Younger investors are making more use of their mobile phones to facilitate their trading activity, according to new research from U.S.-based discount broker E-Trade Financial Corp.
The firm reports that experienced investors most commonly use their smartphone to check stock quotes (38%), and to monitor their portfolios (32%). However, it also found that younger investors are more likely to use their phones more widely to facilitate investing.
For instance, it reports that 61% of male investors under the age of 34 say they use their smartphone to check on order status. Whereas, females under the age of 30 are the most likely to use their smartphone to research investment products, at 44%, it says. It also reports that investors under the age of 34 are almost twice as likely as the total population to use their smartphone to watch educational videos on investing (14% vs. 8%).
“Mobile investing is not a uniform activity — it means different things to different people,” said John Matos, who oversees digital channels at E-Trade Financial. “This is because the life of an investor is not static — on one hand, their investing and trading needs evolve as they enter different life stages. On the other hand, different generations are adapting to new technologies in new ways. Mobile investing today is about so much more than placing trades.”
Looking to the future, Matos predicts that mobile services will grow more collaborative, allowing greater interaction between reps and customers; investors will shift to wearable technologies to review their portfolio or get stock quotes; and, that platforms, tools, sites and devices will be more integrated.