Greenlight CEO Says Latest App Seeks To ‘Empower More Parents To Start Investing’
Fintech company Greenlight Financial Technology, mostly known as a trading app and debit card for kids, now looks to educate parents by launching Investing for Parents, a new educational investing platform designed specifically for them.
Earlier this year, Greenlight introduced the first educational investing platform for kids and teens — Greenlight Max. This provided young people a way to learn how to invest safely with appropriate guardrails like parental approval on every trade and easy-to-understand educational resources, Tim Sheehan, CEO and co-founder of Greenlight told GOBankingRates.
“Following the launch of Greenlight Max, we heard from our families that many parents, too, didn’t know how to get started investing. We know that investing is key to building long-term wealth, so we wanted to empower more parents to start investing for their family’s future,” he explained.
Sheehan added that in a recent survey, Greenlight also found that 52% of parents don’t invest because they lack knowledge and 58% are intimidated by investing, while 88% of parents wish they had more investing education earlier in life.
“With Greenlight’s Investing for Parents, we want to fill this gap and help more families build healthy financial futures together,” he stated.
The new platform is designed so that any parent, regardless of prior knowledge or experience, can get started. Using the Greenlight app, parents can research stocks and ETFs, create their own investment portfolio with fund recommendations based on their goals and start investing with fractional shares for as little as $1. In-app educational content and research from Morningstar gives parents the resources they need for smart, long-term investing, Sheehan continued.
“In a recent survey, we found that more than half of parents (52%) have little to no savings for their kids’ futures. Nearly 3 out of 4 parents (71%) worry about supporting life events, like their kids’ college education,” Sheehan said. “It’s clear that parents need a better way to save for their kids’ futures. Greenlight’s Investing for Parents will help parents start investing for the long-term so they can grow savings and build a healthy financial future for their family.”
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Last updated: October 27, 2021