One lesson most young teens should be taught in high school but sadly are not is financial literacy. You would be astounded to learn how many don’t know the importance of credit, saving money, and being financially responsible. A company called Step is looking to change that with a new app, and Nas and Will Smith are backing it to see that it gets out of the developmental stage and onto teenager’s smartphones.
By reaching out to teens through the one thing they can’t seem to put down, their smartphones, the start-up company’s app — which is still in the development phase — will give teens direct access to bank accounts that do not have a minimum balance, no fees, and even offer advice on how to manage their accounts.
When the app does drop, it will give parents the ability to monitor their children’s accounts by setting limits and guidelines. It will also link with Apple Pay as well as other online money-moving apps.
Speaking on his new app, Step CEO and co-founder CJ MacDonald states:
“Schools don’t teach kids about money. We want to be their first bank accounts with spending cards, but we also want to teach financial literacy and responsibility. Banks don’t tailor to this, and we want to be a solution, teaching the next generation of adults to be more responsible with money in the cashless era. It was easy with cash to go to the mall, but now everyone is using their phone for Uber and more.”
Sherri Haymond of Mastercard praised the app in the press released adding:
“Today’s young people are digitally savvy, having grown up with technology as a mainstay in their day-to-day lives. As a result, we also need to ensure that they become familiar with the unique aspects of digital payments, including providing education about the various finance and payment products available. Step has taken a thoughtful approach to developing an offering for teens and families that provides that first step in educating and acclimating today’s youth to help them gain confidence and awareness around their finances.”
When it comes to learning how to responsibly manage your money, we will soon be able to say there’s an app for that. We are totally here for that.