New Product from Best Investment App for Education as Rated by Bankrate, Empowers Parents to Gift Money Tax-Efficiently & Raise Financially-Smart Children
Invstr, the leading financial education and investment app, dubbed the Anti-Robinhood by Forbes, announces the launch of Invstr Jr. The new Invstr custodial account enables those under the age of 18 to learn how to earn and invest money and how to manage their finances.
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A report released by the Milken Institute found that many high school students lack basic financial knowledge and skills, and a survey from the London Institute of Banking and Finance found that a majority of young people said they would like to start learning about money between the ages of 11–14. Invstr Jr is helping close this knowledge gap, offering the tools and resources necessary to improve young people’s understanding of finance and investing.
By opening an Invstr Jr account for their children, parents are empowered to help raise financially-literate individuals, providing them access to Invstr’s industry-leading investing education and tools. Adults can schedule monthly deposits, set allowances for completing goals and approve or decline investment proposals from their children. They can also reward children for completing Invstr Academy modules, which provides users with exciting, gamified learning experiences to boost their confidence and learn the keys to investing.
Children and adults also have access to unique features on Invstr helping them to build their investing skills and find and choose the best investments. This includes having access to their own private league within Invstr’s unique, risk-free Fantasy Finance® game that allows users to create leagues and compete with friends. The leagues offer a leaderboard and statistics, and adults and children will be able to communicate using the league’s chat room or the direct messaging feature of the app.
Invstr Jr enables adults to transfer money or assets to children under 18 years of age using the IRS annual tax-free gifting allowance. The money in the Jr account will belong to the children and will be controlled by the adult until the child reaches the age of majority. Each Invstr Jr account features FDIC insured checking and savings accounts, a debit card, SIPC insured brokerage account offering commission-free fractional investing and a crypto account regulated in all 50 states.
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“At Invstr we believe that you’re never too young to start investing. A dollar invested by a child has more potential to grow and compound than a dollar invested later in life. So, the sooner we start investing the less we need to put aside to build wealth and create financial security,” said Invstr CEO Kerim Derhalli. “We believe everyone can be an investor and can learn to invest in the same way that we learn to play a sport or a musical instrument. Investing is increasingly being recognized as a key life skill. We have made it fun and social for people to build experience and confidence safely and to learn good money habits. Invstr Jr is a major step in helping literally everyone take charge of their financial future.”
All Invstr Jr accounts will also get free access to the advanced features of Invstr Pro, worth $3.99 per month. Invstr Pro provides every member with detailed daily feedback on their portfolio risk and returns, their progress as an investor and a personal Invstr Score. Invstr Pro also offers tools and features to help users find and select the best investments.
The launch of Invstr Jr comes amid a period of exciting growth for Invstr. The app has been downloaded more than one and a half million times in over 200 countries globally. 16,000 private Fantasy Finance® leagues have been created by Invstr members, 90,000 students have joined the Invstr Academy and over one and a half million people have also played the Global Invstr StockStars Mini on Snapchat.
Invstr Jr is a family plan for any one adult and up to four children each with their own account. The plan will cost $6.25 per month when paid annually or $7.99 when paid monthly. Each new adult will also be eligible to receive a $30 account opening incentive, making Invstr Jr highly competitively priced.
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