Children and Cash: Constancy youth funding app targets Gen-Z and past [Column] | Cash

When you ask teenagers to name their favorite shoe and apparel company, fast food restaurant, or cell phone retailer, brands like Nike, Chipotle, and T-Mobile are high on many lists.

But what is the favorite investment brand among teenagers? Loyalty wants to be the one.

This is a motive for the introduction of the new product “Youth Account” from Fidelity Investment. Jill Schlesinger previously mentioned the Fidelity Youth Account in her 31st column. Here’s a deeper look into the new product.

The Fidelity Youth Account is designed for teenagers between the ages of 13 and 17 and includes a mobile app with optimized money management functions and content for teenagers to save and invest in.

Fidelity has long promoted a wide variety of educational information for young investors on its website. And the investment giant has marketed its Roth IRAs and other investment products to a younger clientele. But the new youth account, launched after a test with families last month, is much more ambitious.

The Fidelity app can be used to trade stocks, exchange traded funds or mutual funds. The account comes with a debit card and can be linked to Venmo and PayPal apps for peer-to-peer payments.

To sign up, a teen only needs one parent with a Fidelity account who will keep an eye on their young investor (s) and be notified when a trade is placed or the debit card is swiped. But unlike other products on the market, parents cannot block transactions.

Teenagers have their own logins and passwords that parents cannot access. Likewise, teenagers cannot access their parents’ Fidelity account.

There are no trading commissions, no subscription fees, no account fees, no minimum investment requirements, and no domestic ATM fees.

The accounts enable fractional trading and give youngsters the opportunity to like less than a full share of stocks in popular companies. to buy Amazon.com and Microsoft, which are currently selling for hundreds or thousands of dollars.

How many children want to invest in the stock market? The stock market used to be a foreign land to high school children. But not anymore.

These standards make it imperative that parents and their young investors keep lines of communication open and talk about stock picking and other investment strategies.

Young investors flocked to the market during the pandemic, especially as Robinhood and other trading apps became the platforms of choice for buyers rocketing stocks of GameStop, AMC Entertainment, and other companies.

Fidelity has 26 million retail brokerage accounts, including many with teenagers. Investors opened 4.1 million new brokerage accounts in Fidelity in the last quarter, and 40% of those were opened by those under the age of 35.

Fidelity is promoting the Youth Account to teach teenagers about money management, setting investment goals for long term and other major financial education concepts. During the testing period, Fidelity said 90% of parents said they sat down with their teen and used the account as a classroom moment.

I am for anything that teaches teenagers how to use money responsibly, especially so many who don’t know much about the ways of Wall Street.

But make sure you’re comfortable with this wrinkle: when teenage investors turn 18, their teenage account will automatically switch to a Fidelity Standard Brokerage Account. So this product is more than just Investments 101, it is a bold move by Fidelity to build long-term customer relationships.

Meredith Company’s REAL SIMPLE To Launch Weekly “Cash Confidential” Podcast and “The New Guidelines of Retirement” Digital Occasion Sequence in Conjunction With Constancy Investments®

NEW YORKFeb. 22, 2021 / PRNewswire / – Meredith Corporation (NYSE: MDP) REALLY SIMPLE, the ultimate resource for a modern woman’s busy life, today announced the launch of its weekly Money Confidential. Podcast on March 1st and the virtual series of events “The New Rules of Retirement” on March 25th. Sponsored by Fidelity Investments®, a leader in financial planning and advisory, the offerings are designed to help women of all ages manage the retirement planning process and share actionable information and achievable solutions to their long-term and short-term financial goals.

“2020 has been a difficult year for our readers in every way, including financially, so we’re excited to partner with Fidelity Investments to have honest conversations and practical solutions to personal finance,” he says Liz Vaccariello, REALLY SIMPLE editor-in-chief. “We’re committed to eliminating the financial concerns and burdens of our audiences by creating a safe space to talk about money – and offer solutions that work.”

REAL SIMPLE’s 12-part “Money Confidential” Podcast will be available on all podcast platforms including Apple Podcasts, Spotify, Google Play, Stitcher, and TuneIn. host Stefanie O’Connell Rodriguez, a nationally recognized millennial money expert and author of The Broke and Beautiful, will provide tips and guidance on how to invest beyond a 401 (k), reduce the pressures of student debt, save for the future, and address the stress of money and relationships mix.

Organized by Brandi Broxson, REAL SIMPLE Features Editor, “The New Rules of Retirement” series of events will introduce Fidelity Senior Vice President, Retirement and Cash Management Melissa Ridolfi, Financial Hype Woman and Influencer Berna Anat and other personal finance experts. A second event is planned with the aim of providing women with a game plan and helping them learn the new rules for retirement September 2021.

“Today we see more women than ever struggling to learn about planning their futures and reducing the financial burden so many of us are feeling today,” he said Melissa Ridolfi, Senior Vice President of Fidelity Investments. “How loyalty We’re celebrating Women’s History Month with a special focus on helping women improve their financial wellbeing. We love to speak to REAL SIMPLE to really talk about saving and investing and taking simple steps to make sure your money is harder to hit with your age goals. ”

About REAL SIMPLE
REAL SIMPLE makes life easier and more meaningful for today’s busy woman, offering inspiring ideas and practical solutions to make her life easier. REAL SIMPLE understands the modern woman and creates a positive, supportive community where women can connect and share their ideas. REAL SIMPLE reaches an audience of nearly 14 million every month through print and digital. consequences REALLY SIMPLE on Facebook, Twitter, Pinterest, and Instagram.

About Fidelity Investments
Fidelity’s mission is to create better future prospects and achieve better results for the customers and companies we serve. With assets under management by $ 9.8 trillionincluding the discretion of $ 3.8 trillion from December 31, 2020We focus on serving the unique needs of a wide variety of customers: helping more than 35 million people invest their own savings, 22,000 companies administering employee benefit programs, and providing investment and technology solutions to more than 13,500 institutions to invest theirs Own customers’ money. Fidelity has been privately owned for more than 70 years and employs more than 47,000 people who are focused on the long-term success of our customers. For more information visit https://www.fidelity.com/about-fidelity/our-company. For more information on Fidelity’s Women Talk Money virtual pop-up event to celebrate Women’s History Month, please visit www.fidelity.com/gamechangers.

SOURCE Meredith Corporation

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