Abstract
We study the impact of trading app use on investment behavior over time. To this aim, we collect data from 503 participants, representative for German Neobroker users, Ex-Neobroker users and Neobroker usage planners, and from 537 participants, representative for German Neobroker users and general online-broker users. We compare Neobroker users and general investors by a number of aspects regarding demography and investment behavior. In particular, we find that Neobroker users are significantly younger, more risk tolerant, more likely to buy derivatives and gain a higher annual return (non-risk-adjusted) than general investors. In total, the financial literacy of Neobroker users increases over time. A worrying result is that the risk tolerance of Neobroker users rises significantly over time. We find that male Neobroker users gain a higher annual return (non-risk-adjusted) than female Neobroker users.
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