5 Apps To Help Teens Start Investing

Have you ever wondered where teens get most of their stock market information from? According to a recent survey , 43% of teens turn to social media to learn more about investing. Yes indeed. The same survey showed that if investment money is given, 43% will invest in the stock market (good) and 25% will focus on crypto (not so good).

These results highlight how important it is for teens to invest early with the right tips. To that end, it may be helpful to choose the right investment plan for your child's education when it comes to investing.

Choose the wrong app, և the experience can be more like a game than an introduction (Thousand, Robin Hood, Thousand). Choose a trusted app և your child can on the way to creating healthy wealth for a lifetime. Here are the top five tips to help your teen start investing.

5 teen investment programs

green light

This banking-investment software offers opportunities that your children will enjoy. These features include a personal debit card և direct debit. It also has features that mom and dads will like, such as pre-established stores where your child can shop, real-time notifications every time the card is used.

But it's the investment arm where this app really shines. Greenlight offers parental control over every transaction և does not require transaction fees, allows small investors to buy shares in their favorite companies և has an educational aspect that teaches children deeper concepts such as complex growth. It is noteworthy that the investment platform is available only through the medium և high-end versions of the card: Greenlight + Invest և Greenlight Max.

Loyalty Youth Account

The Fidelity Youth account is designed for teens ages 13 to 17 to help children learn to spend, save and invest responsibly. Although parents are required to have a Fidelity account so that their children can use this tool, it should be noted that this is a teen broker account. It is not a deposit account, which means that the teenager makes the investment decision. For some parents, this may not be enough. But if you are ready to give your child some space, this tool can be a great springboard for potential investors.

This brokerage account allows teens to spend, save and invest all in one place. They can start investing in fractional shares for as little as $ 1. Fidelity Youth accounts are free, do not require a minimum account balance, do not charge for ATMs.

Shop:

Recognized as the best parenting investment program by Forbes, Stockpile offers controlled accounts. These accounts allow children to choose which shares to buy and sell, but with parental consent. Teenagers have a separate app from their parents where they can search for thousands of popular ETFs to build their portfolio the way they want. When applications are requested, mom and dad can register on their account for approval.

This app is free, which means you will not have to pay any commercial fees or commissions for your teen. It has a very special feature - this application offers gift vouchers for promotion.

Ally Invest:

If your child is too young or not yet interested in investing, you can opt for a more parent-friendly option, such as an Aly Invest deposit account . These accounts offer many of the same features as other teen investment programs. These features include helping teens build their investment portfolio, earning dividends, and achieving long-term financial goals such as college savings.

However, the registration process is not straightforward. To do this, parents must open their own "Aly Invest" account in their own name, choose the automatic investment or robotic investment option, then choose options such as risk tolerance, purpose, and finally choose a guardianship account. So while this account may be a good option for some, it may not work for teens looking for a more practical investment approach.

pigs

Acorns is probably best known as a summary app . This will round up your purchases to the nearest dollar and invest them automatically. For parents who do not have the time but still want to invest in their teens, the app offers a family account. For $ 5 a month, parents can add several children at no extra cost. Parents can open an account and start investing in their child in three minutes.

Acorns Early, as the account is called, is a UTMA / UGMA account. Therefore, these resources are not limited to education, such as the 529 savings plan. Acorns Early can be transmitted as soon as your teen becomes an adult. Although Acorns is convenient for parents, it is not very convenient for teenagers և does not have a separate user interface, such as Stockpile.

Final thoughts

Teaching teens to invest is not easy. But with these five teen investing programs, you can educate your teen about everything from the stock market to savings. While some apps require a little more parental involvement than others, they all provide valuable lessons for the value of the dollar and how it can work for you.