Step announces exclusive partnership with Caleb McLaughlin
McLaughlin aims to lead by example, encouraging teens to learn about money management alongside him.
PALO ALTO, Calif. –– April 26, 2022 –– Step, the all-in-one financial solution for the next generation, today announced an exclusive partnership with Caleb McLaughlin. Best known for his role as “Lucas Sinclair” on Netflix’s hit show Stranger Things, the 20-year-old is also a talented musician, budding entrepreneur and passionate philanthropist who was recently named to Forbes’ 30 Under 30 List. Through this new partnership, McLaughlin hopes to encourage millions of teens to join him as he continues to learn about money management with Step. He has also made an investment in the company, helping to provide a stronger voice for Gen Z as new products are developed.
“I am a strong believer that knowledge is power, and when it comes to personal finance in particular, there simply aren’t enough financial tools and education available to teens,” said Caleb McLaughlin. “I think Step has done a fantastic job solving some of these long-standing issues and I want to use my platform to elevate these conversations, creating more opportunities for teens to pursue their dreams in the same way that I have, without their finances being the thing holding them back.”
Today, Junior Achievement estimates that 34% of teens remain unbanked––but what’s even more alarming––a new Step survey reveals that 66% of teens aren’t learning anything about personal finance in school. Ultimately, this lack of access to critical tools and education has led Gen Z into a debt spiral with Experian reporting that their average debt has surpassed $16,000. When asked how talking about personal finances currently makes them feel, many teens report feelings of intense stress and anxiety.
“Much like physical wellness, financial wellness is something that’s important for everyone to learn about, regardless of their race, gender or socioeconomic status,” said CJ MacDonald, Founder and CEO at Step. “We’ve been so impressed with Caleb’s commitment to use his platform to help others improve their lives and self-confidence, so we couldn’t be more thrilled to have him chronicle his financial journey with Step––highlighting how learning about finance can actually be fun and quite empowering, too!”
Step announces exclusive partnership with Caleb McLaughlin
Throughout this partnership, Caleb will be taking teens along for the ride, encouraging them to join him as he continues to improve his financial literacy – sharing tips he learns along the way, how to hustle for every opportunity and ultimately get into a #StepMoneyMindset.
About Step
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-day banking needs and to promote financial literacy for the future. The founding team has 50+ years in combined financial technology experience from companies like Affirm, Block, Google, Gyft, Stripe and Wealthfront. The Series C company has raised more than $175 million in venture funding, backed by Coatue, Collaborative Fund, Crosslink Capital, General Catalyst and several other prominent investors. Step has more than 3 million customers and its financial products are powered by its bank partner, Evolve Bank & Trust, Member FDIC and deposit accounts are insured up to $250,000. To learn more, please visit: www.step.com.
