With the rise of mobile technology, there are now many excellent investing apps aimed at getting teenagers started with investing and financial literacy. By using these apps, teens can gain valuable real-world experience in investing and money management. In this article, we will recommend the top 5 best investing apps for teenagers to help them develop good financial habits and become savvy investors. These apps make investing accessible and engaging for young beginners. By starting early, teens can take advantage of the power of compound interest and set themselves up for financial success down the road. The key is choosing age-appropriate apps that provide a risk-free way for teens to learn core concepts, practice trading skills, and build their investment knowledge over time.
Stockpile – Fractional shares and gift cards make investing easy
Stockpile is one of the best investing apps for teens because it allows teens to buy fractional shares of stocks. That means you can invest as little as $5 in big-name companies like Apple, Google, Netflix, etc. The app also allows teens to buy fractional shares by purchasing gift cards for the dollar amount they want to invest. When the gift card is registered to your account, it converts to fractional shares of that stock. This makes investing seem less intimidating and more accessible to young beginners. Stockpile also offers educational resources to help teens learn as they go.
Buxfer – Track spending and investing in one place
Buxfer is a useful app for teenagers because it combines expense tracking with investment monitoring. Teens can link their bank accounts and track their spending in real-time. The app provides insights into spending habits and creates useful budgeting tools. At the same time, teens can link investment accounts to monitor their portfolio performance. Tracking both cash flow and investments in one place makes it easy for teens to visualize the connection between saving, spending, and investing.
Invstr – Virtual trading with real market data
For teenagers who want to practice trading stocks in a risk-free environment, Invstr is a great choice. It allows users to trade stocks, ETFs and currencies via virtual portfolios. The app uses real-time market data but trades are simulated. This gives teens a safe way to learn how to buy and sell investments while still experiencing real price movements and volatility. Invstr also offers tutorials and news feeds tailored to new investors to supplement the hands-on experience.
Bink – Automated investing support for teens
Bink takes the guesswork out of investing for teenagers by offering automated account setup and portfolio management. The app asks users questions about their risk tolerance, time horizon, and initial deposit amount. Based on this info, it chooses an appropriate exchange-traded fund portfolio. Teens don’t have to pick investments themselves. The app handles portfolio rebalancing and dividend reinvesting in the background. While still oversight by parents is needed, Bink simplifies the investment process for teenagers.
Goalsetter – Gamified financial education
Goalsetter combines investment accounts for teens with financial education. It uses games and quizzes to teach core money concepts. Teens are rewarded for financial knowledge milestones which can be invested in custom portfolios managed by the app. The investment component lets teens put their financial literacy lessons into practice. With parental oversight, Goalsetter provides a kid-friendly investment and education experience.
The best investing apps for teenagers make it easy and engaging for teens to start investing early. Stockpile, Buxfer, Invstr, Bink, and Goalsetter allow young beginners to gain firsthand experience in an age-appropriate way. By starting to invest as a teen, huge advantages can be gained in terms of long-term compound growth. These apps lay a strong money management foundation.