E*TRADE (ETFC) released insights on mobile investing from their recent studies in StreetWise, a quarterly tracking study of experienced investors. StockBrokers.com believes the findings are very telling. There were some not so surprising findings, and other findings that were surprising. Let’s take a look at what E*TRADE had to say about mobile investing habits. It is important to note that the statistics listed pertained to smartphones and not tablets.
Not surprisingly, the most common use of the smartphone when it comes to investing is to check stock quotes. In this study, 38 percent of experienced investors said they use their smartphone to check stock quotes. In all, 23 percent of the study participants said they read news about potential investments on their smartphone. An additional 13 percent said they watch educational videos.
Digging a little deeper, here are some interesting tidbits:
-61 percent of males under the age of 34 say they use their smartphone to check on the status of their orders.
-Females are the under age of 30 are most likely to say they use their smartphone to research investment products at a level of 44 percent.
-The Bay Area and the Northeast ranked as the most engaged when it comes to mobile investing
“Mobile investing is not a uniform activity-it means different things to different people,” said John Matos, who oversees digital channels at E*TRADE Financial. He also said that investors needs evolve as they enter different life stages. Matos also offered up a couple interesting predictions about the future of mobile investing. He believes investors will not need a smartphone to watch the market, rather they will be able to check their investments on wearable technologies. He also believes investors will be able to collaborate more closely with customer service in the future.
In the 2014 Online Broker Review, StockBrokers.com ranked E*TRADE first in our mobile rankings.
Click here for the full press release surrounding these mobile investing insights.