Being a millenial myself with almost no knowledge about the stock market, I decided to use the existing stock market apps and apps that helped understand stock market investing to find out some of the problems encountered and formed my initial assumptions.
Stock market apps : Investing.com, OctaFX, moneycontrol
Stock market learning apps : My Wallst Learn, InvestEd
Too much stats and info.
Clueless about what the stats signify.
Don’t know which stock is good and which one is bad.
Way to understand which stocks are good and which are not.
A better way of learning about the market.
Easier way to learn about stock terms.
To further understand the problem, I decided to look at some public survey data and interviewed 4 of my friends of the same age group.
Investopedia’s Affluent Millennial Investing Survey
According to Investopedia’s Affluent Millennial Investing Survey, The Majority of Affluent Millennials Don’t Feel Knowledgeable About Investing.
Only 37% of affluent millennials feel knowledgeable about investing at all.
High-income millennials who feel knowledgeable about investing are 5X more likely (73% vs. 14%) to feel very confident in their ability to make their own financial decisions.
Core problem Discovered
: Millenials are not knowledgeable about investing.
There is a fundamental lack of basic financial education that is required before investing.
I opened the investing.com app and asked the user to hypothetically invest in one of the stocks and asked them to report any problems they encounter.
“What do these numbers mean?”
“Are the green ones doing good? Which ones are good to invest?”