SoFi Blog

SoFi Releases Survey on Generational Differences to DIY for Home Improvement Season 2018

SAN FRANCISCO, Calif. – May 18, 2018 – Millennials are more likely than Baby Boomers to land in the ER from a DIY home improvement project gone awry, and that overzealousness may be because they are eager to show off their latest project on social media, according to a new survey by SoFi.

The survey reveals differences between Baby Boomers’ and Millennials’ approaches to DIY home improvement projects in time for home improvement season.

Despite the finding that Baby Boomers are 22% more likely than Millennials to reach the finish line on their DIY home improvement projects, Millennials are 65% more likely than Baby Boomers to finish those projects ahead of schedule. But, Millennials are 448% more likely than Boomers to hire a professional the next time they embark on a home improvement project.

And that may very well be due not just to the time and energy it takes to complete a project, but the physical toll it takes, too:

• Millennials are 23% more likely than Boomers to have landed in the ER due to a home improvement injury
• Millennials are nearly two times (46%) as likely to have required stitches from a home improvement injury compared with Boomers
• Millennials are more than twice (119%) as likely to have been injured by power tools

But even a visit to the ER won’t deter Millennials from showing off on social media. The survey found that Millennials are 443% more likely than Baby Boomers to make a purchase for their home based on something they saw on a friend’s social media profile.

And once they’re done with the job, Millennials are 145% more likely than Baby Boomers to post photos of the finished project on social media. They’re also not shy to admit why they’ve posted – they are 206% more likely than Baby Boomers to post photos of the finished product just to “show off”.

SoFi surveyed a national sample of 1,231 consumers ages 24-72 who had completed a DIY home improvement project in the past two years. More information about the survey is available here. You can learn more about SoFi’s Personal Loans for home improvement here and see SoFi’s Tiny Kitchen Makeover campaign here.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

Contact
[email protected]

Who says you can’t have avocado toast if you want to buy a home? Oh, right—an Australian real estate developer who made the comment heard ’round the world about how it’s preventing millennials from becoming homeowners.

June 29, 2017 – San Francisco, Calif. – SoFi announced today that, for the month of July, people who buy a home with a SoFi mortgage will receive a month’s worth of avocado toast delivered to their door.

These two seemingly unconnected things became the focus of debate online and in the press in May, sparked by a comment from an Australian real estate developer that Millennials weren’t buying houses because they were spending too much money on avocado toast.

“Pundits have unfairly besmirched avocado toast as the reason younger Americans aren’t buying homes. We know that’s wrong — it’s because the traditional mortgage product hasn’t evolved,” said Joanne Bradford, Chief Marketing Officer at SoFi. “In addition to offering a mortgage with 10% down and no borrower-paid private mortgage insurance required, we wanted to help people have their avocado toast and eat it too.”

Once someone completes their home purchase with a SoFi mortgage in July, they’ll receive an email with the option of choosing regular or gluten-free bread to go along with their avocados. The ingredients will be divided over three shipments to ensure freshness upon delivery. Recipients will still need to toast the bread.

SoFi, which has over 300,000 members across the United States and has underwritten over $20 billion in loans since its founding in 2011, offers a variety of options for fixed and variable rate mortgages, including flexible down payments ranging from 10-50% for loans up to $3 million. Members who have a personal loan or refinanced student loan with the company are also eligible for a rate discount on their mortgage of 0.125%. SoFi currently offers mortgage loans and refinancing in 28 states and the District of Columbia.

More information on the offer and on SoFi mortgages is available at SoFi.com/avocadotoast.

About SoFi

SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

Contact:

SoFi PR
[email protected]