Debit, Prepaid Preferred In Managing College Student Spending

What's Next In Payments®
4:12 PM EST August 24th, 2012

It’s common knowledge that parents fret over the decisions their children make when faced with the new freedoms college has to offer. According to a recent MasterCard survey, one of the freedoms parents worry about most concerns how their kids manage their finances.

Nearly 65 percent of the 310 parents surveyed said they’re concerned about the money management skills of their college-bound children, with 40 percent believing their kids will run out of money within a month.

So what features allow parents to feel more at ease with their children’s finances? Text spending alerts and freezing access are two methods, the survey notes. Parents also prefer debit and prepaid cards, which prevent students from piling up debt. Student loans aside, that is.

In order to ease parents’ concerns, MasterCard and the International Student Identity Card Association (ISIC) have partnered up (http://pymnts.com/news/businesswire-feed/2012/august/21/mastercard-survey-finds-parents-of-college-freshmen-worried-about-their-childrens-ability-to-manage-money-20120821006008/) to create a card program that affords students “easy and secure ways to manage their money, track spending and purchase goods at discounted prices” from both brick-and-mortar and online sites.

Check out the following infographic to see even more data from the survey.

Comments
Also by This Author
What's Hot
Merchant Innovation
“Shazam for Fashion” Launches Stylist App
News
Samsung’s Double-Barrel Galaxy S6 Launch
News
Consumers Go Mobile For Smart-Device Research
Merchant Innovation
Will Half Of All Americans Be Amazon Prime Customers By 2020
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
Cool
The Shortlist – Get To Know Them Today, You’ll Be Talking About Them Tomorrow
B2B Payments
B2B Meets The Cloud: The Evolution of Payments
B2B Payments
ING Boosts B2B E-Payment Services with Basware
B2B Payments
Wonga Chooses Buyer for Nixed Business Lending Unit
View All Articles ››