The fintech investment app, Lightyear, has recently unveiled a new feature that allows users to share details of their portfolios with friends and family. It’s part of a growing trend to promote “social investing” and to make learning about finance more accessible.
The service, which is aptly named Lightyear Profiles, is now available to all customers. It provides each user with their own personalised web page that showcases the details of their investments, their recent activity, and their stock and share watchlist.
The new social service gives users the choice of making their profile private or public. Private mode is the default setting and stops others from seeing your investment choices, whereas the new public mode will allow friends and family to view your profile.
If you change your mind and don’t want your profile to be on view, the change from private to public, or vice versa, can be easily made.
Although your friends and family will be able to see any investments you have made on your profile, they still aren’t allowed to view your portfolio balance, transaction amounts, or personal details.
Lightyear hopes the feature will encourage users to talk about money
Despite more people being open to discussing personal issues such as mental health, there is still a prevalent stigma toward discussing personal finance in the UK.
In fact, the Independent reports that 25% of respondents from a survey of 2,000 UK adults find talking about money an uncomfortable topic, and one in five dislikes the idea of having to discuss their salary in social situations.
Martin Sokk, CEO of Lightyear, hopes that their new social investing service will help connect potential investors and lift the cultural taboo around talking about money.
He said: “People are having conversations about investing far more frequently now, and we wanted to give them the tools to be able to structure those discussions, create their own communities, and make it easier for them to share.”
Social investing has started to build momentum on other platforms too. Services such as Robinhood and eToro have seen meteoric rises in popularity for active communities that discuss investing and provide advice to others, with some users mirroring investments made by others with more experience.
Lightyear Profiles, the new social service that allows you to connect with friends and share your investments with others, is available on their platform now.