Twentysomethings interested in finding smarter ways to keep up with their finances now have an ally in DebitSavvy.org–a new interactive website designed to teach young spenders how to manage their money through debit cards.
The website was launched by a company called PULSE, a Discover Financial Services (NYSE: DFS) subsidiary, and offers its readers free advice, updates and news on the latest debit card news. The website, which is a redesign of DebitFacts.org, also features a community that allows its patrons to ask and receive answers to their debit card and other personal finance-related questions.
“Millennials are by far the biggest users of debit and can benefit from reliable information on how to continue to use their debit cards wisely” said PULSE’s senior vice president Steve Sievert in a statement. “And, they want that information where they spend a significant amount of their time—online. DebitSavvy.org delivers sound debit guidance in a way that fits the millennial generation’s lifestyle.”
According to research released last year on the payment preferences of consumers, those between the ages of 18 to 34—referred to as millennials—use debit cards more than any other age group and more than any other form of payment. Millenials prefer debit cards to other payment methods such as checks because the cards allow for faster payments, are more convenient and and offer more financial security.
In addition to providing resources for young adults about debit cards, DebitSavvy.org will also be running a weekly Twitter Giveaway through which the site’s readers can win a $250 Discover prepaid card each week (more details to follow). The website gives its readers a brief primer on swipe fee regulation—one of the biggest changes to take over the debit card industry.
According to research out of the Journal of Management and Marketing Research, millienials in the United States have spending power of $172 billion annually.