Ever wonder where teens get most of their information on the stock market? According to a recent survey, 43% of teens turned to social media to learn about investing. Yes, really. That same survey found that if given money to invest, 43% would invest in the stock market (good), while 25% would focus on cryptocurrency (not so good).
These results underscore the importance of getting teens started investing early with the right guidance. To that end, picking the right investment app t0 help educate your child when it comes to investing can be a helpful first step.
Pick the wrong app, and the experience may feel more like gambling than investing (cough, Robinhood, cough). Pick a solid app, and your child may well be on their way to a lifetime of sound wealth building. Here are five of the better apps to help your teen start investing.
5 Investing Apps for Teens
This banking and investing app boasts features that your kids will like. These features include a personalized debit card and direct debit for allowance. It also has features mom and dad will appreciate, like pre-approved stores where your kid can spend and real-time notifications any time the card is used.
But it’s the investing arm where this app really shines. Offering parental control on every trade, Greenlight has no trading fees, allows little investors to buy fractional shares from their favorite companies, and has an educational aspect that teaches kids about more in-depth concepts like compound growth. Worth noting, the investment platform is only available through the card’s mid and top-tier options, Greenlight+ Invest and Greenlight Max.
Fidelity Youth Account
Meant for teens ages 13-17, the Fidelity Youth Account helps kids learn how to spend, save and invest responsibly. Though parents are required to have a Fidelity account for their kids to use this tool, it’s important to note that it’s a teen owned brokerage account. It’s not a custodial account, meaning that the teen makes the investment decisions. This may not be enough oversight for some parents. But if you’re willing to give your kid some leeway, this tool could be an excellent stepping stone for would-be investors.
This brokerage account allows teens to spend, save and invest all in one place. They can get started investing with fractional shares and as little as a $1. Fidelity Youth accounts are fee-free, require no minimum balances and don’t charge domestic ATM fees.
Voted the best investment app for parents by Forbes, Stockpile offers supervised accounts. These accounts allow kids to choose which stocks they buy and sell, but with parental approval. Teens have a separate log-in from their parents where they can peruse thousands of popular stocks and ETFs and build their portfolio however they like. Once the trades are requested, mom and dad can log-in from their account for approval.
This app is fee-free, meaning you won’t pay trading fees or commissions for your teen. It also has a rather unique feature—this app offers gift cards for stock.
If your kid is a bit too young or not interested in investing just yet, you might choose a more parent-involved option, like Ally Invest’s custodial account. These accounts offer many of the same features of other investing apps for teens. These features include helping teens build their investment portfolio, earn dividends, and work toward long term financial goals, like saving for college.
The setup process isn’t quite as seamless though. It requires parents to open their own Ally Invest account in their name, choose either the self-directed or robo-investing option, then select options such as risk tolerance and goals, and finally select a custodial account. So while this account might be a good option for some, it might not work for those teens who crave a bit more hands-on approach to investing.
Acorns is perhaps best known as a round-up app. It will round-up your purchases to the nearest dollar and invest it automatically. For parents who are short on time but still big on investment goals for their teens, the app offers a Family account. For $5 a month, parents can add multiple children at no additional cost. Parents can 0pen an account and get their kid started investing in under three minutes.
Acorns Early, as the account is called, is a UTMA/UGMA account. As such, these funds are not limited to education like a 529 savings plan. Acorns Early is transferable once your teen is an adult. Though Acorns is user-friendly for parents, it’s not quite as user-friendly for teens and doesn’t boast a separate log-in interface for teens like Stockpile.
Teaching teens about investing isn’t easy. But with these five investing apps for teens, you can educate your teen on everything from the stock market to the importance of saving. While some apps require a bit more parental involvement than others, all teach important lessons about the value of a dollar—and how to make that dollar work for you.
Tense diplomatic relations may not impact trade, investment ties between India, Canada: Experts
NEW DELHI: The tense diplomatic relations between India and Canada are unlikely to impact trade and investments between the two countries as economic ties are driven by commercial considerations, according to experts. Both India and Canada trade in complementary products and do not compete on similar products.
“Hence, the trade relationship will continue to grow and not be affected by day-to-day events,” Global Trade Research Initiative (GTRI) Co-Founder Ajay Srivastava said.
Certain political developments have led to a pause in negotiations for a free trade agreement between the two countries.
On September 10, Prime Minister Narendra Modi conveyed to his Canadian counterpart Justin Trudeau India’s strong concerns about the continuing anti-India activities of extremist elements in Canada that were promoting secessionism, inciting violence against its diplomats and threatening the Indian community there.
