GameStop is turning teens onto investing. A survey by Wells Fargo found that 45% of teenagers in the U.S. said the social media frenzy over GameStop has made them more interested in investing.
Shares of the video game retailer skyrocketed nearly 1700% in January as a wave of day traders drove up shares of so-called “meme stocks” like GameStop and theater chain AMC Entertainment to stratospheric heights, forcing hedge funds to unwind their bets against the stocks.
After nosediving in February, GameStop captured headlines again as the shares bounced back in May.
The Wells Fargo survey also found that a third of teens are learning about finances from the internet and social media. But despite their interest, actual investing rates are low. Only 17% of parents surveyed said they opened custodial accounts to invest on their teen’s behalf.