College is supposed to better prepare you for life's challenges, right? A new study says many of today's college students leave school with only basic skills. And when it comes to life skills literacy, like balancing a check book and figuring out a restaurant tip, forget it.

Manny Lopez is studying architecture at College of the Desert.

"That's something I'm very interested in looking into right now. I have some family members who have become very successful doing that."

Manny is a good student, but a new study finds 30 % of those earning two-year degrees and 20 % of students at four year colleges, lack the literacy they'll need to live and work in today's society.

Simply put, they can't do the math to compare ticket prices, calculate the cost of a sandwich and a salad from a menu, or even tell if their car has enough gasoline to get to the next gas station.

Other findings were just as troubling. Many students can't read and understand information in newspapers, brochures and instructional materials. They also have difficulties understanding job applications, payroll forms, transportation schedules and food and prescription drug labels.

There's no difference between public and private colleges, full or part time students, men or women.

“Nowadays, teachers don't educate students who they should. Hard math, hard English, things that will help them in the future."

"I think it's just common sense when it comes down to it."

If it's any consolation, today's college grads are about equal to past years. And college grads perform better than those without a higher education.

"And people that do and have the knowledge, I believe those are the ones that become successful."

An extra incentive to hit the books.