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SoFi Survey Reveals Majority of Women Report Finances Impact Their Mental Health and Are Not Comfortable With The Amount They Currently Have in Savings Highlighting The Need For Financial Education Resources

SAN FRANCISCO – MAY 2, 2023 – Nearly two thirds of women (65%) report that personal finances impact their mental health a lot or somewhat, according to a new survey conducted by SoFi, the digital personal finance company and all-in-one app. And nearly two thirds (65%) disclosed they are not comfortable with the amount of money currently in their savings account. To help women get their money right and do so with confidence, SoFi is teaming up with investor and entrepreneur Sophia Amoruso to launch “Making Money On Your Money: Sophia Amoruso’s Guide to Financial Independence”. 

“Making Money On Your Money” will explore how women can create financial goals and set themselves up for bright financial futures in collaboration with SoFi. The guide will feature resources to help women dive deeper into learning about personal finance topics including investing, debt, spending and saving, setting financial goals, and budgeting. The guide also includes interactive elements such as quizzes for women to determine their invest and budget personality types and worksheets to write down and prioritize a debt payoff strategy, and short, medium, and long term financial goals.

“As we further SoFi’s mission to help people achieve financial independence to realize their ambitions, we know that financial education is a critical factor. This is why we put emphasis on providing our members access to digestible financial education tools and resources,” said SoFi Chief Marketing Officer Lauren Stafford Webb. “It’s important that women feel empowered to plan their financial futures with the utmost confidence, so we are thrilled to collaborate with Sophia to build on our financial education portfolio and continue to help people get their money right.”

As women gain economic influence in their relationships and begin to outearn men, it’s important that they take control of their financial futures. When it comes to women feeling financially savvy and literate, the same SoFi survey revealed it was pretty evenly split with only just over half (52%) of women believing they are while 48% believe they are not. 

“The confidence gap with women and money is very real. As someone who started with no financial resources, I know that knowledge is the root of confidence when it comes to money. I’m excited to collaborate with SoFi because of our shared mission to help women achieve financial success,” said Sophia Amoruso.

SoFi has an ongoing commitment to providing members access to financial literacy and resources including complimentary access to financial planners. “Making Money On Your Money” is the latest educational resource commissioned by SoFi. In 2021, SoFi collaborated with Coursera, one of the world’s leading online learning platforms, to launch “The Fundamentals of Personal Finance” specialization.

To learn more about “Making Money On Your Money” visit SoFi.com/Sophia.

Methodology

Research findings are based on an online survey conducted by SoFi in the U.S. between April 10 – April 14 . For this survey, 3,855 consumers were asked about their banking experiences and perspective on personal finances as it pertains to their mental health and social life. This survey targeted general population consumers between 18 – 66+ years of age.

About SoFi

SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its more than 5.2 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like career advisors, Credentialed Financial Planners (CFP®), exclusive experiences and events, and a thriving community – on their path to financial independence. 

SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi,  is a nationally chartered bank, regulated by the Federal Reserve, OCC, and FDIC. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

Media Contact

[email protected]

###

Disclosures

The SoFi Spending & Saving Survey findings are based on an online survey of 3,855 consumers conducted by SoFi Checking and Savings  in the U.S. between April 10 – April 14 .

Terms and conditions apply. SoFi Checking and Savings offered by SoFi Bank, N.A. Loans originated by SoFi Bank, N.A., NMLS #696891 (www.nmlsconsumeraccess.org). Equal Housing Lender. Brokerage products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Money® is a cash management account, which is a brokerage product. SoFi Securities LLC is an affiliate of SoFi Bank, N.A. Advisory services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. SoFi Bank, N.A. Member FDIC. ©2023 Social Finance, LLC All rights reserved. Information as of May 2023 and is subject to change. [job code]

SAN FRANCISCO – May 1, 2023 – SoFi Technologies, Inc. (“SoFi”), the digital personal finance company and Expedia Group, the world’s leading traveler technology platform, today announced ‘SoFi Travel powered by Expedia’¹, a new way for SoFi members to save money and earn rewards while traveling. SoFi members will be able to book flights, hotels, car rentals, travel packages and experiences via the SoFi Travel portal, and will benefit from discounts on bookings with SoFi Member Prices, including savings of 10% or more on select hotels. SoFi Credit Card² members will also earn an unlimited 3% cash back rewards³ when booking with SoFi Travel, continuing to offer SoFi members increased value for using SoFi products together. SoFi Travel will be available to select members next week, and will be rolling out to all members over the coming weeks.

