97% of teens say financial literacy is important

Gen Z dishes on what they’re looking for in a bank & how they’re taking control of their financial futures

97% of teens say financial literacy is important

SAN FRANCISCO – April 12, 2021 – For decades, many Americans have been taught that money is a taboo topic. In fact, a 2019 report by The Harris Poll revealed that people would rather discuss politics, health issues and religion over personal finances. Gen Z, however, is breaking this mold.

According to a new survey from Step, the modern-day financial services company built for teens and families, a whopping 97% of teens think financial literacy is important and expressed concerns about being written off by traditional banks.

Additionally, as the pandemic has driven more teens to get financially fit, 38% say they still lack the educational resources needed to achieve financial independence. As a result, teens are taking initiative, looking to fintech platforms and social media to help fill this gap.

“While it’s great to see the continued shift towards digital banking, that alone is not enough to combat the financial literacy crisis,” said CJ MacDonald, Founder and CEO at Step. “Teens need products that can be easily embedded within their daily lives and prioritize education as much as functionality.”

CJ MacDonald
Teens need products that can be easily embedded within their daily lives and prioritize education as much as functionality.”

34% of teens think their bank is trustworthy
26% of teens think their bank is built for teens
24% of teens think their bank is fee-free

42% of teens aren’t concerned about their financial futures
25% of teens don’t make enough money to be seen as valuable customers
20% of teens are okay with paying fees

70% of teens know what a credit score is
56% of teens are aware of cryptocurrency
55% of teens understand how the stimulus bill works

  • Step is a financial technology company not a bank Banking services provided by Evolve Bank Trust Member FDIC The Step Visa Card is issued by Evolve Bank Trust pursuant to a license from Visa USA Inc Visa is a registered trademark of Visa International Service Association

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