Step launches stock investing for teens and young adults
The app allows users to research more than 1000 stocks and ETFs, curate a portfolio based on risk rankings assigned to each security, and buy fractional shares for as little as $1.
Step has launched stock investing, thus going beyond banking and solidifying itself as an all-in-one financial platform where the next generation can invest, save, earn, spend, and build a positive credit history, even before they turn 18 and without monthly fees.
Step’s goal is to help the next-generation develop healthy investing habits earlier in life.
Research, curate, and invest in over 1000 stocks and ETFs
The app allows users to research more than 1000 stocks and ETFs, curate a portfolio based on risk rankings assigned to each security, and buy fractional shares for as little as $1.
Rankings are determined by a proprietary algorithm that uses the volatility of each security as an index. If a user is under 18 years old, a parent or legal guardian needs to open the stock account and select a preferred risk threshold on the teen’s behalf.
Once that is set, teens can invest in securities aligned to (or lower than) the risk threshold their parents select, and parents can follow along in their Step app and make adjustments at any time.
Step, which has recently surpassed 4 million accounts, expanded into the stock market to allow teens and young adults to start building long-term wealth in a safe learning environment.
CJ MacDonald, CEO and co-founder of Step, said: “Investing is such a powerful financial tool, but it often feels out of reach and intimidating, even for adults. We believe every teen and young adult should learn how to invest responsibly on their journey to achieving financial freedom.”
Step announces StepFest 2023
In addition to launch stock investing, Step announced StepFest 2023, an annual contest for high schools participating in their Money 101 on-campus program, which will run through March 31st and culminate in a $25,000 grant to the winning school. An individual student can also win a $10,000 scholarship towards continued education.
The Money 101 program includes financial literacy education and enrichment programs developed in partnership with a national faculty advisory board. To date, it has touched more than 600,000 students at over 400 high schools.
Dustin Voss, Financial Education Specialist at Chicago Public Schools, said: “Step and Money 101 provided a wonderful opportunity for schools to prioritize financial literacy and engage students at multiple points in their journey to become financial critical thinkers. We are grateful that they have helped coordinate school-based events at over 20 schools in our district and that families there are aware of the importance of financial literacy and the opportunities emerging in the modern economy with financial platforms like Step.”
