Online trading platform moomoo, an “intuitive” investment and trading platform providing investors with pro-grade, easy-to-use tools, data, and insights, recently released results of its first Personal Finance Survey of US moomoo users.
The survey has “discovered three key takeaways.”
First, mooers are worried “about their financial futures with 18% of participants placing themselves in the ‘most worried’ category amid high inflation and 2022’s selloff in stocks and bonds.”
Other top takeaways disclosed “that financial literacy looks different for everyone, depending on income and education levels; however, mooers are planning and saving for their futures through budgets and income allocation.”
Here are additional key findings:
- Mooers with advanced degrees are more worried than average about their financial futures. Participants with advanced degrees are the most worried group (28%,) followed by high school diploma holders (21%). and those with a bachelor’s degree (16.1%).
- Two-thirds of mooers are planning their financial futures. Most participants (63.5%) have a budget to map out their financial future. Financial news is the most used source for financial knowledge and mooers also improving their financial literacy by talking to friends (8.4%) and families (6.0%) and learning from influencers (6.4%).
- Almost 80% of mooers give themselves either a middle ranking (3/5) or a high ranking (4/5) when asked about their level of personal finance knowledge. Financial education plays a big role in the perceived level of financial knowledge with respondents expressing interest in a wide variety of personal financial topics. Investing sits as the top choice (31% of all users) with saving, insurance and budgeting among other topics.
Justin Zacks, Vice President of Strategy, Moomoo Technologies Inc.
“I am glad to see that most of our users are conscious of potential risks in their financial future and are actively responding to them. There are still lingering fears about a potential recession, but we saw markets shrug off these fears in the first half of 2023 driven by an upbeat earnings season. With a better understanding of financial markets, we believe investors will be better able to navigate their investing journey amid market turbulence.”
As noted in the update, Moomoo is “an investment and trading platform that empowers global investors with pro-grade, easy-to-use tools, data, and insights.”
The moomoo app is “offered by Moomoo Technologies Inc. (“MTI”) a company that is based in Palo Alto, California.”
In the U.S., securities products and services are “offered by Moomoo Financial Inc. (“MFI”), an SEC registered broker-dealer and member FINRA/SIPC. MTI and MFI are indirect, wholly owned subsidiaries of Futu Holdings Limited (Nasdaq: FUTU).”
