Fidelity is launching accounts for teenagers to help them save, spend, and invest their money. Teens and college students have shown their interest in investing and developing more financial skills, and now Fidelity Investments is joining the wave of services helping Gen Z learn to manage their money. The accounts, open to 13-17-year-olds, include educational materials to help teens learn about their finances, and will allow them to deposit cash, own a debit card, and trade stocks and funds with zero account fees or minimum balances needed. A parent or guardian is required to open the youth account, but once they’re 18-years-old they will transition into a standard brokerage account. YPulse’s education data shows that 38% of high school students and 39% of college students say personal finance is a real-life skill they’re interested in learning that their school isn’t offering. (AP News)
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