New stock app Qooore is meshing social media with investing
A new stock app called Qooore is hoping to change the way young people see the stock market.
It’s no secret why investing in the stock market has become so popular with young people in the past few years. Stock apps like Robinhood have had massive rises, as they make the process of buying and trading stocks far easier for ordinary people who have no previous connection with the market. There has been some concern, however, that the simplicity of these apps encourages young traders to make dicey choices on the stock market without understanding the huge risks involved.
Only 21 states in America currently require some form of financial education in school systems, and without any idea of the inner workings of the stock market, young people often throw unsafe amounts of money into risky trades, where they will likely see huge losses. Young people have not been found to use the same resources as older established traders, so concerned parties are reaching out to them using something they do know – social media.
Social media has become an unwavering part of the lives of young people in recent years. The massively popular social video sharing app TikTok has over 689 million active users, with a quarter of these users falling under the age of 20. You’d be hard pressed to find a teenager who doesn’t use some form of social media actively. These same impressionable young people are likely to see stories of people making millions on the stock market (especially on online forums like Reddit’s r/wallstreetbets ), and then believe that they can do the same with no experience.
A new stock app called Qooore is hoping to change the way young people see the stock market. Qooore is an investing app, but it has the aesthetics and features of popular social media apps like TikTok. Users scroll through cards, like videos on TikTok, which display information on a company that they can buy stock in.
While scrolling through these cards, users are occasionally met with a multiple choice question about a certain aspect of the stock market, or a popular company in a similar format to Instagram or TikTok polls. These aspects are a much more modern way to teach young people about the stock market than traditional methods.
Young people aren’t likely to scroll through pages and pages of articles describing the complicated nature of the stock market, or analyze graphs for hours before making their trading decisions like expert Wall Street investors. They do, however, have a knack for new technology and social media like no other generation. 95% of teens have access to a smartphone, so social media is ingrained in their lives to a degree that any app that uses similar features, like Qooore, will be immediately intuitive to them.
Qooore represents the next evolution in social media technology, as it combines the easy-to-use aspects of stock trading apps, with a genuine care for its users’ well-being. Other stock apps rely on dumping investing newcomers into the market with no prior experience. These apps have been found to frequently side with massive hedge funds and wealthy Wall Street investors over the common people they serve, like when Robinhood shut down trading on GameStop stock during the famous short squeeze of early 2021.
Qooore shifts the focus to education by simply and effectively teaching young people about the market by using elements of the social media sites that they frequent. Apps like Qooore display a user-first future for mobile applications, where the wellbeing and autonomy of the people who use these apps is prioritized over appeasing the wealthy elite on the opposite end of the spectrum.