Hargreaves Lansdown finds young want mobile investing

Hargreaves Lansdown finds young want mobile investing

Younger investors are using mobile technology rather than a desktop, research by Hargreaves Lansdown has found.

Research by the Bristol-based company showed that younger people favour using their mobiles to open Isa, pension and investment accounts.

Three in every five new accounts opened on mobile are by people aged between 19 and 35 compared to just one in five accounts on desktops.

The average portfolio value opened by mobile phone is around a fifth of the average account value opened by desktop.

Chris Worle, Hargreaves Lansdown’s digital strategy director, said: “Mobile investing is coming of age and is encouraging a new generation of investors who are looking for the ease and convenience of managing their money on the go.

“We continue to see exponential growth in the numbers of people using their mobile to invest, a trend that will continue apace.

“Macro events such as Trump’s victory, the Brexit vote and the flash crash in August 2015 send people to their phones for news, information and to look out for investment opportunities.”

He said more than 60,000 clients a day use the company’s app to manage their money.

Hargreaves Lansdown has said it is launching a new app to build on that success.

The FTSE 100 company’s research showed 16 per cent of all mobile visits are from those aged between 25 and 34 as opposed to 8.6 per cent of all visits via a desktop.

Near half of all mobile trades are completed by people aged 44 or under.

The company’s new app will include fingerprint login, live share prices and trading of all funds and shares available on its platform.