Investors have jumped on the mobile app bandwagon. They are trading more on their cellphones and say it gives them confidence and provides an investment edge, a Fidelity survey found.
Nearly seven out of 10 (69%) respondents to Fidelity’s Mobile Money Study released Tuesday feel mobile trading gives them an advantage over investors who don’t use mobile apps. And 41% said they place at least one mobile trade per month.
Four out of 10 (41%) of frequent users of financial apps reported a return on investment of more than 20% on their total investable assets in the past 12 months, while just 22% of less frequent users cited similar returns, the Fidelity survey found. Fidelity, a mutual fund company, says its shareholders have increased mobile trades by more than 40% in the past year.
“Just as mobile technology has changed our everyday lives, people are increasingly relying on the convenience of mobile to invest and manage their finances,” said Velia Carboni, senior vice president, mobile channel at Fidelity. “In the past year … our survey found that more than one-third of mobile traders make trade decisions on the spur of the moment, capitalizing on investing opportunities from their screen, anywhere.”