FutureFX sharemarket challenge tops 100 teams

More than 350 people have signed up to test their financial skills and see how much they can grow $10,000 on the sharemarket.

Over 100 Marlborough teams have signed up for FutureFX’s $10K Sharemarket Challenge, giving teams a virtual $10,000 portfolio to invest in the sharemarket and providing a practical way to learn about investing.

Teams can research companies, buy and sell shares, monitor portfolio performance and discuss the reasons behind their investment decisions. No real money is involved and no previous sharemarket experience is required.

Timed to coincide with Money Month, registrations remain open throughout August. The challenge runs until the end of Term 3 on 25 September, giving participants time to see how their investment decisions play out over several weeks.

There is $2,000 in prize money available across four award categories. The awards recognise not only portfolio performance, but also investment strategy, family learning and the conversations teams have throughout the challenge.

The challenge is part of FutureFX, a Marlborough-wide financial capability initiative focused on helping young people, families and educators build confidence with money.

A free workshop is being held on Thursday to help participants and first-time investors better understand the challenge and basic investing concepts.

FutureFX project lead Kelvin Watt says the response has exceeded expectations.

“We’ve been blown away by the response. To already have 100 teams and more than 350 people involved is fantastic, but what’s particularly exciting is that so many of those are families learning together.

“The Sharemarket Challenge isn’t really about trying to pick the winning stock. It’s about creating an opportunity for young people and adults to sit down together, talk about companies, ask questions, make decisions and learn a little more about how investing works.”