Ros Altmann will take up a ministerial position “at the heart of government” if the Conservatives are elected to power, the prime minister has announced.

Dr Altmann, who will sit as minister with responsibility for financial consumer protection and financial education, will also be made a Tory peer irrespective of the election outcome on May 7.

Described by David Cameron as “the country’s leading expert on pensions, on savings, on financial education”, Dr Altmann admitted that she hesitated when offered the position by Chancellor of the Exchequer George Osborne.

She said: “My first thought was: ‘I am giving up my independence’ and ‘could I still do what I believe in?’

“I hesitated, but sometimes in life you just have to go for it. I never thought I would be a minister.

“This will give me an opportunity to help people from the inside. My work has always been driven by helping people. I still give 20 per cent of my salary to charity; I always have.”

The Finchley United Synagogue member said her commitment stemmed from “a very Jewish type of value system. When you look around the world at the people standing up for justice, you will see that Jewish people are at the forefront”.

Dr Altmann said her appointment proved that it is possible for an Orthodox Jewish woman to take a leadership role. A mother of three, she said: “I am very fortunate to have been able to be there for my children, have a professional career and reach a very high level.

“You do not have to compromise your religious principles to succeed. I have been able to keep Shabbat, kashrut and all the festivals and still reach the top level of the establishment.”

The appointment came after Dr Altmann served as older workers’ business champion in the coalition, and as an adviser to Tony Blair when he was Labour prime minister. She said: “Some people are very tribal; they will only vote Tory or Labour. But I look at the politics of the time. Now the time is right for the Conservative Party. They have created more jobs and apprenticeships for everyone. We have to create more business here in the private sector.”

She has a to-do list ready if the election result should allow her to take up the ministerial role. “I would like to introduce more financial fairness, help older people get mortgages by fighting age discrimination and bring in financial education for all ages,” she said.

“The average British family is very sensible and would like to know more, to look after themselves and their family and they do not want to depend on the state. That is how British people think and they are the people we need to work for.”