Start saving now!

"This is the power of compound interest ? growing your money exponentially faster the longer it is allowed to work. As such, the youth have a massive advantage in terms of building wealth, because they have more time to allow the wonder of coumpound interest to work for them. It is unfortunate that so few young people realise the power they hold in their hands to secure their financial future by saving even the smallest amount every month and allowing compound interest to work for them," says Goslett.

The sooner you start saving, the bigger the deposit you will be able to bring to the table when negotiating a home loan and the more you will benefit financially from the savings in the interest payable over the life of the bond. You'll obtain a lower interest rate and you'll be able to afford a higher value property.

"However, even if you missed the opportunity to start saving when you received your first salary cheque, it is never too late to start. Start saving right now, and don?t let another month go by in which compound interest could have been working for you!" concludes Goslett.