The second annual SoFi Spending & Saving
Study shows holiday financial stress is high as people make changes
to holiday traditions due to inflation
With the holidays chipping away at consumers' wallets already,
SoFi Checking & Savings1 found that Americans will spend over
$1,100 on average on holiday gifts, with Millennials leading the
pack with spending nearly $1,500 on average. SoFi, the all-in-one
digital personal finance company, conducted the second annual SoFi
Spending & Saving Study2 to explore consumers' feelings and
plans around their holiday shopping, charitable giving and travel
this year.
Decking the Halls & Debt
The study2 also went on to reveal a staggering one third of
Millennials have gone into debt to finance their holiday gift
giving, with a third of Gen Z and a quarter of Boomers reporting
the same.
It’s not surprising that Americans have reported finances to be
their number one stressor this holiday season, and nearly half
(45%) of Americans reported feeling stressed about how much they
are expected to spend on holiday shopping. While 64% create budgets
for their holiday shopping, costs add up for many, including:
- Adults report spending over a $100 on average on each gift
($104)
- People spend over $800 over their budget on average to match
what others are spending on them
- Most adults would prefer to avoid conversations about budgets
with family and spend the money / figure out their finances
later
“Holidays can be stressful enough without the added trigger of
financial stress,” said Brian Walsh, CFP®, PhD, and Head of Advice
& Planning at SoFi. “However, there are simple steps you can
take to reduce financial stress. Having a system in place to
understand your finances, cash to cover unexpected expenses, and
spreading larger expenses throughout the year can all help with
lower levels of financial stress this season. That's why at SoFi we
offer more than just a bank account - our SoFi Checking &
Savings members have access to many tools to manage their money,
including: SoFi Insights4, Pay in 4 7 and SoFi Travel8.”
‘Tis the Season to Travel
This holiday season, over one-third of Americans are planning to
hit the road (or skies), with 60% of those respondents saying that
they are either only pursuing leisure travel or a mix of leisure
and family visits. With travel costs up, Americans are seeing the
costs hit their wallet and are spending time to get deals on their
trips:
- On average, holiday travelers will spend over $2,500 on travel
this season, with Millennials spending the most on average and
Boomers the least
- 42% spend at least 1-2 hours searching for the best travel
deals, and 26% spend 2-4 hours searching for the best deals
- On average, men anticipate to spend $1103 more than women on
travel this holiday season.
SoFi Checking & Savings Easing Holiday Spending
Stress
SoFi Checking and Savings is striving to help simplify every
step of the holiday planning process. While members receive
financial planning services3 at no additional cost and can easily
save up with SoFi Vaults, members also can leverage the following
benefits and tools to make holiday spending simpler this year:
- Season’s Tidings, Bonuses & Extra Cash: SoFi
Checking and Savings offers up to 4.60% savings APY6, 10x5 the
national average, as well as up to a $2507 welcome bonus to new
members with direct deposit - meaning SoFi could cover the cost of
at least two presents for new members, based on the average spend
per present.
- Simplify Travel Planning: SoFi Travel8, powered by
Expedia, SoFi’s new travel hub simplifies holiday travel planning
so members can find the most cost effective options to choose from,
earning cash back on their travel.
- Split Up Big Purchase Payments: SoFi members will also
have the option to sign up for SoFi’s Pay in 48, spreading their
holiday gift or travel spending into 4 increments to ease the
burden of big purchases.
To see the full SoFi Spending & Saving Study2 report here,
and you can learn more about SoFi Checking & Savings benefits
here.
Methodology
Research findings are based on an online survey conducted by
SoFi Checking and Savings in the U.S. between September 27
–September 30, 2023. For this survey, 3,250 consumers were asked
about their spending habits, mental health and perspective on
personal finances as it pertains to the Holidays . This survey
targeted general population consumers between 18 – 77 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
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 Checking and Savings is offered through SoFi Bank, N.A.
Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi
Bank, N.A., 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.
