Smart Savings: The Best Investment Apps for Teenagers in 2023
In today’s fast-paced digital world, learning about personal finance and investment has become more important than ever, especially for teenagers. With the rise of technology, investing no longer requires a large sum of money or extensive knowledge about the stock market. Investment apps have made it easier for young people to get started on their financial journey. Here are some of the best investment apps for teenagers in 2023 that facilitate smart savings and foster financial literacy.
1. Acorns
Acorns is an excellent app for teens looking to dip their toes into the world of investing. It works by rounding up your everyday purchases to the nearest dollar and investing the spare change. For example, if you spend $3.50 on a snack, Acorns rounds it up to $4 and invests the $0.50 difference. This micro-investing approach makes it easy for teenagers to start building an investment portfolio without needing a lot of capital upfront. Additionally, Acorns offers educational resources to help users understand their investments better.
2. Stash
Stash is another fantastic app that allows teenagers to learn about investing while building their portfolios. With Stash, users can start investing with as little as $5. The app offers a variety of investment options, including stocks, ETFs, and personal finance education. Stash provides users with personalized recommendations based on their interests and goals, making it an engaging platform for young investors. The app also features a “Stock-Back” reward program, allowing users to earn stocks when they shop at certain retailers.
3. Robinhood
Robinhood has gained popularity for its user-friendly platform that allows users to trade stocks, ETFs, and cryptocurrencies commission-free. While Robinhood is typically aimed at older investors, teenagers can benefit from its easy-to-navigate interface and the ability to learn about trading in real time. The app also offers educational resources and market news to help users make informed decisions. Note that users must be at least 18 years old to have a Robinhood account, but teenagers can learn alongside their parents or guardians until they reach the age requirement.
4. Stockpile
Stockpile is a unique investment app that allows users to buy fractional shares of stocks. This is particularly beneficial for teenagers who may be interested in investing in high-priced stocks like Amazon or Google but don’t have the funds to purchase a full share. Stockpile also offers gift cards that can be used to buy stocks, making it an excellent option for parents or relatives looking to encourage a young person’s interest in investing. The app includes educational resources that help users learn about the stock market and investment strategies.
5. Greenlight
Greenlight is a debit card and investing app specifically designed for kids and teenagers. It allows parents to manage their child’s spending while teaching them about saving and investing. With Greenlight, parents can set up automatic allowances, assign chores, and even encourage saving for specific goals. Teens can also invest in stocks and ETFs through the app, making it an ideal tool for learning about financial responsibility and investment strategies.
6. Public
Public is a social investing app that combines investing with a social media platform. Teens can follow other investors, share their investment strategies, and learn from one another. Public allows users to invest in fractional shares, making it accessible for those with limited funds. The app also provides educational resources and market news to help users make informed decisions. The community aspect of Public encourages discussion and learning, making it a great platform for teenagers to immerse themselves in the world of investing.
Conclusion
As teenagers navigate their finances, investment apps offer an accessible and engaging way to learn about saving and investing. Acorns, Stash, Robinhood, Stockpile, Greenlight, and Public are among the best options available in 2023, each providing unique features tailored to young investors. By utilizing these apps, teenagers can build their financial literacy, develop smart savings habits, and lay the groundwork for a secure financial future. It’s never too early to start investing, and with the right tools, teens can embark on their journey toward financial independence.