Gen Ys turning to smartphones for online investing

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Online share trading could take off among tech savvy Gen Ys, a new report has suggested.

Research from Investment Trends has suggested that Gen Ys may drive a surge in online broking through trading platforms on smartphones, The Australian Financial Review has reported. The research found that 60% of Australian online investors use a mobile device to trade equities, up from 53% a year ago.

"The adoption of smartphones among Gen Y Australians is generally greater than older Australians, so some of the difference is explained by the greater penetration of smartphones," Investment trends head of research for wealth management Recep Peker said.

Peker said the Gen Y Australians’ familiarity with smartphones coupled with the convenience offered by the devices had translated into greater use of the platforms for investing.

Australia has seen similar uptake of the platform as the United States, while it leads the UK (51%), Germany (28%) and France (46%). But Australia lags well behind Hong Kong, where 83% of online investors use smartphone platforms, and Singapore which saw 81% adoption.