NEW YORK–(BUSINESS WIRE)–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.
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…