College students are expecting to be rolling in dough in coming years, according to a study conducted by Phoenix Home LIfe Mutual Insurance Co. and reported by PRNewswire. However, not all students seem to be clear about money matters. According to Phoenix's "Fiscal Fitness Survey":
- College students expect an average starting salary of $36,000.
- 18 percent expect to earn $50,000 or more from their first jobs.
- 59 percent expect to be wealthier than their parents, but only 17 percent expect to work harder than their parents. They also expect some help from parents after graduation.
- 48 percent expect to live with their parents after graduation. But 39 percent of those who will return home expect to contribute nothing to household expenses.
College students do understand the need for financial planning, with 93 percent saying that people their age should save for the future. But students lack the concrete knowledge to fulfill their financial dreams:
- 72 percent have no understanding of compound interest.
- 68 percent have no understanding of mutual funds.
- 28 percent have no understanding of life insurance.
- 24 percent have no understanding of buying on credit (yet more than half have a credit card for personal use).
