Bay Area Organizations Partner with Moomoo Trading App to Improve Teen Financial Literacy | News
PALO ALTO, Calif., February 8, 2022 /PRNewswire/ — Two Bay Area-based organizations dedicated to improving financial literacy among teens, Palo Alto Education Group and LaunchFIThave partnered with the trading app moomoo to throw #Investa campaign to improve financial literacy and stock investing knowledge among teens and high school students across the United States
The #Investeen campaign will feature a host of engaging educational programs, including live virtual classes and the 2022 Global Teen Investment Competition (GTIC). The GITC includes a paper exchange contest hosted in a specially programmed environment in the moomoo app. The top-ranked regional teams will be invited to create a stock portfolio presentation in front of a panel of investment professionals, financial media veterans and investment firm executives.
“Adequate education in financial literacy will benefit today’s young people throughout their lives. equities and wider adoption of trading apps,” said caroline baoVice President of Moomoo Inc. “We have long admired Palo Alto Education and LaunchFIT’s dedication to financial literacy education and are thrilled to partner with them in this important campaign.”
Along with the #Investeen campaign, moomoo and Palo Alto Education today released data from a survey of 120 teens ages 13-18 about their experiences and education with financial literacy and investing.
Investing in education from a trusted source is especially important at this stage of life, given that an overwhelming majority (92%) of teens have a vested interest in investing in the stock market, even though more than seven teens in ten (71%) say they currently receive little or no investment education. When asked to rate their knowledge of investing in the stock market, most teens (69%) said they had only some basic knowledge, while 13% of participants said they had absolutely no knowledge. no idea.
When asked why they were interested in investing, financial independence was the most common response, with 82% of participants citing it as a motivator. Data also showed that teens prioritize future needs, such as paying for college (54%) and building retirement savings (43%) over short-term luxuries, such as buying homes. a car (25%).
The majority of teens say they turn to friends and family (76%) or financial websites (66%) for investment advice and ideas. Although nearly half of teens (43%) learn about investing through online forums and social media, their trust in influencer investing advice is low: less than 13% of teens surveyed said that ‘they trusted influencers for recommendations and investment ideas.
Notably, despite the buzz surrounding cryptocurrency, teens surveyed say they prefer traditional assets like stocks (73%) and savings accounts (43%) to cryptocurrencies (25%) and NFTs. (12%).
“It’s crucial that teens start learning financial literacy now because they have the power of time on their side,” said Joyce Lin, co-founder of LaunchFIT, a non-profit organization created by teens for teens. “The earlier they learn, the more potential their money will have for compounding. the lack of knowledge left behind by schools.”
Between now and February 14thstudents can register for the GTIC paper trading contest at moomoo’s website. Winners will be named and prizes will be awarded April 2022.
About Palo Alto Education Group
Based in Silicon Valley, Palo Alto Education Group aims to ignite passion and maximize every student’s potential in finance, investment, and AI with social equity, toward global competitiveness. www.thePaEdu.com
LaunchFIT (Financial Intelligence for Teens) is a 501c(3) non-profit organization whose goal is to empower teens by spreading financial knowledge, teaching them the power of responsible decision-making and financial literacy . www.launchFIT.org
About Moomoo Inc.
Based at Palo Alto, California, Moomoo Inc. is a company that offers a commission-free* professional trading application. With advanced research tools, free detailed market data, and one of the most active online communities, moomoo empowers individual investors to trade like a pro. In United States, the securities are offered by Futu Inc., a licensed broker-dealer regulated by the United States Securities and Exchange Commission (SEC). Futu Inc is also a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). For more information about moomoo, please visit the company’s official website www.moomoo.com.
*Commission-free trading is only available to US residents trading on US markets.
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SOURCE Palo Alto Education Group