at the edge of the track and I used to have to look at myself in the mirror and say, “Am I willing to risk it all today?”

In terms of actually betting, I do have a soft spot for blackjack.

Do you have a property portfolio?

Not really. I only live in one house, which is obviously very pleasant, and we’re very proud to say we live in Jersey although people say, “Oh, you’re in a tax haven”, but we pay tax there.

Do you have a financial adviser?

I manage my finances for the most part but we all have to have advice. You just have to be very careful because sometimes you can have so-called experts lose the money for you.

What impact is Brexit having on your finances?

It’s had a lot of impact on everybody’s finances. You only have to look at the dollar-pound rate – it’s the lowest it’s been in 35 years. From the point of view of our Mitsubishi dealership [chaired by Mansell and run by his son Leo], the devaluation of the pound means that the new cars coming through will be a lot dearer.

There are difficult times ahead but we have a wonderful country with great leadership and what we need to do is get behind everybody and make it all work.

What are your financial plans for the future?

I hope to stay afloat. I hope to have a pension that will allow me not to have to work so hard and to sit back more. Like anybody, you make estate planning and hopefully things will be in order so that when I do leave a legacy behind it will be one that will be remembered.

What do you like least about dealing with money?

Money talks louder than words at times and sometimes it’s meaningless. Purity of life is tarnished by money sometimes.

Nigel Mansell backs socialsuperstore.com, a social platform that allows people to earn money by sharing products from their favourite brands, including John Lewis and Selfridges