Expecting They'll Graduate Smoothly To A Life Of Financial Independence

It’s a pity every college can’t have Alan Greenspan as its commencement speaker. The graduates could benefit from a lecture about the irrational exuberance with which they regard their own economic prospects. In a poll of college juniors and seniors conducted for Citibank’s Credit-ED financial-education program, 42 percent said they expect to be financially secure within three years after graduation—”that is, able to afford the lifestyle you want, without incurring excessive debt.” This is, of course, a goal that has eluded numerous Americans who graduated decades ago.