Opinion: Storing your money? Investing apps used by 80% of young adults

Roman, Romania — A report by the Royal Mint, the world’s leading export mint that develops currency for dozens of countries worldwide, showed four out of five Gen Z members were already investing in their future. Almost a quarter of these young investors follow so-called ‘Financial Influencers’: people who raise awareness of new investment options or meme stocks on social media.

Such people are prone to promoting high-risk, unregulated investments and their tips come without a disclaimer. On the plus side, the report showed that 15% of young people are investing in gold. Precious metals are traditionally reliable as a store of value, particularly in times like these, when a recession is looming. Anyone who invested in regular gold and black gold (oil) this year is probably doing well.

‘Young people don’t have the experience to invest without an app’, said Invezz. With the right choice, even a teen could get started on their way to financial prosperity. Here are a few apps to help young people start investing, curated by Pocket Lint and Forbes Magazine.

Best investing apps for Generation Z

The list begins with Greenlight, which features a personalized debit card for a child’s allowance, making it appealing for kids and teens. Don’t forget the youngest members of Gen Z are now nine years old!

Fidelity Youth targets Gen Z’s between 13 and 17. It helps them learn how to invest, save, and spend responsibly.

UNest is a suitable app for parents, letting them save up for major expenses for their kids like their first car or college. Parents can invest in their children’s names via custodial accounts. Account-holders are eligible for bonuses from brands and companies like Disney, Uber, AT&T, DoorDash, Levi’s, and more.

The app Stockpile has supervised accounts, which make it possible for children to choose which stocks to sell or buy with their parents’ endorsement.

Best app overall

The best app overall is Acorns because it built for young adults and millennials. The app rounds up purchases made on connected credit and debit cards to the nearest dollar, and the difference is invested on your behalf. On average, Acorns account holders invest $30 a month this way. The app is helpful to young people who want to get started with saving and investing in a much safer and risk averse way.

Almost two-thirds of young investors lost money

The Royal Mint’s report also showed that 64% of the people surveyed lost money in some way. Some of the losses can certainly be attributed to the ‘get rich quick’ mentality. The wrong investment app can deliver an experience akin to gambling.

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Name: Gilbert j Donald
Email: pantheonukorg@gmail.com