PALO ALTO, Calif., May 17, 2022 /PRNewswire/ — Moomoo, a commission-free* trading platform with advanced research tools and market data, today reported the successful results of their initiatives throughout National Financial Literacy Month in April, including the release of new data on investors’ financial literacy and an investment-related quiz, which offered high-scoring moomoo users the chance to win free Apple (APPL) shares.
Every April, governments, communities, and other social organizations jointly hold various events to raise public awareness on the importance of financial literacy across the United States. Since its inception, moomoo has aimed to accompany investors on their journeys of learning and growth, so that they can better navigate current market conditions, leverage ongoing financial learnings to continuously accumulate wealth, and maintain a successful foothold in even the most volatile markets.
“Moomoo is committed to being a facilitator for financial education to help global investors, from beginners to veterans, learn and grow,” said Keith Chan, CEO of moomoo. “Moomoo provides many free investment courses—including operational guidelines, practical strategies, investment ideas and trading methods— as well as insights into important financial news and market trends, enabling investors to continually learn and improve their investment knowledge. We want to empower every investor to invest like a professional investor.”
Throughout the year, moomoo provides ongoing, free investment courses as resources to global investors—as well as tutoring services, tailor-made learning plans, and full-process investment education services to help moomoo users sharpen their investment sense, establish an investment system, and seize investment opportunities.
This is especially vital in today’s marketplace, because…
Although 84% Of U.S. Adults Regularly Worry About Their Finances,
Fewer Than Half Have Had Money Management Education
Moomoo commissioned an April 2022 survey of more than 1,000 adults across the United States and found the majority of respondents have two things in common: they worry about their finances frequently and have never received a formal education around how to manage their money.
Findings show that 84% of U.S. adults worry about their finances on a regular basis, with nearly half (42%) “often” concerned about their money management. Yet, despite money management worries being so prevalent, roughly three out of five people surveyed (or 59%) have never received a formal education about how to manage their finances.
Of those who did have educational experience in financial topics, the majority (73%) received that instruction through a class at school—although only half of that group had a class specifically dedicated to money or financial management. Some supplemented their financial education with training through their job (4.0%) or through a webinar or course provided by a company or financial institution (7.0%).
By using aggregate data gathered through this survey, moomoo was able to profile the “Average Investor” as someone who…
- Would grade themselves a ‘C’ for their financial literacy (38%)
- Is ‘often’ concerned about their finances (42%)
- Has never had formal education around money management (59%)
- Is confident in their long-term investment strategy (25.5%)
- Considers their biggest investing roadblock to be knowing when to capitalize on opportunity in a volatile market (24%)
- Is unsure when—if ever—they’ll reach financial independence (32%)
- Has mostly tried-and-true investments in their portfolio—such as savings accounts (52%), stocks and ETFs (42%) and mutual funds (35%)—compared to newer options for portfolio diversification such as cryptocurrencies (18%) or NFTs (6%).
The Grades Are In:
Financial Literacy Report Cards & Investment Quiz Results
When participants in the above survey were asked to assign a grade to their own financial expertise, most investors felt they were somewhere in the middle of the pack, with the majority (38%) giving themselves a ‘C’ grade. Only 10% awarded themselves an ‘A’ grade—a group that still outweighed the mere 4% that graded themselves most harshly, with an ‘F’ failing grade.
Along income lines, respondents from households with an income of $250,000 or higher were more likely than other groups to give themselves an ‘A’ grade—29% gave themselves the highest financial literacy grade, nearly triple the percentage of the average population. Additionally, only 20% of these high-earners graded their financial literacy with a ‘C’, showing higher-than-average confidence in their financial acumen.
Results along gender lines also showed interesting trends—with female investors awarding themselves fewer ‘A’s and ‘B’s than their male counterparts, while accounting for more of the self-assigned ‘C’, ‘D’ and ‘F’ grades.
Despite the average investor assigning themselves middling grades, the moomoo community proved they were willing and enthusiastic to put themselves to the test!
Moomoo designed a short, 10-question quiz designed to challenge users’ knowledge of investments, stock trading and financial literacy. Those who answered all questions correctly were then entered for the chance to win a free share of APPL stock from the prize pool.
As of April 30, the last day the quiz was available, nearly 10,000 moomoo users successfully completed the quiz, with more than 13,000 users participating in some capacity. Additionally, more than 1,600 users then took the initiative to further their financial acumen by accessing moomoo’s educational courses and related content pages.
Start Early, Succeed Sooner:
Promoting Financial Literacy Among Younger Generations
Earlier this year, moomoo partnered with two Bay Area organizations, Palo Alto Education Group and LaunchFIT, to launch #Investeen, a campaign aimed at improving financial literacy and equity investment knowledge in adolescents and high school students across the U.S.
As part of this campaign, moomoo participated in operating the 2022 Global Teen Investment Competition (GTIC), a paper trading competition hosted in a specially programmed environment in the moomoo app. The top-ranked regional teams were invited to create an equity portfolio pitch to a judging panel comprised of investment professionals, finance media veterans and executives from investment firms.
About Moomoo Inc.
Headquartered in Palo Alto, California, Moomoo Inc. is a company that offers a professional trading platform and access to commission-free trading* through Futu Inc. With advanced research tools, free in-depth market data, and one of the most active online trading communities, the moomoo app empowers individual investors to trade like a pro. In the United States, moomoo’s securities services are offered by Futu Inc., a licensed broker dealer regulated by the United States Securities and Exchange Commission (SEC). Futu Inc. is also a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). Funds enrolled through the Futu Bank Sweep Program are also protected by the Federal Depository Insurance Corporation (FDIC) for up to $1M. For more information about moomoo, please visit the company’s official website www.moomoo.com.
*commission-free trading is available only to U.S. residents trading in the U.S. markets.
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SOURCE moomoo Inc.