Thematic stock groups are Clothing, Shoes, and Beauty. Gaming, social media and connectivity. And entertainment.
Fidelity Investments has updated its youth app for teens by launching three investment “baskets” that reflect the interests of young investors.
Introduced this week and based on a survey of teens, the Fidelity Youth Basket consists of three thematic investment baskets, including 10 individual investments such as clothing, shoes and beauty. Gaming, social media and connectivity. And entertainment.
Similar to Fidelity's existing basket portfolios for adult investors, each teen basket contains multiple stocks that are managed like a single investment. A Fidelity spokesperson told ThinkAdvisor in an email Thursday that those under 18 cannot change or customize the investments included in each basket.
“One of our main goals in launching the Fidelity Youth app was to not only make financial education more accessible to teens, but also give them the opportunity to put that learning into action. ,” said Kelly Lannan, Fidelity's senior vice president of emerging accounts. release.
Feedback for the Fidelity Youth Basket was obtained through Big Village, a June survey of 2,081 respondents ages 13 to 17.
“Teens are interested in investing, but are often overwhelmed by the options and don’t know where to start. Our new Basket feature allows us to invest with you based on direct feedback from teens themselves. We help teens learn how to diversify their portfolios with a simplified experience,” Lannan explained.
The investment giant describes the Fidelity Youth Basket as an “industry first.” His teens who purchase investments using Fidelity Youth Baskets are given access to educational videos that teach them about investing in baskets.
Youth App Baskets are also available in the Fidelity Baskets Portfolio product for investors 18 and older, and adults who purchase these baskets can customize the securities included in the basket, the spokesperson said.
According to the company's website, young people under 18 can invest through the free Fidelity Youth app with no subscription or transaction fees, but other fees may apply.
The Fidelity Youth App Basket is available at no additional charge to Fidelity Youth users, but there is a $4.99 monthly subscription fee for adult investors who purchase Fidelity Basket portfolios.
A Fidelity Youth Account typically must be opened by a parent or guardian with an existing Fidelity Account.
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