“At SoFi, we are helping our members get their money right by giving them the tools to spend better, save better, invest better, and protect better,” said Anthony Noto, CEO of SoFi. “SoFi Travel is the next phase in SoFi’s mission to help people achieve financial independence, going beyond managing members’ money to empowering them to more affordably do the things they are most passionate about, all in one place. We know over the last several years, the pandemic and inflation have made travel difficult, if not impossible, logistically or financially. SoFi is uniquely positioned to provide its members the best value when spending on travel, offering an array of products to make planning and paying for trips easier and more affordable, as well as making sure our members get more for their money when using all those products and benefits together.”

SoFi Travel was created with Expedia Group, who will power the underlying travel search and booking system, delivering a seamless booking experience via the SoFi app or website for members, enabling SoFi to provide their members with quality travel benefits and perks. Members will also be able to access Expedia Group’s full customer service team as they navigate bookings and travel, from start to finish, leveraging specially trained agents and self-serve capabilities through Expedia Group’s Virtual Agent tool, meaning travelers can make changes to their trip or ask questions at their convenience.

“We’re proud to partner with SoFi to launch SoFi Travel, powered by our industry-leading technology, our deep travel supply and our customer service expertise. Each year our platform processes more than 600 million AI predictions, powered by 70 petabytes of data, so it gets smarter and more personalized everyday. This constant innovation comes out of the box with our template technology, and will give SoFi’s members a seamless end-to-end booking experience, and confidence as they plan, shop and book travel. This partnership is another example of how Expedia Group helps companies of all sizes succeed in the world of travel.” commented Ariane Gorin, President, Expedia for Business.

Leveraging Expedia Group’s platform capabilities to deliver a seamless experience
Built using Expedia Group’s White Label Template, SoFi members will have access to a wide choice of Expedia Group’s trusted and high-quality supply, including more than 700K properties, 500+ airlines, 100+ car rental companies and thousands of activities around the world. Expedia Group’s expert team will continue to work closely with SoFi to provide industry knowledge and expertise, helping to support their goals in the travel space.

In addition to quality supply and a seamless customer service, the collaboration enables SoFi to benefit from Expedia Group’s vast amount of data and technology from the platform, and to take advantage of new features and functionality updates from Expedia.com that are integrated automatically into White Label Template.

Earning Rewards with SoFi Travel
Members who book with the SoFi Credit Card will earn unlimited 3% cash back in SoFi Rewards points on travel bookings. The SoFi Credit Card, the first of its kind credit card designed to help build healthy financial habits by rewarding behaviors such as on-time payments and paying off the full balance monthly, has no annual fee⁴, maximizing the money members can spend on everything from travel to everyday expenses.

SoFi members will receive their cash back via SoFi Rewards points⁵, empowering them to redeem in the manner of their choice. Members can redeem their points in cash into their SoFi Checking and Savings⁶ account, help pay down an eligible SoFi loan⁷ or even invest in stocks via SoFi Invest⁸ – all with rewards earned by doing something they are passionate about.

Preparing and Paying for Travel With SoFi
Beyond the member benefits of competitive discounts and rewards for travel spending, SoFi is uniquely positioned to help members plan travel by offering a full suite of financial products and services that make it easy to prepare financially for trips.

Members with SoFi Checking and Savings can automatically set aside money for trips by setting up Autopilot transfers to savings Vaults, allowing members to set it and forget it when it comes to saving monthly for travel. Members with direct deposit can earn 4.20% APY⁹ (Annual Percentage Yield) on savings balances, putting more trip money in members’ pockets.

Members can also monitor spending before, during and after travel via SoFi Insights¹⁰. Members can easily find ways to trim expenses and save up for big trips with built-in spending monitoring, as well as see a quick financial snapshot of trip expenses upon return across linked bank accounts and credit cards.

