Roommates, financial literacy is a real thing and knowing what to do with your money once you secure the bag is a step a lot of people miss. I’m sure at some point we all wished we learned about taxes, stocks and how to invest while we were in school, but that hasn’t been the case for a lot of people.

 

According to @Techcrunch, thankfully, both #WillSmith and #Nas have teamed up to be early investors in a new app called #Step, that will help teach teenagers how to become finically savvy.



 

CEO and co-founder of the app #CJMacDonald said: “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.”

 

#Step is reportedly apple-pay integrated and aims to promote the importance of setting financial limits and giving guidelines so that young adults can learn about saving, budgeting and investing. So, this is how the app’s going to work. The app itself enables teens to access bank accounts that do not come with a minimum balance or fees, and provides tips on how to manage money.

 

Apps like #Step is taking steps (no pun intended) to help empower the next generation to take financial literacy into their own hands. Roommates, with this new app would you have the young adults in your life sign up? We want to hear your thoughts below!

 

Source: https://techcrunch.com/2019/06/06/step-raises-22-5m-led-by-stripe-to-build-no-fee-banking-services-for-teens/