Sixty-Five Percent of College Students Think They Will Become Millionaires

August 28, 2001 (NEW YORK) - Despite the downturn in the economy over the past year and the failure of dot.coms that had fueled a lot of big-money dreams, college students are still optimistic. Sixty-five percent of students say they plan to become millionaires, many of them (30 percent) hoping to achieve this goal by age 40, according to a poll of college and university students conducted at the Ernst & Young International Intern Leadership Conference. But 43 percent of students also said that family and friends are a priority right now as they manage their work and personal lives. Interestingly, of the college students surveyed at last year''s (2000) annual conference - when the economic climate was much more hopeful -- 75 percent (10 percentage points more than this year) predicted they would become millionaires in their lifetime.

These and other questions about money, careers and workplace issues were asked of the nearly 900 Ernst & Young interns from 22 countries around the world who gathered for the fifth annual international intern conference at Walt Disney World in Orlando, Fla., from August 2-5, 2001.

"Young people entering the workforce today seem very confident about their abilities to succeed in their careers," said James L. Freer, Ernst & Young''s vice chairman of human resources for the Americas. "But at the same time, they are coming to their jobs with their priorities focused on how best to manage their workloads and still spend quality time with their families and friends."

The students also expressed strong opinions about society, money and investing. Fifty percent of the students chose long-term conservative stock and mutual fund investments as their primary method for saving for the future. Surprisingly, only 15 percent say they plan to use a company retirement plan.

Additional findings from the survey include:

• 74 percent of the students expect to be better off than their parents in terms of income and quality of life over their lifetime.
• 47 percent of students plan to retire in their 50s. Only 26 percent plan to retire in their 60s.
• 50 percent say having flexibility in planning a career around major life events is the most important element for achieving a good balance between a career and personal life.
• 34 percent say career development will be their priority over the next three years. Balancing a personal life with their career will be a priority for 32 percent of respondents.
• If they were independently wealthy and didn''t have to work, over 50 percent of students say that intellectual stimulation and learning, as well as a sense of social contact and camaraderie, would make them want to go to work. Only 3 percent said achieving fame or celebrity would motivate them to go to work.

Ernst & Young, a global leader in professional services, helps clients to quickly and confidently make financial decisions designed to enhance value. With 80,000 people in more than 130 countries, Ernst & Young offers traditional audit and tax services, as well as customized services in corporate finance, online security, risk management and the valuation of intangibles. In addition, legal services are available in various parts of the world where permitted. A collection of Ernst & Young''s latest ideas on the new economy can be found at www.ey.com/thoughtcenter. Ernst & Young refers to the U.S. firm of Ernst & Young LLP and other members of the global Ernst & Young organization.

Polling was conducted at the Ernst & Young International Intern Leadership Conference, August 2-5, 2001, by LMG.

Contacts:
Catherine Svoboda,
Ernst & Young
(212) 773-3517
catherine.svoboda@ey.com
Suzanne Clinton,
Hill & Knowlton
(212) 885-0631
sclinton@hillandknowlton.com

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