About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its more than 5.7 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like career advisors, credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi Technologies innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the Federal Reserve, OCC, and FDIC. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

About Expedia Group
Expedia Group, Inc. companies power travel for everyone, everywhere through our global platform. Driven by the core belief that travel is a force for good, we help people experience the world in new ways and build lasting connections. We provide industry-leading technology solutions to fuel partner growth and success, while facilitating memorable experiences for travelers. Our organization is made up of three pillars: Expedia Product & Technology, focused on the group’s product and technical strategy and offerings; Expedia Brands, housing all our consumer brands; and Expedia for Business, consisting of business-to-business solutions and relationships throughout the travel ecosystem. The Expedia Group family of brands includes: Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, trivago®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, CarRentals.com™, and Expedia Cruises™.

For more information, visit www.expediagroup.com. Follow us on Twitter @expediagroup and check out our LinkedIn www.linkedin.com/company/expedia/.

© 2023 Expedia, Inc., an Expedia Group company. All rights reserved. Trademarks and logos are the property of their respective owners. CST: 2029030-50

Contact
Media
Melanie Garvey
[email protected]

Investor Relations
[email protected]

Expedia Group
Dave McNamee, VP, Corporate Communications
[email protected]

DISCLOSURES

1. Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

Eligibility:
You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia’s website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/
Terms applicable to Member Rewards: https://d32ijn7u0aqfv4.cloudfront.net/git/docs/rewards/Enroll%20-%20SoFi%20Member%20Rewards.pdf

Additional Terms:
Changes to your bookings will affect the Rewards balance for the purchase.
Any canceled bookings or fraud will cause Rewards to be rescinded.
Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger.
SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.

©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).

2. The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

3. *See Rewards Details

4. See Pricing, Terms & Conditions

5. Terms and conditions apply. Learn more at SoFi.com/rewards

6. SoFi Checking and Savings is offered through SoFi Bank, N.A.

7. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi’s underwriting requirements. Loans originated by SoFi Lending Corp. (dba SoFi) are subject to state restrictions and may not be available in all states; see SoFi.com/eligibility for details and state restrictions. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements and interest-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Information current as of 05/01/23. SoFi Lending Corp., licensed by the DFPI, CFL #6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).

8. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).

9. SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.20% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking balances and savings balances without direct deposit (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

10. SoFi’s Insights tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. The credit score provided to you is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

SAN FRANCISCO – APRIL 27, 2023 – Social lives, social media and generational differences play a large role in spending, saving and speaking about money, with the inaugural SoFi Spending & Savings Study¹ showing that almost half of adults don’t ever discuss finances with their friends and family (46%). In fact, when asked, consumers reported that they would rather share their worst hookup story (79.5%) than their bank balance, and most consumers flatly refuse to share a bank account with their best friend (87%), preferring their friends read through all their texts than read their bank statements even.

“The relationship between people and their finances is often a complicated one, and too often I see people making issues worse or adding stress by not discussing their finances, whether with a friend, family or a professional like me,” said SoFi’s Brian Walsh, CFP®². “My whole career has been based on encouraging people to be proactive about managing and talking about their money, and why I have spent the last 5 years working one-on-one with SoFi members to empower them to achieve their financial goals. There is no need for social media, lack of financial education or discussion about money to hamper anyone’s path to financial independence.”

The survey, fielded by SoFi Checking and Savings³, showed the younger generations are much more open to speaking about their finances and being open with their friends and family about money than previous generations:

               •   70% of Boomers said they never speak about their finances to friends and family, compared to only 37% of Gen Z’ers (18 – 22)

               •  Gen Zers are the only ones who would much rather friends read through their bank statement than their texts (62% of 18 – 22 year olds compared to 39% of everyone)

               •  While Gen Zers would still prefer to share a texting app or email account with a friend than a bank account, five times as many (25%) are open to sharing a bank account than their                               Boomer counterparts (5%)

Social media has been serving as a valuable tool for financial education, but the ranking of which platforms people turn to the most may be surprising to some:

               •  Facebook (39%)

               •  TikTok (23%)

               •  Instagram (18%)

               •  Reddit (13%)

               •  Twitter (7%)

Despite Facebook reigning supreme for financial education, young adults under 30 are much more likely to get their financial education from TikTok than anywhere else.

