Trend: Bankrupt!: Bank of Mom+Dad Redux

According to the third annual survey by Citi Credit-ED/Synovate, a national survey of more than 1,000 college juniors and seniors reveal that—as in past years—today’s college upperclassmen continue to embrace a youthful optimism toward their financial security.  However, parents might be surprised by the role they’ll play to help attain this lifestyle: 
 
-A majority think they will earn $30,000 or more the first year out of college, one-third think that their earnings will be at least $40,000.
-4 in 10 expect to have an affordable lifestyle within three years of graduation.
-64% are expecting at least some financial support from their parents after graduation.
-Over a quarter of upperclassmen expect to live with their parents after graduation – a 10% increase from 2005.
 
With the prospect of having to manage their own finances after graduation, college upperclassmen recognize the importance of financial knowledge—but are less confident about their own knowledge, compared with previous years.  But they are showing an increased desire to become credit savvy:
-Less than half of those surveyed this year think they have sufficient knowledge to manage finances and credit responsibilities after graduation.
-Less than half consider themselves to be “good” at managing their day-to-day spending.
-Nearly a third are interested in increasing their knowledge about sensible credit management.

AKI COMMENT: As I have been noting throughout my ongoing series of TREND: BANKRUPT! posts, AMERICAN'S FINANCIAL EXPECTATIONS WILL SOON NOT MEET OUR ABILITIES.

Will post more soon on rising youth debt and our collective accrued retirement debts.