23 Aug, 2012
MasterCard Survey: Parents of College Freshmen Worried About Children’s Ability to Manage Money
PURCHASE, N.Y.- August 21, 2012 -(BUSINESS WIRE)–Almost 65 percent of parents of college-aged young adults worry most about their child’s ability to manage money and spend wisely, according to a recent MasterCard Student Transition survey. In fact, two in five parents believe their young adults will run out of money in the first month of college.
“The ISIC MasterCard program is unique in that students are able to use a single card to prove their student identity internationally, as well as access funds and benefits easily and securely around the world”
To help ease parents’ concerns, MasterCard is partnering with the International Student Identity Card Association (ISIC) to give students the identity benefits of the ISIC card, the only internationally recognized proof of student endorsed by UNESCO, combined with the convenience and security of the MasterCard acceptance network. Cardholders are also entitled through ISIC to more than 40,000 discounts and benefits in over 120 countries.
More than 150 million students worldwide are often looking for ways to stretch their money in the face of increasing costs. By combining an ISIC card with a MasterCard branded payment card, students have access to services at every stage and aspect of their student life, providing them with easy and secure ways to manage their money, track spending and purchase goods at discounted prices – whether online or in store.
“In today’s world, young adults seek to be in charge of their own financial well-being,” said Carlos Menendez, MasterCard Group Executive, Global Debit. “The ISIC MasterCard allows students around the world, who are largely under banked, a payment tool to efficiently manage their spending as they explore the new found independence of transitioning to adulthood.”
“The ISIC MasterCard program is unique in that students are able to use a single card to prove their student identity internationally, as well as access funds and benefits easily and securely around the world,” said Martijn van de Veen, General Manager of the ISIC Association. “Our partnership highlights the importance of providing students with the tools and knowledge to help guide them through the financial realities they will encounter as they navigate their way through student life.”
Other highlights from the MasterCard Student Transition survey include:
- Parents express concern about their child’s ability to manage their credit ratings.
- Parental tools like text alerts and the ability to freeze spending make parents feel more comfortable about their child’s ability to manage finances.
- Debit and prepaid cards help ease parents’ fears that their child will get into serious debt.
The ISIC MasterCard is available in 13 programs in countries including Argentina, Brazil, France, Hong Kong, Serbia, South Korea, and the United States. Several more, such as India, will launch soon. In the U.S., the ISIC Prepaid MasterCard launched in mid-June is distributed by STA Travel, the world’s largest youth travel agency, who expects to deliver 250,000 cards by June 2013.
About ISIC
The International Student Identity Card (ISIC) was created in 1953 and has helped over 100 million students experience a better quality of life ever since. ISIC is the only internationally accepted proof of full-time student status, endorsed by UNESCO, national governments and ministries of education worldwide. It is sold each year to over 4.5 million students in 124 countries. For more information please visit www.isic.org.
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