Banking Habits & Fees

More than half of the consumers surveyed (60%) reported paying banking fees this year, with most (40%) having paid anywhere from $15 to $100 in fees. A rather intriguing statistic considering that nearly a third of consumers have overdrafted their bank accounts 3-5 times in the last year, while most consumers (64%) don’t know the interest rate that they are earning on their savings account. Interestingly, Millennials are the most likely to be aware of what interest rate they are earning on their accounts.

SoFi Checking and Savings, which just celebrated a year of better banking, was launched in February 2022. Prioritizing members’ personal finances and peace of mind, SoFi Checking and Savings offers a list of benefits, including 4.20% APY⁴ (Annual Percentage Yield), 10 times the national average savings rate offered by banks⁵, for direct deposit members, zero account fees, no fee Overdraft Coverage⁶, as well as giving members the option to access up to $2 million of FDIC insurance through the SoFi Insured Deposit Program.⁷

Financial Health & Mental Health

While people are seeking out financial education and working on their finances, nearly two-thirds of consumers (65%) reported feeling stressed by their finances right now. Of consumers who were stressed by their finances, people in their 20s reported the highest levels of stress (31% reporting feeling very stressed) and Boomers reporting the least amount of stress (21% reporting not at all stressed by their finances).

“I’ve seen people find themselves in a loop of stressing about money, and leading to further financial issues because they aren’t facing their money situation head on,” says Brian Walsh. “Being proactive about your finances, no matter your income level, is crucial to achieving your goals. This is why SoFi offers easy ways to track your finances and automate savings, taking some of the guesswork, effort and stress out of the process, as well as offering financial planners like me to help offer bespoke solutions.”

Nearly 70% of consumers report feeling their finances impact their mental health (68%). The survey further revealed that 40% of consumers avoid checking their bank balance due to stress over money, while over half (58%) don’t feel comfortable with the amount they have saved right now.

The study revealed people’s stress and anxiety around their finances manifests in various ways, and similar to conversing about money, largely depends on their age bracket:

  57% of consumers in their 20s avoid checking their bank balance due to stress over their finances, compared to 42% of all consumers

  Gen Xers in their 50s are the most concerned about their savings, with 66% saying they don’t feel comfortable with the amount they have in savings (compared to 58% of all respondents)

  Gen Z and Millennials are most likely to feel their finances impact their mental health a lot (37% of respondents between 23 – 29 and 35% of respondents between 30 – 42, respectively)

Methodology

Research findings are based on an online survey conducted by SoFi Checking and Savings in the U.S. between April 10 – April 14 . For this survey, 3,855 consumers were asked about their banking experiences and perspective on personal finances as it pertains to their mental health and social life. This survey targeted general population consumers between 18 – 66+ years of age.

About SoFi

SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its more than 5.2 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like career advisors, credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi Technologies innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the Federal Reserve, OCC, and FDIC. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

Media Contact

[email protected]

###

Disclosures

1. The SoFi Spending & Saving Survey findings are based on an online survey of 3,855 consumers conducted by SoFi Checking and Savings in the U.S. between April 10 – April 14.

2. Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Advisory services are offered through SoFi Wealth, LLC an SEC-Registered Investment Adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. INVESTMENTS ARE NOT FDIC INSURED, HAVE NO GUARANTEE, AND MAY LOSE VALUE. Sofi can’t guarantee future financial performance and past performance is no guarantee. Automated investing via SoFi Wealth LLC, a registered investment advisor. Active investing via SoFi Securities LLC, member FINRA/SIPC. For additional disclosures related to the SoFi Invest platforms, please visit www.sofi.com/legal. Screen images simulated. 234 1st Street San Francisco, CA 94105 ©2019 Social Finance, LLC All rights reserved.

3. SoFi Checking and Savings is offered through SoFi Bank, N.A.

4. SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.20% APY for savings.

Members without direct deposit will earn 1.20% APY on all account balances in checking balances and savings balances without direct deposit (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

5. 10x based on FDIC monthly savings account rate as of April 17, 2023.

6. Overdraft Coverage is limited to $50 on debit card purchases only and is available to customers with monthly direct deposits of $1,000 or more. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

7. SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at sofi.com/banking/fdic/terms/. See list of participating banks at sofi.com/banking/fdic/receivingbanks.

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