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When it comes to investing the earlier you start the better and Fidelity is helping teens learn all about buying and selling U.S stocks courtesy of its Fidelity Youth Account program.
Aimed at teens between the ages of 13 and 17, the parent-monitored Fidelity Youth Account allows your future financial gurus to “save, spend and begin investing” – learning skills that will last a lifetime.
Introducing the Fidelity® Youth Account for ages 13–17, a no fee brokerage account for your teen to learn about saving, spending and investing with your supervision. Learn more: https://t.co/RCq818DeaV pic.twitter.com/5SsOeQL23A
— Fidelity Investments (@Fidelity) June 1, 2021
Fidelity calls the program the “industry’s first brokerage account” designed for teens to buy and sell U.S stocks, Fidelity mutual funds, and many exchange-traded funds.
According to the Associated Press, the Fidelity Youth Account allows teens to deposit cash, have a debit card, and trade stocks and funds using the mobile app with zero account fees or minimum balances. To open an account, parents or guardians must have their own Fidelity account.
The feature also includes a dedicated youth learning center to help teens learn good financial habits, all available via a teen-friendly app. Educational material includes “The Basics of Saving and Investing,” “How Does Interest Work,” “Baking Bread and the Power of Compounding,” and “A Road Map for Longterm Goals.”
“There is a lack of financial literacy,” said David Dintenfass, Fidelity’s chief marketing officer and head of experience design told the Associated Press. “People who are already Fidelity customers, they want to pass on their knowledge to their children. When we talked to them, they said they would love to have a product to develop better conversations with their children as soon as possible.”
“This is positioned as a way for parents to have good conversations with their children,” Dintenfass said. “That, I think, has led to the ideas about responsibility, and that has led to responsible behavior.”