How millennials are changing the way people invest via the use of technology
Throughout many sectors, millennials seem to be prospering. They have technology on their side to help them accomplish tasks in an efficient manner, and this includes investing money on the stock market. With their love of social media platforms, it comes as no surprise that they are now leveraging many forms of technology, from following stock-picking tips to finding the best financial advisers in town via online resources. When it comes to investing, millennials don’t get their tips on the golf course; they get them through smartphone notifications.
How millennials are changing the world of investing
It’s safe to say that landlines are now obsolete when it comes to investing. Very few investors use landlines to ring up their brokers, instead, millennials use apps to review prospects, get advice, and make decisions. While non-tech savvy individuals are skeptical about investing due to the fact that the U.S. is still recovering from a recession, social media is making it easy for millennials to make shrewd decisions. In fact, Bloomberg states 45% of millennials are more interested in investing in stocks today than they were about half a decade ago. This, of course, can be attributed to the fact that social media sites are advertising non-stop about the benefits of investing.
Investing tools for millennials
FXCM published a post on forex trading, and in it they suggest that millennials can now obtain “real-time access to information about trading thanks to apps that provide charting tools for global markets.” Tip’d Off is one of the most widely used platforms by millennials who invest. This social investing platform makes it possible and easy for people to help one another invest in what’s hot. No experience is needed in using Tip’d Off as both newcomers and experienced investors find themselves on neutral ground. The software makes it even allows new investors to follow the actions of experienced investors who have a high success rate in investing. Because of the transparency that Tip’d Off offers users, millennials are learning fast and following in the success of seasoned investors.
As well as Tip’d Off, there are other online tools available to help millennials manage their investments. What’s interesting about these apps is that they resemble video games, making it interesting for those who are completely new to the stock market. Here are a few of the popular ones:
Wealthfront – This is a wealth management system, which emphasizes asset allocation features with low fees. These fees are what starting investors are looking for, making this the perfect app for beginners.
FutureAdvisor – This is an online investment advising site that offers users professional consultancy services at a low price.
SigFig – For those who can’t afford, or don’t want to spend money on apps they can use, SigFig, which is a free personal finance service provider gives automated investment advice to users.
Technology is making things more attainable. In a few more years, we’ll see a surge in millennials looking to invest to help safeguard their futures.