Young people often mistake financial freedom for spending money on whatever they fancy. However, a lifestyle of saving, and not living in the hope of a big pay cheque, is the surest route to financial freedom, says financial consultant and author Nola Rae. "People think financial freedom means you can buy anything you want instead of preserving money towards your future," she adds. Financial education is a booming business, with training courses, money coaching and self-help books providing the necessary education young people are not learning at school and from their parents. Rae, author of Money Wit: Becoming Financially Savvy, says a major problem today is that many people believe that their monthly salaries are adequate and that they can control their earning power, but both are traps. People also believe they can handle whatever financial problems might come their way. They think they’re too young to start saving, but that’s misguided, says Rae. "Because people think they’re to...

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