CORRECTING and REPLACING New SoFi Survey Reveals America's Top Financial Ambitions; Two-Thirds of Gen Z and Millennials Are Willing to Skip Dining Out for 5 Years to Retire by 50
October 12 2023 - 12:51PM
Business Wire
To Accelerates Members’ Retirements, SoFi
Invest Announces a 1% IRA Match on IRA Contributions
Please replace the release with the following corrected version
due to multiple revisions in the Disclosures section.
The updated release reads:
NEW SOFI SURVEY REVEALS AMERICA'S TOP
FINANCIAL AMBITIONS; TWO-THIRDS OF GEN Z AND MILLENNIALS ARE
WILLING TO SKIP DINING OUT FOR 5 YEARS TO RETIRE BY 50
To Accelerates Members’ Retirements, SoFi
Invest Announces a 1% IRA Match on IRA Contributions
SoFi, the all-in-one digital personal finance company, today
announced SoFi Invest1 will offer a 1% match on all eligible IRA
(individual retirement account) contributions2. This comes as a new
survey3 also out from SoFi today unveils Americans' top financial
ambitions including: creating or sustaining generational wealth,
buying a house or owning property, buying a car, retiring early and
sending kids to college.
Designed to help members plan for their retirement in order to
achieve this top financial ambition, SoFi is introducing the 1%
match on eligible IRA contributions to ensure members get more for
their hard-earned money and feel more confident in their retirement
plans. SoFi members can earn the IRA Match on all new IRA
contributions from outside accounts as well as new contributions
through ACH transfers.
SoFi Invest complements this new IRA 1% match with a full suite
of investing tools and educational resources to help members at
every step of their financial journey, including access to
credentialed financial planners, career planners and award-winning
investment tools such as SoFi Active Invest and SoFi Automated
Investing1.
Other data in the survey reveals interesting sentiment and
trends around retirement including:
- Almost half (44%) of people feel like they are not making
enough money to contribute to their retirement savings
- Almost three-quarters (71%) of people would rather own a home
compared to over one-quarter (28%) of people would rather retire by
age 50
- Men are more likely than women to be saving for retirement (54%
vs. 43%)
- Of those people saving, men are more likely to know what is in
their savings account (55% vs. 44%)
- And the younger generations are willing to give up dining out
for 5 years in order to retire by age 50
- two-thirds (66%) of Gen Z respondents would give up eating out
at restaurants for 5 years to retire by age 50
- 7 in 10 Millennial respondents would rather give up eating out
at restaurants for 5 years to retire by age 50
To learn more about SoFi’s 1% IRA Match visit here and to see
more about SoFi’s latest survey visit here.
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
6.2 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
OCC and FDIC and SoFi is a bank holding company regulated by the
Federal Reserve. 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.
Disclosures
1. SoFi Invest refers to the three investment and trading
platforms operated by Social Finance, Inc. and its affiliates
(described below). Individual customer accounts may be subject to
the terms applicable to one or more of the platforms below.
1) Automated Investing and advisory services
are provided by SoFi Wealth LLC, an SEC-registered investment
adviser (“SoFi Wealth“). Brokerage services are provided to SoFi
Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services
are provided by SoFi Securities LLC, Member
FINRA(www.finra.org)/SIPC(www.sipc.org). Clearing and custody of
all securities are provided by APEX Clearing Corporation.
3) SoFi Crypto is offered by SoFi Digital
Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms
described above, including state licensure of SoFi Digital Assets,
LLC, please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth,
nor the Registered Representatives of SoFi Securities are
compensated for the sale of any product or service sold through any
SoFi Invest platform. Information related to lending products
contained herein should not be construed as an offer or
pre-qualification for any loan product offered by SoFi Bank,
N.A.
2. This is not an offer, or solicitation of any offer to buy or
sell any security, investment or other product.
Investing in securities involves risks, and there is always the
potential of losing money when you invest in securities. Past
performance, historical returns, future projections, and
statistical forecasts are no guarantee of future returns or future
performance. The firm reserves the right to monitor and retain all
incoming and outgoing communications as permitted by applicable
law.
SoFi doesn’t provide tax or legal advice. Individual
circumstances are unique. Consult with a qualified tax advisor or
attorney about your specific needs.
See terms at sofi.com/iramatchterms for full details about the
offer.
3. The SoFi Ambition Survey findings are based on an online
survey of 2,000+ consumers conducted by SoFi in the U.S. between
August 21 through September 1, 2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231012676447/en/
PR Contact pr@sofi.com
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