From Nigeria to India, Gen Z taps apps to invest

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From Nigeria to India, Gen Z taps apps to invest
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Gen Z is getting into investing, as apps lower barriers of entry, though experts warn this could also open naive users to unexpected risk.

There's a new generation of investors in town. They're young, they get their tips on YouTube, and they're armed with apps that make the stock markets more accessible than ever before.

Srivastava uses a handful of Indian trading apps, including Zerodha and Upstox, and often gets his financial advice from YouTube. The ambitious 20-year-old hopes to build a diverse investment portfolio and then retire by 45. Nigerians have flocked to local apps such as Trove and Risevest which allow them to invest in US stocks, widely seen as a means of protecting wealth as the naira nightmare continues.

For a few months after losing his job as a tech journalist due to the pandemic, Oyedele covered his rent by trading cryptocurrencies. Worldwide, the new arrivals are largely young. Robinhood's median US customer age is 31; India's Upstox says more than 80% of its users are 35 or under, a figure matched by Nigeria's Bamboo .A share in Amazon, for instance, is currently worth more than $3,000 – unaffordable for the average Gen Z or slightly older millennial. But a small fraction of that share might be within reach, particularly on an app that charges zero commission.

Nearly two thirds of the new investors it surveyed said"a significant investment loss would have a fundamental impact on their current or future lifestyle", the FCA found.

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