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Singapore, 7 April 2014 — Taking the plunge into the complex world of investment can be daunting. Why, when, how and where are all valid questions for first-time investors, and finding the answers can be complicated. WhyMoolah, Singapore’s first real life simulation App for young adults, offers a simple solution - the release of their new ‘Investment Module,’ which provides an easy-to-understand overview to investing for beginners. Following a recent survey of young adults, which found the biggest barriers to investing were a lack of knowledge on investments and how to begin, the module aims to educate players in a safe, fun and non-threatening environment. It outlines common investment products and their different investment objectives.
Users may browse through a risk-assessment questionaire so as to gain a deeper understanding of their own risk preferences and on what other investment options are available in the market that suit them best. The module explains the important technical jargon and the various regulatory processes, and provides a simple overview on common investment products like stocks, bonds, commodities and fixed deposits, with ratings on their complexity, liquidity and investment periods. After the investment decision is made, WhyMoolah calculates the investment amount and additional administrative costs. Users can also decide on the investment amount for one phantom stock.
WhyMoolah’s simple, easy to understand interface simulates the user’s real-life, so they can see how their investments will impact their future. The App allows users to explore the complex world of investing without the associated risks. One can learn from popular personalities in the app – from the mistakes that Singaporeans commonly make, common investment myths and even useful advice. The volatility of the market is simulated through ‘Crash Events’ to powerfully demonstrate the ‘risk versus return’ investment dynamic.
In-app graphic for investment advice.
“Making your first investment may strike many young adults as a complicated endeavour due to a lack of information – this is where the investment module can help educate young adults and correct any sense of misgiving towards investing,” says Audrey Tan, PlayMoolah CEO and Co-founder. “We want to demonstrate that with the sufficient knowledge and some practice, everyone can become savvy investors and accumulate wealth for a better financial future.”
The WhyMoolah app is free for download on the Apple App Store and Google Play. There is also a community page on Facebook (www.facebook.com/whymoolah).