Benefits May 18, 2011
College Grads not Focused on Savings
May 18, 2011 (PLANSPONSOR.com) - A new Capital One Financial Corporation survey of college seniors planning to graduate this spring and recent college graduates finds that while 62% believe they are "highly" or "very" knowledgeable about personal finance and money management, many admit to impulse buying and overlooking opportunities to improve their finances.
Reported by Rebecca Moore
Only 43% of survey respondents say that they are putting money in savings on a monthly basis or more, and 36% admit they are not setting aside money for savings on a regular basis. If given $500 to save or spend, 74% of the young adults surveyed say that they would spend at least $100 of it and 44% would spend at least $300, according to a press release.
Half of males surveyed report that they are putting money away in savings monthly or more, compared to 40% of females surveyed.
In addition, the survey found of the 69% of respondents who have undergraduate student loans to repay, 60% are very or somewhat worried about their ability to pay back their loans. Two-thirds (66%) say that having student loans to repay will have an influence on the job they take or the career they pursue.