College Grads not Focused on Savings

May 18, 2011 ( - 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.

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.