Pandemic-induced layoffs forced people to rethink their financial futures, prompting a significant uptick in digital earnings, particularly democratized investing.
For example, Business Insider reported that Charles Schwab reported nearly 15% of amateur retail investors in the US began their investing career in 2020.
According to the survey the financial institution conducted, the survey’s confirmed that the investing boom wasn’t just made up of Gen-Zers, but investors over the age of 40 also made their first entry into investors as well.
This underscores that there was a cross-generational interest in investing over the last two years and that exploration hasn’t slowed as we near a possible recession.
If you’re looking to diversify your portfolio but have no idea where to begin, we’ve got you covered. Here are some novice-friendly apps that will help get your wealth building journey started.
A self-directed trading app
, Ally Invest’s platform allows you to take part in the trade market from anywhere. Also unlike other popular investment options, there’s no minimum account balance required to get started. And, bonus cash is allocated to customers upon opening an investment account.
This is a zero-trade commission investing app that not only allows for trading but is also equipped with market analysis tools that offer great insight into the market. It also helps plan for retirement and has 24/7 customer service available.
Considered one of the best
investment apps on the market, Betterment
is one of the best investment apps. With automated investing options, tax-loss analysis tools, retirement planning support, it’s a fully-enriched investing experience.
This platform (Merrill Edge
) is a self-directed investing platform that guides the investor every step of the way. Dedicated advisors are also always available to offer support on portfolio-building decisions.
was named one
of the best apps for ease of use, and is considered a great option for beginner investors. Its key features include market insights, broker-assisted trades and automated investing and trade-in mutual funds without any fees.
This award-winning app
offers consumers a myriad of investment options including planning tools, educational resources and 24/7 trading.
Perhaps one of the most popular apps due to it’s “no-effort” approach for consumers, Acorns
auto allocates funds toward investments. Another bonus is it allows for incremental investing that can be as small as $10 per month.
allows for investing in fractional shares or ETFs with any amount of money and includes access to research on various tradable items. You also receive tax benefits and portfolio recommendations.