A record number of millennials and boomers are turning to the share market to actively build wealth due to the low interest rate environment and being totally priced out of the housing market - driving demand for DIY wealth creation apps.
The free mobile investing app ‘Goodments by Douugh’ has now launched in Australia allowing investors to grow their savings and overall wealth through investing brokerage free in U.S single stocks like Tesla, Spotify, Lululemon or Apple as well as ETFs from well known fund managers like Ark Invest, Blackrock and Vanguard - from as little as one dollar.
It is the precursor to the launch of fintech Douugh’s (ASX: DOU) smart banking app in Australia early next year, which will help Australians autonomously manage AND grow their money to live financially healthier lives, with over 10,000 Australians now signed up to the waitlist.
According to the latest ASX Australian Investor Study, close to a quarter of all investors started investing in the past two years, many aged 25 or younger and women are now making up nearly half of all new investors.
Douugh’s Founder & CEO Andy Taylor said Millennials and Gen Z’s are gravitating in record numbers to the sharemarket to help them grow their savings and build wealth.
“Young people realise buying property is no longer an option, so they are turning to shares to make their money work harder and secure their futures plan,” said Mr Taylor.
CoreLogic data comparing national dwelling values and average incomes found low income workers are only able to afford 17.6 percent of available housing stock in Australia – or just 3 percent in Sydney and 4 percent in Melbourne.
“Cryptocurrencies have also created interest in the younger generation who want to invest with a long term strategy.”
“It’s driving demand for wealth creation platforms like Goodments to simplify buying and selling shares, making it easy to get involved, easy to use and low cost. All the while being able to back the biggest global brands they know and love.investors to companies they know and love,”
said Mr Taylor.
“Millennials want to do the investing autonomously with some guidance through an app rather than a broker and pay their fees.”
“Goodments by Douugh has over 4000 U.S single stocks and ETFs on its platform to invest in but it avoids companies directly involved in oil, tobacco, fur, or military and weapons products.”
“Investments are held in the investor’s name and insured under the Securities Investor Protection Corporation (SIPC) scheme upto the value of $500,000.”
“Goodments uses state-of-the-art data encryption and in-app biometric security for all in-app transactions.”
About ‘Goodments by Douugh’
Goodments was recently acquired by Douugh Ltd (ASX: DOU). Douugh is a purpose-led fintech company, on a mission to help customers autonomously manage AND grow their money to live financially healthier.
Goodments is the leading responsible investing app, helping people invest commission free in the world’s biggest companies listed in the U.S from as little as $1.