France capital

Introducing Staged Savings Goals and Instant Cash Deposits

PALO ALTO, Calif.–(BUSINESS WIRE)–Stage, the all-in-one financial solution for the next generation, today announced Step Savings Goals, a free financial product designed specifically for the way teens want to save. Plus, Step customers can now instantly deposit their money at any of 65,000 outlets like 7-Eleven, CVS, or Walgreens, to meet their savings goals. These new offers – the 2 most requested Step features – come just as Gen Z is starting to focus on their financial goals for 2022.

A recent Step survey of nearly 3,000 teens found that 87% of them consider saving a priority. Additionally, 75% have already set financial goals for the new year and more than half are committed to making saving a new habit. However, without strong financial tools and education, achieving these goals has always been an uphill battle for Gen Z.

In fact, the survey also revealed that 57% of teens have no savings. Although they want to improve in this area, many admit that not earning a lot of money and generally spending everything they earn has made saving very difficult. Nearly half of teens also agreed that social media — and the FOMO it creates — regularly drives their spending out of control.

Despite these obstacles, Gen Z says the pandemic — and the financial challenges it has created for their families — has motivated them to focus on getting their savings in order this year. And, according to Piper Sandler, 85% of teens still use cash to save. With Step’s Instant Cash Deposits and Savings Goals, teens no longer have to hide money under their mattress (yeah, they still do) to save for their financial future. Today, they can save however they want with the ability to create multiple goals that they can easily track their progress towards.

“I’ve always had multiple savings goals at the same time because I have big dreams and I think it’s a really helpful way to understand where you are with the financial life you hope to create for yourself. even,” said Ailey K., a longtime Step customer and teen ambassador. “In some cases, it gave me a much-needed wake-up call to reduce my expenses, motivating me to save more.”

With Step Savings Goals, teens can easily switch between their Spending and Savings tabs, choosing from popular goals or creating their own (with pictures). A family affair, parents also have the ability to contribute to their teens’ goals, reinforcing positive behaviors and creating an openness to have more conversations about money management. Once a savings goal is reached, Step even sends a congratulations note with fun gifs and confetti to help celebrate the milestone.

“I’ve always expressed the importance of saving money with my children, but it’s a very difficult concept for them to understand, let alone practice,” said Tanya T., mother of 3 teenagers. . “The new Step Savings Goals feature has made all the difference as they can see how close they are to achieving their goals which really excites them – just like me!”

The company saw overwhelming engagement from teens during its beta phase late last year. Over 100,000 Step customers have had early access to the product, with the majority setting up savings goals immediately. Additionally, 22% of teens who participated in the beta program are making regular contributions, which is traditionally difficult for Gen Z. Even more impressive, in just one month, nearly 500 teens have already reached their first savings goal. .

“Step Savings Goals has been a long time coming and we’re excited to continue our mission to help improve the financial future of the next generation by giving them a better way to save money,” said CJ MacDonald , founder and CEO of Step. “Saving money doesn’t have to be a daunting task and we believe helping teens celebrate every little win, whether it’s $5 or $500, will help them make saving a lifelong habit.” »

To celebrate the launch of Step Savings Goals, the company will be running a limited-time offer in January where 5% of all purchases made by teens with their Step Card (up to $100) will be deposited into their Savings tab to help them to develop their money for all their wants and needs. In the coming months, Step will also offer additional ways to help teens save automatically with roundups and more.

About the stage

Step was founded by financial industry veterans CJ MacDonald and Alexey Kalinichenko to provide teens and their families with financial tools for today’s modern banking needs and to promote financial literacy for the future. The founding team has over 50 years of combined financial technology experience from companies like Affirm, Block, Google, Gyft, Stripe and Wealthfront. The Series C company has raised over $175 million in venture capital, backed by Coatue, Collaborative Fund, Crosslink Capital, General Catalyst and several other top investors. Step has nearly 3 million customers and its financial products are powered by its banking partner, Evolve Bank & Trust, member FDIC and insured up to $250,000. To learn more, please visit: www.step.com.

About the survey

The online survey was conducted via Typeform from December 13, 2021 through December 17, 2021, with a demographically representative sample of 2,877 Step customers, ages 13-17.