2 The SoFi Spending & Saving Survey findings are based on an
online survey of 3,250 consumers conducted by SoFi Checking and
Savings in the U.S. between September 27 –September 30, 2023
3 Advisory services are offered by SoFi Wealth LLC, an
SEC-registered investment adviser.
4 SoFi’s Insights tool offers users the ability to connect both
SoFi accounts and external accounts using Plaid, Inc.’s service and
for SoFi to present to you data we have received from the credit
bureau. The credit score and associated data provided to you is a
VantageScore® based on TransUnion® (the “Processing Agent”)
data.
5 10x based on FDIC monthly savings account rate as of October
24, 2023.
6 SoFi members with direct deposit activity can earn 4.60%
annual percentage yield (APY) on savings balances (including
Vaults) and 0.50% APY on checking balances. Direct Deposit means a
deposit to an account holder’s SoFi Checking or Savings account,
including payroll, pension, or government payments (e.g., Social
Security), made by the account holder’s employer, payroll or
benefits provider or government agency (“Direct Deposit”) via the
Automated Clearing House (“ACH”) Network during a 30-day Evaluation
Period (as defined below). Deposits that are not from an employer
or government agency, including but not limited to check deposits,
peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.),
merchant transactions (e.g., transactions from PayPal, Stripe,
Square, etc.), and bank ACH funds transfers and wire transfers from
external accounts, do not constitute Direct Deposit activity. There
is no minimum Direct Deposit amount required to qualify for the
stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% APY on
savings balances (including Vaults) and 0.50% APY on checking
balances. Qualifying Deposits means one or more deposits that, in
the aggregate, are equal to or greater than $5,000 to an account
holder’s SoFi Checking and Savings account (“Qualifying Deposits”)
during a 30-day Evaluation Period (as defined below). Qualifying
Deposits only include those deposits from the following eligible
sources: (i) ACH transfers, (ii) inbound wire transfers, (iii)
peer-to-peer transfers (i.e., external transfers from PayPal,
Venmo, etc. and internal peer-to-peer transfers from a SoFi account
belonging to another account holder), (iv) check deposits, (v)
instant funding to your SoFi Bank Debit Card, (vi) push payments to
your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying
Deposits do not include: (i) transfers between an account holder’s
Checking account, Savings account, and/or Vaults; (ii) interest
payments; (iii) bonuses issued by SoFi Bank or its affiliates; or
(iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi
Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account
holder’s Direct Deposit activity and Qualifying Deposits throughout
each 30-Day Evaluation Period to determine the applicability of
rates and may request additional documentation for verification of
eligibility. The 30-Day Evaluation Period refers to the “Start
Date” and “End Date” set forth on the APY Details page of your
account, which comprises a period of 30 calendar days (the “30-Day
Evaluation Period”). You can access the APY Details page at any
time by logging into your SoFi account on the SoFi mobile app or
SoFi website and selecting either (i) Banking > Savings >
Current APY or (ii) Banking > Checking > Current APY. Upon
receiving a Direct Deposit or $5,000 in Qualifying Deposits to your
account, you will begin earning 4.60% APY on savings balances
(including Vaults) and 0.50% on checking balances on or before the
following calendar day. You will continue to earn these APYs for
(i) the remainder of the current 30-Day Evaluation Period and
through the end of the subsequent 30-Day Evaluation Period and (ii)
any following 30-day Evaluation Periods during which SoFi Bank
determines you to have Direct Deposit activity or $5,000 in
Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account
holders following a change in Direct Deposit activity or Qualifying
Deposits activity before adjusting rates. If SoFi Bank grants you a
grace period, the dates for such grace period will be reflected on
the APY Details page of your account. If SoFi Bank determines that
you did not have Direct Deposit activity or $5,000 in Qualifying
Deposits during the current 30-day Evaluation Period and, if
applicable, the grace period, then you will begin earning the rates
earned by account holders without either Direct Deposit or
Qualifying Deposits until you have Direct Deposit activity or
$5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation
Period. For the avoidance of doubt, an account holder with both
Direct Deposit activity and Qualifying Deposits will earn the rates
earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying
Deposits, as determined by SoFi Bank, during a 30-Day Evaluation
Period and, if applicable, the grace period, will earn 1.20% APY on
savings balances (including Vaults) and 0.50% APY on checking
balances.
