Will Smith and Nas are among the initial investors in a new app that aims to teach teenagers financial literacy.
Step, the start-up company, is developing an app that will give young adults access to bank accounts with no minimum balance, no fees, and advice on how to manage the money inside of it. The app will also integrate with Apple Pay and other online money-moving apps, along with giving parents the option to monitor the account while setting limits and guidelines.
Text “ERICA”to 52140 to join the Get Up! Mornings w/ Erica Campbell mobile club for exclusive news. (Terms and conditions).
Step CEO and co-founder CJ MacDonald explained why this app is so necessary, saying, “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.” He continued, “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.”
Mastercard’s Sherri Haymond praised the new idea in a press release, also noting how it would incorporate new avenues of financial literacy to account for changes in the way that people access their money–like the aforementioned Apple Pay and other similar technology.
Sign Up For Our Newsletter!
“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,” Haymond said. “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.”
SEE ALSO: Queen Latifah And Will Smith To Produce Hiphop Infused ‘Romeo And Juliet’ For Netflix
Both Nas and Will Smith know first hand how important it is to get your children equipped with the right tools early, and that’s exactly what this app aims to do.
This story was originally posted on bossip.com.
ALSO TRENDING ON GETUPERICA.COM:
- Little Boy Wants To Know Why Passenger Has ‘Her Stinky Feet’ On His Seat [VIDEO]
- Rihanna Wants To Be A Mom ‘More Than Anything In Life’
- Bushwick Bill Passes Away At 52 After Battle With Pancreatic Cancer
- Marvin Sapp Stepping Down From Church In Michigan To Lead Texas Church
Kierra Sheard-Kelly Talks Pregnancy 'I Felt The Presence Of God This Time Around'
Kevin Hart Is Speechless After Sending His Daughter Off To Prom: ‘I Have No Words’
5 Bible Verses To Help You Let Go And Let God
He’s Back! Jamie Foxx Announces Return To TV With New Show
Rest In Power: Notable Black Folks Who We’ve Lost In 2023
Halle Bailey Reveals Sister Chloe Bailey’s Sweet Reaction To Seeing ‘The Little Mermaid’ For The First Time
GoFundMe For Sarah Jane Comrie Surges To Help ‘Citi Bike Karen’ Pay ‘Mounting’ Legal Bills
Viola Davis Stuns In Valentino At The Cannes Film Festival