Hapi offers a dedicated account specifically to help parents invest in their child’s future and help grow their wealth sustainably. Their launch in the UK follows a successful Beta stage and allows parents to open Junior ISAs (JISAs) or general investment accounts for their children in minutes.
Hapi enables parents to open a general investment account in their own name or a JISA in their child’s name and helps them to plan some of life’s biggest costs.
Whether it be for university, their first-home or a personal dream purchase, every parent wants to be able to provide for their child as much as possible.
By starting a child’s first investment on their behalf, parents’ can benefit both from knowing their future is financially secure and in addition help their children with financial literacy.
The generations currently in school are being exposed to investing through social media, meaning future investors are going to be making their first trade far earlier in life.
Encouraging this financial literacy is also beneficial for the parents, minimising the chances of having to fuel an over-spender in their adult lives.
Investments can be selected by the child’s age or the financial goal the investment is going to be used for.
The app itself makes suggestions not just on which investments but also on the monthly contribution required to meet the end financial goal. Additionally, it will monitor the investments to ensure that parents can stay on track.
Hapi aims to work alongside families according to their unique requirements and combining the necessary investment accounts and features to create a social gifting experience for families.
In accordance with this, Hapi is one of the first JISAs that both parents can access and manage at the same time.
Hapi said that this feature “should’ve been built years ago but unfortunately financial services products still seem to be designed for single users and not modern families where money is an equal matter”.
The app also extends beyond the parents’ access by giving every account a unique link for other family members such as grandparents, godparents, aunts or uncles.
Each contribution can include a message and a picture, creating a ‘time capsule’ and allowing the child to relive all the memories when they gain access to the funds at age 18.
Katrina Li joined Hapi and had nothing but compliments for the app: “The fact that I can plan his financial future by goals simplifies the whole process and makes it quite fun for the whole family to participate.
Youssef Darwich, Co-Founder at Hapi, commented: “Family finance has been left behind in recent years despite the hundreds of new fintech offerings coming to market.
“When investing for children, at a start you tend to have two parents who want oversight and control, not one, and you also have a wider ‘village’ who all want to do their bit to help.
“We make this super simple and let you open a Junior stocks & shares ISA for your child in minutes that anyone can contribute to whilst also leaving messages and pictures in a time-capsule that the child receives when they’re older.
“Over time we plan to help parents with the other financial worries that keep them up at night – we’re building dedicated goals planning to help them plan for uni fees, school fees or whatever else they have in mind and we’re exploring partnerships with will writers and insurance providers to help them protect their family too,” he concluded.