Families might ‘gift’ investments to their children, ushering in a new era of long-term investing.
Long before they ever handle money, a new app claims to help children begin their investment careers.
Hapi has created a special account for parents to invest in their children’s future and develop their wealth over time. Following a successful Beta stage, they have launched in the UK, allowing parents to register Junior ISAs (JISAs) or regular investing accounts for their children in minutes.
Hapi allows parents to register a standard investing account in their own name or a JISA in the name of their kid, allowing them to budget for some of life’s most significant expenses.
Every parent wants to be able to provide for their child as much as possible, whether it’s for university, their first home, or a personal dream buy.
Parents can profit from knowing that their children’s future is financially secure while also assisting their children with financial literacy by initiating a child’s first investment on their behalf.
Social media is exposing current school generations to investment, implying that future investors will be making their first trades much earlier in life.
Encouragement of financial literacy benefits parents as well, as it reduces the likelihood of having to support an overspender in their adult lives.
Investments can be chosen based on the child’s age or the financial aim for which the investment will be used.
The program suggests not only which investments to make, but also how much money you should put aside each month to reach your financial objective. It would also keep track of the investments to ensure that parents stay on track.
Hapi aspires to collaborate with families based on their specific needs, combining the appropriate investment accounts and features to create a social gifting experience for them.
As a result, Hapi is one of the first JISAs that allow both parents to access and manage their children at the same time.
This function, according to Hapi, “should’ve been established years ago,” but “sadly, financial services products continue to appear to be geared for single consumers, not modern families where money is an equal matter.”
The app also gives each account a unique connection for other family members such as grandparents, godparents, aunts, and uncles, extending beyond the parents’ access.
Each gift can include a message and a photo, resulting in a “time capsule” that the child can access and relive all of the memories. “Brinkwire News in Condensed Form.”