SoFi Blog

Delinquencies are rising as it seems more Americans are forgetting to manage their personal finances amid external distractions.

Amazon will update Prime Video’s look to provide a better customer experience with a format similar to its rivals.

SAN FRANCISCO – July 19, 2022 – SoFi (NASDAQ: SOFI), the digital personal finance company, today announced plans to host a conference call to discuss financial and operating results for the second quarter of 2022 on Tuesday, August 2, 2022, at 5 p.m. Eastern Time. SoFi also plans to release its second quarter 2022 results on the investor relations section of its website at https://investors.sofi.com after the close of the financial markets on Tuesday, August 2, 2022.

Full session details for the conference appearance are as follows:

CONFERENCE CALL DETAILS – TO DIAL IN BY PHONE
To pre-register for this call, please go to the following link (you will then receive your personal dial-in access details via email): https://ige.netroadshow.com/registration/q4inc/11377/sofi-q2-2022-earnings-conference-call/

WEBCAST DETAILS – AUDIO-ONLY
Use this link to access the audience view of the webcast: https://events.q4inc.com/attendee/328594220

A replay of the webcast will be made available after the call on the Investor Relations page of the Company’s website at https://investors.sofi.com/overview/default.aspx

About SoFi

SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our nearly four million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of ambitious people. SoFi 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.

Disclosures

Availability of Other Information About SoFi

Investors and others should note that we communicate with our investors and the public using our website (www.sofi.com), the investor relations website (https://investors.sofi.com), and on social media (Twitter and LinkedIn), including but not limited to investor presentations and investor fact sheets, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that SoFi posts on these channels and websites could be deemed to be material information. As a result, SoFi encourages investors, the media, and others interested in SoFi to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on SoFi’s investor relations website and may include additional media channels. The contents of SoFi’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

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Contacts

Investor Relations
[email protected]

Media
[email protected]

Parity Reached

The euro is the European Union’s shared currency, which began as a digital currency in 1999 before paper money and coins were eventually printed several years later. Its value in comparison to other currencies has been falling over the last 12 months. As of last week, the euro was worth right around one US dollar, which hasn’t been the case for 20 years.

According to the European Central Bank (or ECB), upwards of 340 million Europeans use the euro. A recent count shows there are around 1.6 trillion euro in circulation. It’s the world’s second largest reserve currency behind only the US dollar. The euro first became worth more than the dollar in 2003, hitting a high water mark of $1.60 in 2008.

Explaining Why

One of the main factors driving down the euro’s value is inflation. Europe’s inflation rate checked in at 8.6% year-over-year in June, which is similar to June’s CPI of 9.1%. The biggest difference between the two economies is monetary policy. The Federal Reserve has aggressively hiked rates in a bid to slow inflation, while the ECB is more hesitant given the war in Ukraine.

Gas and oil prices have also hit the eurozone harder due to its proximity and dependence on Russia, one of the world’s largest producers of fossil fuels.

The Fed’s rate hikes also indirectly push down the euro’s value relative to the dollar. Global investors may prefer to put money into interest-bearing accounts in the US because rates are higher, and that pushes up the dollar’s value.

Consumer Impact

For people living and spending money here in the US, the euro’s diminished value may seem unimportant. In reality, it could mean boosted spending power when buying things or traveling in Europe. Because the dollar is stronger by comparison, products imported from Europe will effectively be discounted.

For the broader economy there is a potential downside from dollar-euro parity. American goods being more expensive could impact the trade balance by boosting imports and harming exports. Also, Europe entering a recession would harm the global economy, including that of the US.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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Worst Market in About 50 Years

During the year’s first six months, the US stock market posted its worst returns since 1970. The broad market S&P 500 index has fallen about 20% in the first two quarters amid the Fed’s tightening monetary policy, prompted by the highest inflation in decades.

Though the labor market remains tight, consumer confidence is showing signs that more Americans are worried about a possible recession. Many are thinking about how to stretch their incomes amid escalating prices for everything from groceries to gas. With so much financial uncertainty, some people are holding on to dollars they may have invested during less troubling times.

Fleeting Opportunity

A May 2022 survey by BMO Harris found 21% of Americans have dialed back contributions to their retirement accounts. But advisors say those who are considering taking a pass on this year’s investment may want to rethink that decision.

Regularly investing in a 401(k), IRA and/or Health Savings accounts allows your portfolio to benefit from tax-advantaged growth for a longer time, which can make a big difference when it comes time to retire.

Priorities

If locking up these dollars creates anxiety, some account managers suggest a prioritized approach. 401(k)s offer the highest contribution limit. Health Savings Accounts, or HSAs, can snag triple tax advantages. A Roth IRA can diversify tax exposure as taxes are paid up front, rather than when funds are withdrawn after retirement, as with a traditional IRA.

Zooming out, long term goals such as retirement should still remain a priority during market uncertainty. With the proper risk tolerance and time horizon, investors have more time to weather the storms.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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