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Breakups can be tough. But what’s even tougher? Staying in relationships, whether with your partner or your bank, that aren’t right for you anymore. Millions kick the can down the road, but they’re missing out on the opportunity to find the right relationship or best bank for them.

SoFi recently partnered with Refinery29 to survey over a thousand Millennials for their thoughts on breakups, banking, and why people stay in relationships that no longer serve them, what problems they watch for in relationships, and how they discuss money with their partners. Overall, our survey found the two have more in common than one may think.

Staying Stuck

When it comes to relationships, people can get stuck for months or even years if it’s not right anymore. Almost half of Millennials reported staying in a romantic relationship for more than a year that was no longer right for them, and 37% have stayed with a bank for over a year that wasn’t right for them.

While that may sound like a long time, the survey found that 15% stayed in romantic relationships and 13% stayed in banking relationships for over 5 years even if it wasn’t right anymore.

But why? Many respondents said comfort and familiarity was a driving factor: 36% cited that for staying with the wrong bank for them and 42% for those in the wrong romantic relationship.

Red Flags

When it comes to red flags, they actually look pretty similar whether it’s your romantic relationship or your bank. More than half of respondents said that poor communication is one of their top three red flags for their bank and their relationship.

Other top red flags for you and your bank? A bad reputation and not taking your needs into consideration.

And what are people looking for in terms of good qualities? Trust ranked in the top three for romantic and banking relationships. When looking at women specifically, communication also ranked in the top priorities for both.

The Breakups

With people feeling stuck, how often do they actually break up? On average, Millennials have broken up with their partners 3 times, even “broken up” with a friend 3 times, but only broken up with their banks twice in their life so far.

When it comes to breaking up with their bank, less than half feel confident in knowing how to initiate the breakup.

Oil & Water and Money & Relationships

Money can be a tough topic to discuss, but even those in relationships can struggle even more on how to navigate their love lives and finances together. Over a third of respondents said they spoke to someone other than their romantic partner about their finances, such as a barista or hairdresser, and 45% actively avoided merging finances with a partner.
• Half of Millennials would rather their partner read their text messages than their bank statements.

• 1 in 3 Millennials would rather tell someone they just met their problems in their bedroom vs. their problems with their finances.

• 1 in 3 Millennials would rather tell a first date the number of people they slept with then tell them their credit score.

Why the avoidance? Well, when it comes to merging finances, of those that avoided joining bank accounts, Millennials said it was because they didn’t trust their partner fully (53%) or they feared they’d break up eventually (48%).

The one conversation Millennials would like to have on the first date? Spending habits vs. bedroom habits. When it comes to knowing about the other person, women would rather know their first date’s worst spending habit than their weirdest bedroom fantasy, while men prefer the opposite.

What Does this Mean for Me?

All in all, people may be reluctant to break up or talk about their finances, but it’s never been more important for people to find what’s best for them, whether that means their bank or their romantic partner.

Are you looking to break up with your bank? Sign up here for SoFi Checking & Savings to experience what a better banking relationship is like.

Source: Based on VICE and SoFi survey of 1,005 Millennials conducted in June 2022.

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Photo credit: iStock/howtogoto

SoFi and Refinery29 partnered to survey Millennials on their relationships with their romantic partners and their banks, and how similar the two are when it comes to red flags and how hard it can be to move on when it isn’t right anymore.

After losing about 70% of its value this year, Netflix hopes an ad-supported tier can plug its leaky subscriber-base.

The next two Fed meetings could convince markets once and for all whether or not we may see a classic recession in the next 12 months.

Breaking Down the Big Number

The US Labor Department reported June’s CPI checked in at 9.1% over the previous 12-month period. Prices are rising at their fastest pace since November 1981. For the better part of this year, the Consumer Price Index has been at or above a 40-year high.

Meanwhile, core CPI, which strips out food and energy prices, rose 5.9% year-over-year in June. May’s number advanced 6.0% for the 12-month period. Still, consumers continue to face price increases on a broad number of items. Shelter, food, and gasoline are seeing the most significant jumps. Gas rose 11.2% in June, month-over-month.

Banks Under Pressure

Some publicly traded companies are perceived to be more or less sensitive to rising prices. This is reflected in the performance of their stock, particularly as reports on inflation are published. After June’s CPI came in hotter than expected, a number of companies saw their share prices affected.

Large banks such as JPMorgan Chase & Co. (JPM), Bank of America (BAC), and Wells Fargo (WFC) all traded lower following the CPI report. One potential reason is investors know banks are typically tied to the broader economy’s performance. With inflation still running hot, the Federal Reserve will likely keep hiking rates, potentially tipping the economy into a recession, which could negatively impact bank stocks.

Where Things Go From Here

After May’s CPI came in at 8.6%, the Federal Reserve enacted a 75-basis-point hike at its June meeting. This latest report is likely to keep the central bank on track to raise its target rate by another 0.75 percentage point at the end of the month. Fed Chair Jerome Powell has indicated rate hikes won’t be suspended or even slowed down unless there’s clear evidence prices have started to cool off.

Consumers have seen price breaks as a result of inflation in some cases. For example, Target (TGT) is offering discounts in a bid to move inventory. That said, the price of home goods and clothing rose last month. On the flipside, the growth in prices for both used and new cars eased up a bit. The Federal Reserve wants to execute a “soft landing” while fighting inflation if possible, meaning any downward pressure on prices is likely to take a while.

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