MasterCard- Millennials in Latin America and the Caribbean MasterCard- Say Financial Education is Must-Have for Financial Freedom, MasterCard Study Reveals

Study findings pave the way for newly revamped MasterCard financial literacy program, Smart Consumer

·       As part of the re-launch, MasterCard hosted a financial education seminar on responsible spending habitsat the College of Science Technology & Applied Arts of Trinidad & Tobago  

To tweet this news, please use @MasterCardLAC and hashtags #SmartConsumer

Monday, December 16, 2013:PORT OF SPAIN, TRINIDAD AND TOBAGO –Millennials (18-30 years of age)across the Latin America and Caribbean (LAC) region believe financial education is a very important factor in achieving personal financial stability, this according to a recently released MasterCard study on financial literacy. 

The study: “Financial Literacy Among Youth in Latin America and the Caribbean”,conducted across 11 markets in the region, was launched by MasterCard in order gain insights into Millennials’views on the topics of personal finance, financial education and financial tools.  According to the study, the young population in LAC rate their financial know-how as below average (67% of those surveyed).   This is significant given that today, about 63% of the population in LAC is under the age of 35 and many of them who are unbanked  cited this lack of understanding as a barrier to becoming banked (74%).   

With these insights, MasterCard’s financial literacy program,Smart Consumer,has beenenhanced with new, interactive featuresthat aim to effectively engage and inform Millennialsin LACon the basics of personal financeand get them on the road to managing their finances wisely. 

“Informed consumers make better financial decisions and are instrumental in helping us reach our vision of a world beyond cash, “ added Sebastian Barletta, Territory Head for the Eastern Caribbean region.  “At MasterCard, we believe financial inclusion needs to be supported by financial education efforts and this can only be possible through the collaboration of industry players and programs like Smart Consumer.”   

The interactive financial resources and tools featured in the newly revamped Smart Consumer program can be accessed via the very same channels Millennials cited as their preferred way to obtain financial education information, including the programwebsite, an e-learning platform,  and in-person financial workshops with experts. 

·       Smart Consumer Website: The newly redesigned website continues to provide insights from financial experts, in addition to offering market-specific information and featuring five interactive calculators, including the Dream Calculator, a tool that helps plan savings needed to reach a financial goal.  

·        Community Outreach Programs: Since it’s launch in 2007, MasterCard has hosted over 50 financial education seminars and workshops for residents of communities across the region, reaching close to 5,000 people.  This will continue to be an integral part of the program.

As part of the re-launch of its Smart Consumer programme, MasterCard recently held a financial education seminar in Trinidad & Tobago at the College of Science Technology & Applied Arts of Trinidad & Tobago (COSTAATT) in Port of Spain on Wednesday, December 4 . The lecture entitled “Financial Literacy - Developing Responsible Spending Habits” was delivered by well-known local Financial Coach, Trainer, Advisor and Author, Nicholas J. Dean. The attendees comprised COSTAATT students who are part of the Financial Management Class and included majors in Finance, Human Resources, Accounting and Entrepreneurship.  

Dean had the enthusiastic students wanting more with his stimulating and interactive lecture, which guided the attentive audience through ways to manage money matters.  He also touched on topics such as how to achieve “financial freedom”. He talked about setting goals, having an emergency plan for unforeseen circumstances – which he stated would be considered “Anything that would set you back financially - so having an emergency plan was like having an insurance to achieve other goals.”  

-###- 

About MasterCard
MasterCard (NYSE: MA), www.mastercard.com,is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews,join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.

Local Financial Coach, Trainer, Advisor and Author, Nicholas J. Dean delivers his lecture on Financial Literacy - Developing Responsible Spending Habits at the inaugural MasterCard Lecture in Trinidad & Tobago at COSTAATT