Introducing Step Savings Goals & Instant Cash Deposits

Now offering the next generation a better way to save and instantly deposit cash.

Introducing Step Savings Goals & Instant Cash Deposits

PALO ALTO, Calif. –– January 6, 2022 –– Step, the all-in-one financial solution for the next generation, today announced Step Savings Goals, a free financial product built specifically for the way teens want to save. In addition, Step customers can now instantly deposit their cash at one of 65,000 retail locations like 7-Eleven, CVS or Walgreens, to put towards their savings goals. These new offerings––the 2 most requested Step features––comes just as Gen Z begins to focus on their financial goals for 2022.

A recent Step survey of nearly 3,000 teens revealed that 87% consider saving money a priority. Additionally, 75% have already set financial goals for the new year with over half committing to make saving money a new habit. However, without sound financial tools or education, achieving these goals has historically been an uphill battle for Gen Z.

In fact, the survey also revealed that 57% of teens have no savings. While this is something they want to get better at, many admit that not earning a lot and generally spending all of what they do make, has made it really tough to save. Nearly half of teens also agreed that social media––and the FOMO it creates––regularly causes their spending to get out of hand.

Despite these obstacles, Gen Z says the pandemic––and the financial challenges it’s created for their family––has motivated them to put a major focus on getting their savings in order this year. And, according to Piper Sandler, 85% of teens are still using cash to save. With Step’s instant cash deposits and savings goals, teens no longer have to hide money under their mattresses (yep, they still do that) to save for their financial futures. Today, they can save how they want with the ability to create several goals that they can easily track their progress towards.

“I’ve always had multiple savings goals going at once because I have big dreams and think it’s a really helpful way to understand where you’re at with the financial life you’re hoping to create for yourself,” said Ailey K., a long-time Step customer and teen ambassador. “In some cases, it’s given me a much needed wakeup call to cut back on my spending, motivating me to save more.”

I’ve always had multiple savings goals going at once because I have big dreams and think it’s a really helpful way to understand where you’re at with the financial life you’re hoping to create for yourself.”
Ailey K., a long-time Step customer & teen ambassador

The new Step Savings Goals feature has made a world of difference since they can see how close they are to reaching their goals which they get really excited about––as do I!”
Tanya T., parent of 3 teens

Saving money doesn’t have to be a daunting task and we believe that helping teens celebrate every small win––whether that’s $5 or $500––will help them make saving money a lifelong habit.”
CJ MacDonald, Founder & CEO at Step