Fidelity launches a tool to introduce children to financial gambling
After Robinhood and WeBull attracted millions of millennial customers, therefore very young ones. Fidelity is finally trying to capture the next generation of investors in an effort to protect their business from changing generational tastes. An epochal change considering that Fidelity dealt with pension funds and that the maximum innovation had been the introduction of some virtual currency on its desk.
Young investors have shown a preference for commission-free speculation and a goal of contributing to long-term goals, and Fidelity has decided to give them what they want. As WSJ reports, in an effort to "open the door to a new generation of investors," Fidelity is launching new credit and debit cards, along with investment and savings accounts, for teenagers between the ages of 13 and 17. Like Robinhood and its other competitors, Fidelity will not charge any fees or commissions to your online trading account.
Fidelity already operates one of the largest online brokerage firms in the country and offers commission-free trading fees like Charles Schwab, E-Trade and the other large brokerage firms, but competition for the next generation of clients has grown particularly in the last year. After falling behind its competitors on previous innovations such as zero-commission stock trading, Fidelity is looking to catch up on ties to teens and day trading.
How the tool works: a parent opens the current account to the child and sets a limit to the trading that the child can carry out, but subsequently the child can operate completely free and operate independently, which will make him completely escape from parental control .
In a press release, Fidelity also said it will offer even more "financial literacy" tools, including "a bespoke educational content library." Which is kind of funny, because it's like saying that horse breeding can be taught through racing betting. What will grow in adolescents will not so much be knowledge of the economy, but that of "financial gambling" and speculation. The educational function is equal to that of giving 50 euros to a boy and sending him to play slot machines hoping that he will learn the rules of probability.
As we have seen with Robinhood and the Gamestop case, what we must prepare for is a generation of pure gamblers who will move socially in packs and devastate the various markets. Who will take advantage of it? Who can oversee and manage all this huge tide of data, that is, the rich hands behind Fidelity. And who cares about the "work ethic".
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The article Fidelity launches a tool to introduce children to financial gambling comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/fidelity-lancia-uno-strumento-per-introdurre-i-ragazzini-al-gioco-dazzardo-della-finanza/ on Tue, 18 May 2021 17:06:23 +0000.