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NEW YORK, May 4 /PRNewswire-FirstCall/ -- According to the third annual survey by Citi Credit-ED(R), Citi's award-winning financial literacy program for young adults, the nation's college upperclassmen are less confident about navigating their financial responsibilities after graduation than in previous years. They continue to adopt high financial and lifestyle expectations immediately after earning their diploma, however they'll be relying more on their parents for financial guidance and support. This year's survey findings show students are beginning to acknowledge the gap between what they know and what they should know, with more students today expressing a desire to increase their understanding about sensible credit management.

A Bright Financial Outlook ... With Help From Parents

Results of the online Citi Credit-ED/Synovate national survey of more than 1,000 college juniors and seniors reveal that, as in past years, today's college upperclassmen continue to embrace a youthful optimism towards their financial security. They have high expectations for the salaries they will earn the first year of post-graduate employment and their ability to reach financial security within 3 years of graduation. Yet parents might be surprised by the role they'll play to help attain this lifestyle. After graduation, more than half the college upperclassmen expect to turn to their parents for some financial assistance, and more are planning to move back home:

-- 7 of 10 upperclassmen expect full-time employment within 3 months of graduation. -- A majority (59%) think they will earn $30,000 or more the first year out of college, one-third think that their earnings will be at least $40,000. -- 4 in 10 expect to have an affordable lifestyle within three years of graduation. -- 43% of upperclassmen are extremely/very likely to ask their parents for money if they're unable to meet financial obligations after graduation. -- As many as 64% are expecting at least some financial support from their parents after graduation. -- Over a quarter (28%) of upperclassmen expect to live with their parents after graduation -- a 10% increase from 2005. -- Of upperclassmen who have a financial role model, the majority (77%) cite a parent. -- Parents are increasingly becoming the #1 source for financial information -- 72% rely on their parents for financial advice, up from 68% in 2005. A Need For More Financial Education

With the prospect of having to manage their own finances after graduation, college upperclassmen recognize the importance of financial knowledge but are less confident about their own, compared to previous years. Less than half (47%) of upperclassmen in this year's Citi Credit-ED/Synovate survey think they have sufficient knowledge to manage finances and credit responsibilities after graduation -- a 9% decrease from 2005 and an 18% decrease from 2004. Less than half (46%) consider themselves to be "good" at managing day-to-day spending.

However, they are showing an increased desire to become credit savvy. And students who could benefit from more credit education are aware of their need: those who want more information are more likely to have made financial management mistakes.

-- The majority of upperclassmen (77%) are concerned with establishing good credit and indicate that credit and financial issues are a consideration for them. -- While most (73%) insist that they consistently pay their bills on time, over half acknowledge that they could do a better job of managing daily spending. -- Almost all (90%) feel credit card education is extremely/very important. -- Nearly a third (31%) are interested in increasing their knowledge about sensible credit management. -- Of those who want more information, 29% have missed or been late on a credit card payment in the past 12 months and nearly a quarter (22%) have bounced a check.