College can be a confusing stage of life, but you wouldn't know it from how students rate their financial knowledge.
About 57 percent gave themselves high marks for their financial literacy in a new survey commissioned by the American Institute of Certified Public Accountants, compared to just 12 percent who rated their money smarts as poor or terrible.
That would be nice if it matched reality, given the $1.27 trillion outstanding in student loans. But unfortunately, the AICPA survey found that often students behave like financial illiterates.
Almost half—48 percent—reported having less than $100 in the bank at some point in the last year, the survey found. And 38 percent said they had borrowed money from family members or friends.
Not surprisingly, another survey by GoBankingRates, out this week, found 1 in 4 Americans think about money more than anything else on a daily basis, and thoughts about money are most common among people aged 25 to 44.
Millennials and others "have been careless with either their money, their lack of knowledge, or putting wants before needs," said Ernie Almonte, chair of the AICPA's National CPA Financial Literacy Commission. "This is a great opportunity to teach the next generation how to handle their finances."