This App Helps Millennials Start Investing in Causes They Really Believe In
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Hey, fellow millennials.
Another company conducted another survey about us and our finances.
In June, the Harris Poll, on behalf of Wells Fargo, polled 1,771 millennials and concluded that they’re hesitant to invest, among other things.
But we did find it interesting that millennials would be more likely to invest if their investments made a positive impact on the world.
Here are a few numbers, according to the survey’s findings:
- Give a millennial a hypothetical $1,000, and 86% said they would like to invest it in a company that positively impacts the world.
- Of those polled, 74% said it’d be a lot easier to deal with the anxieties of investing if their investments played a positive role in the world.
- In general, 86% of millennials consider themselves givers and not takers.
Millennials: Here’s An Easy Way to Invest in Do-Good Companies
Don’t worry, millennials. You don’t have to take your hard-earned money and throw it to the windstocks. (Get it? Not windsocks… And stocks…)
There’s an easy-to-use investing app that lets you dictate what types of companies you choose to invest your money in.
All you’ll have to do is fill out some basic information, then you'll get assigned your investing style: conservative, moderate or aggressive.
You’ll go on to answer questions about your employment status and citizenship. Heads up: It’s also going to ask for your Social Security number. It won’t check your credit; it just needs to know you’re a real person. Any other SEC-registered investment advisor will ask for it, too.
In “Auto-Stash” mode, the app automatically withdraws a certain amount of cash from your bank account as often as you’d like — from once a week to once a month. Pick whatever you feel like you can handle — even just $5.
You’ll also get to choose what the Stash app does with that money. This is where the whole do-good part comes into play.
Under its “Invest” tab, Stash lists more than 30 investment-fund options, all broken down into three categories: “I Believe,” “I Like” and “I Want”. If you want to help promote good causes, select “I Believe.”
Here you’ll find portfolios that’ll invest in companies based on your beliefs — whether that’s workplace equality or a cleaner environment. You’ll know what you want because these all come with jargon-free names.
“Clean & Green”
This portfolio is a great option for those who want to help our “mess of” an environment. The Clean & Green exchange-traded fund (ETF) consists of 30 renewable energy companies, including SolarCity, China Everbright International Limited and Vestas Wind Systems.
“Do The Right Thing”
This fund includes companies such as 3M, which has donated billions of dollars to education, communities and the environment.
Want to help the military in this uneasy time? Look into the this fund.
Whatever you’re into, you’ll likely find a matching portfolio. And yes, it’ll probably help you sleep better at night knowing your money is invested in causes you care about.
Bonus: Right now, The Penny Hoarder is teaming up with Stash to fund your first investment — so you’ll get a $5 bonus when you enter the code PENNYH
Your monthly fee is $1 until your account hits $5,000. After that, Stash charges 0.25% of your account balance per year. (Context: That's $12.50 annually for a $5,000 portfolio.)
So, you do-good millennials, no more excuses. You’ve got an easy way to invest — plus you can help the world.
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. She’s a millennial, too.