Millennials are different from other generations when it comes to debt. Many are caught in a position where they have obtained a high-priced education, only to enter the workforce without many repayment options. That is leaving many with debt, that puts them in the red every month.
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The good news is that Millennials may finally get the chance to move out of their parents’ basements and out on their own while being able to afford the repayment on their loans and being in the black. Why? There are new tools at their disposal to pay off debt and get on their feet, financially.
Mic is partnering up with Discover to release a new channel called “The Payoff” to help a non-debt-savvy audience get themselves out of the hole they have dug. The Payoff channel is an attempt to teach Millennials the basics of personal finance, including how to manage debt, how to find an autopac agent near me and how to save for their future.
Mic has been responsive to Millennials needs, listening to their feedback about their lack of knowledge in finance, and decided that it was time to put the record straight for this rising generation. First launching their money vertical, they had a following that took off immediately. The posts covered everything from paying monthly bills to how to finance a car. What Mic found is that the Millennial generation was in desperate need of financial information.
The Payoff will exist on Mic’s channel in various platforms to capture the imagination and attention of a generation that gets bored quickly and has a plethora of ways to absorb information. Mic hopes to hit Millennials where they live – literally. That includes the internet, social media and just about every other internet medium possible.
Discover, who has always been a company that caters to the up-and-coming professional, is sponsoring the channel and continues to explore creative and imaginative ways to reach both the Millennial audience and beyond. Although they are a sponsor of the program, they will keep their own marketing and finance ideas separate. As this is not a promotional endeavor, they intend to help with financial information without pushing their own personal products.
The idea is to maintain malleability in reaching the audience by presenting topics and education according to what the audience wants. Using continual communication and feedback, the channel is a work in progress, not a predetermined feed of financial information. If there is one thing that financially-savvy educators have learned, it is that Millennials only read and do what they want. So presenting things that aren’t relevant will get you nowhere in this group of young investors.
Unlike other generations that saved on their own and let someone else figure out their investments, Millennials want to maintain control over their money. And, if they are given the information, they’re tech-savvy enough to maintain their own investments to prosperity.
However, that’s only if they know how. That is the aim of the Mic channel. It wants to give young adults, the tools to manage their money in ways that the older generations had to figure out on their own. As things in the market change, the information will correspond, so that it will be real-time and relational education to help Millennials as they financially grow and progress.
Discover has always prided themselves on giving younger investors, options that other companies didn’t. In taking on the high risk of giving college kids, credit when no one else would they have always seen the value in creating communication with younger generations to build loyalty and brand awareness.
Other credit card companies may still maintain a hold on older investors, but later generations are grateful that Discover has always considered younger adults, worthy of the investment. Mic is just another way that Discover is showing that they are willing to invest in younger people who will maintain brand loyalty in the future.
As Millennials start to excel in the workforce, have families and begin to create wealth, Mic and Discover hope to help them tackle the complexities of managing their households, saving money, and growing wealth for the long term. At a time when Millennials are getting a bad rap for their poor decisions, companies like Mic and Discover believe that there is major hope for them in the financial world just yet. Teach a man to fish, and he will have fish forever. 🙂