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Hargreaves' mobile app entices young savers but account values still low

Hargreaves' mobile app entices young savers but account values still low

Next generation mobile investing is capturing the attention of new, younger savers, according to new research by Hargreaves Lansdown.

The firm’s recent ‘Mobile Investing Report’ revealed three in five new accounts opened on its mobile app were by people aged between 19 and 35, compared with one in five on traditional desktops. The average portfolio value of those opening an account via mobile is around one fifth the average account value opened via desktop.

Hargreaves Lansdown has now launched a new version of its app for iPhone and Android. Digital strategy director Chris Worle (pictured) said: ‘Mobile investing is coming of age and is encouraging a new generation of investors who are looking for the ease and convenience of managing their money on the go.

‘We continue to see exponential growth in the numbers of people using their mobile to invest, a trend that will continue apace. Macro events such as Donald Trump’s victory, the Brexit vote and the flash crash in August 2015 sent people to their phones for news, information and to look for investment opportunities.’

The new Hargreaves Lansdown app offers a simplified design and structure. ‘The focus of the new app is on what clients actually use the app for, not fancy functionality that looks nice but sits on the virtual shelf. It’s all about brilliant basics,’ Worle said.

‘We’ve focused on improving the user experience, and made it quicker and easier for investors to manage their investments.’

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