Copper, the go-to banking app that actually teaches adolescents and children about money and prepares them for future financial success, has announced the launch of Copper Investing, a teen-focused Registered Investment Advisor (RIA). Copper Investment provides easy-to-use, automated investing portfolios for adolescents to learn about (and begin) creating money in a secure atmosphere. Its long-term objective is to financially empower kids by creating and reinforcing real-world learning experiences that help teens grow as investors rather than merely gain money.
Copper moves beyond banking with Copper Investment, a first-of-its-kind adolescent investing platform led by education, after giving free financial literacy courses in over 5,000 high schools around the country. The platform provides kids with accessible and automated investment portfolios to help them develop financial literacy at a young age and use what they’ve learned to securely acquire money.
“With inflation on the rise, teens need to go beyond saving—they need to learn about the growing wealth,” says Eddie Behringer, Co-Founder, and CEO of Copper. “One of the biggest opportunities for teen wealth-building is time in the market and willingness to take risks. Our research shows teens are eager to get started and with Copper Investing, we will empower them to become savvy investors from a place of financial education so parents can feel secure, too, knowing their teen’s financial future comes first.”
Copper Investing assesses its consumers’ risk tolerance using a customized questionnaire that adheres to industry best practices. The system then matches them with a carefully built portfolio that is within their investing comfort zone while also meeting their parents’ investment preferences. Copper’s three global equities portfolios do not include bond or cryptocurrency exposure and are meant to provide an appealing balance between risk and long-term return via a diverse mix of low-cost ETFs. Furthermore, Copper has committed nearly $1M to the 200,000+ people in the Copper Investing queue. As the Investing product becomes available, this group of young investors will contribute more than $1 million in Copper funds to their first-ever investing and wealth-building accounts.
“I believe that during the pandemic we lost a lot of things that are important by not attending school. I feel that being knowledgeable about finance and investments is really important for our future,” says Copper member Aidan F. from Cottonwood, CA.
Copper’s expansion in financial services exemplifies a fintech’s potential for real-world empowerment. Recently, the business was invited to the White House, Consumer Financial Protection Bureau (CFPB), and Federal Reserve to explore the promising future of financial technology as a tool for education and access.
Source – Yahoo Finance