By 2017, millennials’ spending power is expected to surpass that of baby boomers, yet a majority of these young consumers lack core financial literacy skills and access to tools and information to help them succeed.
To address this need, MasterCard has introduced the in reach benefits platform for issuers looking to engage this all-important customer segment. The platform includes tools to help millennials as they embark on their career and personal financial journey.
Issuers can incorporate the in reach platform onto any credit, debit or prepaid MasterCard, giving them a differentiated service offering to appeal to what is now the largest and most diverse generation in recent history. MasterCard has strategically partnered with LinkedIn and The Wall Street Journal to build an engagement hub that provides cardholders with access to robust career and financial related resources, tools and benefits – all in one central location.
“Millennials will be the largest generation in the workforce in 2015, yet the differences between this group and previous generations are vast,” said Trevor Fellows, Global Head of Advertising Sales, The Wall Street Journal. “By delivering a customized platform that provides millennials with the information, resources and mentoring necessary to succeed, we can help bridge that gap.”
The MasterCard in reach platform includes the following tools:
Optimize Me – Tools and insights to help cardholders establish a strong online professional presence such as resources on how to build a professional LinkedIn profile while also reviewing their current social media content to ensure the image portrayed aligns with career aspirations.
Mentor Match – MasterCard cardholders can engage with an industry-based mentor for valuable career guidance. This custom program built in partnership with The Wall Street Journal provides content and connections to help millennials get a head start as they build their career.
Money Smarts – Millennials can build their financial prowess with access to their credit score, tips on budgeting, insight on maintaining a good credit score and money coaching.
Perks – Access to exclusive rewards and benefits by linking your MasterCard credit, debit or prepaid card.
“We understand the importance of arming the next generation with the tools and information they need in order to thrive both professionally and personally,” said Cheryl Guerin, group executive, Global Products & Solutions, MasterCard. “We’ve built in reach to fill the lack of adequate tools and strategies currently available to our youth heading out on their own for the first time. By collaborating with our issuing partners, we are enabling millennials to take charge of their career and finances.”