Debit, Prepaid Preferred In Managing College Student Spending

What's Next In Payments®
4:12 PM EDT 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
International
TransferWise Uses P2P Network To Cut Cross-Border Money Transfer Costs
International
China’s Alibaba and Tencent Call Off Taxi-App War
News
Banks Step-Up Anti-Money Laundering Efforts
Mobile Commerce
Why Did Consumers Suddenly Sour on Mobile Banking and Shopping?
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
Company Spotlight
ROAM Partners with Leapfactor to Integrate Payment Acceptance into Vertical Business Apps
Company Spotlight
M-Commerce Trends for the Remainder of 2014
B2B Payments
Cloud-Based ERP System Puts Shoe Distributor In Step With The Times
B2B Payments
Where Omnichannel And Product Fulfillment Intersect
View All Articles ››