GameStop Boosts Teens’ Interest in Investing – Survey
As traders flocked to GameStop (GME.N) earlier this year, the action also captured the imaginations of American teens, according to a Wells Fargo survey.
A third of teens say they learn financial lessons from the internet and social media, according to a survey of 13 to 17 year olds and parents of teens.
And nearly half of teens say they’re more interested in investing thanks to GameStop, whose shares have jumped due to its popularity among members of online investor forums. Read more
The survey follows Fidelity Investments’ launch earlier this month of a commission-free brokerage account for 13 to 17 year olds that allows stock trading on a mobile app, as it seeks to attract the next generation. investors. Read more
A survey of 318 teens and 304 parents of teens conducted between April 20 and May 3 found that while 57% of teens say they learn about their parents’ finances and 47% say they do. ‘they learn in school, 35% cite social media and 34% cite websites.
But parents have a different opinion with just 12% saying their teens use social media for financial education.
According to Wells Fargo, about 45% of teens said the “GameStop social media situation” had boosted their interest in investing, with 53% of boys saying increased interest and 40% of teenage girls.
As for cryptocurrency, 50% of parents say their teenager knows more about bitcoin than they do. However, while 58% of teenage girls say they know more about bitcoin than their parents, only 33% of teenage girls say they are more informed.
Actual investment rates still appeared to be much lower, with 17% of parents saying they opened custody accounts to invest on behalf of their teenager.
About 13% encouraged their teenager to play a simulated stock game. About 7% donated their teen stocks for educational purposes. However, only 20% of teens say their parents engaged with them in these activities, Wells said.
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