India on Tuesday announced the expulsion of a Canadian diplomat hours after Canada asked an Indian official to leave that country, citing a “potential” Indian link to the killing of a Khalistani separatist leader in June.
Srivastava said these recent events are unlikely to affect the deep-rooted people-to-people connections, trade, and economic ties between the two nations.
Bilateral trade between India and Canada has grown significantly in recent years, reaching USD 8.16 billion in 2022-23.
India’s exports (USD 4.1 billion) to Canada include pharmaceuticals, gems and jewellery, textiles, and machinery, while Canada’s exports to India (USD 4.06 billion) include pulses, timber, pulp and paper, and mining products.
On investments, he said that Canadian pension funds will continue investing in India on grounds of India’s large market and good return on money invested.
Canadian pension funds, by the end of 2022, had invested over USD 45 billion in India, making it the fourth-largest recipient of Canadian FDI in the world.
The top sectors for Canadian pension fund investment in India include infrastructure, renewable energy, technology, and financial services.
Mumbai-based exporter and Chairman of Technocraft Industries Sharad Kumar Saraf said the present frosty relations between India and Canada are certainly a cause for concern.
“However, the bilateral trade is entirely driven by commercial considerations. Political turmoil is of a temporary nature and should not be a reason to affect trade relations,” Saraf said.
He added that even with China, India has acrimonious relations but bilateral trade continues to remain healthy.
“In fact, bilateral trade is an effective tool to improve political relations. India must make special efforts to increase our bilateral trade with Canada,” Saraf said.
India and Canada have a strong education partnership. There are over 200 educational partnerships between Indian and Canadian institutions.
In addition, over 3,19,000 Indian students are enrolled in Canadian institutions, making them the largest international student cohort in Canada, according to GTRI.
According to the Canadian Bureau for International Education (CBIE), Indian students contributed USD 4.9 billion to the Canadian economy in 2021.
Indian students are the largest international student group in Canada, accounting for 20 per cent of all international students in 2021.
Benefits of educational partnerships are mutual and hence the current situation may have no impact on the relationship, Srivastava said.
Apple supplier Foxconn aims to double India jobs and investment
Apple supplier Foxconn aims to double its workforce and investment in India by next year, a company executive said on Sunday.
Taiwan-based Foxconn, the world’s largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.
V Lee, Foxconn’s representative in India, in a LinkedIn post to mark Indian Prime Minister Narendra Modi’s 73rd birthday, said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.
He did not give more details.
Foxconn already has an iPhone factory employing 40,000 people in the state of Tamil Nadu.
In August, the state of Karnataka said the firm will invest US$600 million for two projects to make casing components for iPhones and chip-making equipment.
The company’s Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: “several billion dollars in investment is only a beginning”.
Taiwan election: Foxconn’s Terry Gou taps star-powered running mate
Last month, Foxconn’s billionaire founder Terry Gou said he would run for the Taiwanese presidency in next year’s election, as an independent candidate.
He said the ruling and independence-leaning Democratic Progressive Party (DPP) was unable to offer a bright future for the island and left Foxconn’s board following his decision to run.
The firm operates the world’s largest iPhone plant, in the city of Zhengzhou in Henan province.
Foxconn to double workforce, investment in India by ‘this time next year’
Trudeau says he's 'not looking to escalate' tensions as India reportedly tells 41 Canadian diplomats to leave – CBC News
India's Economy Will Stumble Because of Low Savings – Bloomberg
India asks Canada to withdraw dozens of diplomatic staff – reports – BBC
Silver investment demand jumped 12% in 2019
Search for life on Mars accelerates as new bodies of water found below planet’s surface
Iran anticipates renewed protests amid social media shutdown
Business22 hours ago
More TTC riders have full cellular service as Rogers allows BCE, Telus network access
Real eState21 hours ago
Toronto real estate class-action could affect billions of dollars in commissions
News22 hours ago
Story from the Cyber Frontlines
News16 hours ago
India tells Canada to withdraw dozens of diplomatic staff: Report
Business23 hours ago
Laurentian Bank CEO ousted as systems crash sparks major shakeup
Media16 hours ago
Elon Musk’s X Slapped With Trademark Lawsuit From Social Media Ad Agency
Sports20 hours ago
The Growing Popularity of Online Casino Apps in Canada: A Comprehensive Guide
Sports20 hours ago
As LeBron James enters Year 21, the theme of Lakers media day was passing the torch and sharing the load