7 The following describes the terms that apply to participation
in the SoFi Checking and Savings direct deposit promotion (the
“Direct Deposit Promotion”) offered by SoFi Bank, N.A, Member FDIC
(“SoFi”).
Eligible Participants: All new and existing members without any
history of direct deposit transactions into their SoFi Checking and
Savings account are eligible for the Direct Deposit Promotion.
Members who previously enrolled in direct deposit into either SoFi
Money or SoFi Checking and Savings, whether currently still
enrolled or not, do not qualify for this Direct Deposit Promotion.
Bonuses are limited to one per SoFi Checking and Savings account.
In the case of a joint account, only the primary account holder
(the member who signed up first) is eligible for a bonus.
Promotion Period: The Direct Deposit Promotion will begin on
01/01/2023 at 00:01AM ET and end on 12/31/23 at 11:59PM ET.
Bonus Terms: In order to qualify for eligibility for a bonus,
SoFi must receive at least one Direct Deposit (as defined below)
from an Eligible Participant before the end of the Promotion
Period. Direct Deposits are defined as deposits of $1,000.00 or
greater from an enrolled member’s employer, payroll, benefits
provider, or government agency via ACH deposit. Deposits that are
not from an employer, payroll, benefits provider, or government
agency (such as check deposits; P2P transfers such as from PayPal
or Venmo, etc.; merchant transactions such as from PayPal, Stripe,
Square, etc.; and external bank ACH transfers not from employers)
do not qualify for this Direct Deposit Promotion. The amount of the
bonus, if any, will be calculated during the Direct Deposit Bonus
Period as described and defined below.
Direct Deposit Bonus Period: The Direct Deposit Bonus Period
begins when SoFi receives a Direct Deposit within the Promotion
Period and ends 25 calendar days later (the “Direct Deposit Bonus
Period”). For the avoidance of doubt, the Direct Deposit Bonus
Period shall not extend beyond the Promotion Period. The bonus
amount will vary based on the total amount of Direct Deposits
received during the Direct Deposit Bonus Period. Once the Direct
Deposit Bonus Period has elapsed, SoFi will determine if you have
met the offer requirements and will deposit any earned bonus into
your checking account within seven (7) business days. For example,
if SoFi receives between $1,000.00 and $4,999.99 in Direct Deposits
during the Direct Deposit Bonus Period, you will receive a one-time
cash bonus of $50. A member may only qualify for one bonus tier and
will not be eligible for future bonus payments if Direct Deposits
subsequently increase after the Direct Deposit Bonus Period.
Total Direct Deposit Amount in Direct Deposit Bonus Period Cash
Bonus Tier $1,000.00 - $4,999.99 $50 $5,000.00 or more $250
Bonus Payment Timeline: SoFi will credit members who meet
qualification criteria within seven (7) business days of the end of
the Direct Deposit Bonus Period.
Bonuses are considered miscellaneous income and may be
reportable to the IRS on Form 1099-MISC (or Form 1042-S, if
applicable). SoFi reserves the right to exclude any Members from
participating in the Direct Deposit Promotion for any reason,
including suspected fraud, misuse, or if suspicious activities are
observed. SoFi also reserves the right to stop or change the Direct
Deposit Promotion at any time.
SoFi members with Direct Deposit can earn 4.60% annual
percentage yield (APY) on savings balances (including Vaults) and
0.50% APY on checking balances. There is no minimum Direct Deposit
amount required to qualify for the 4.60% APY for savings (including
Vaults). Members without Direct Deposit will earn 1.20% APY on
savings balances (including Vaults) and 0.50% APY on checking
balances. Interest rates are variable and subject to change at any
time. These rates are current as of 10/24/2023. There is no minimum
balance requirement. Additional information can be found at
http://www.sofi.com/legal/banking-rate-sheet.
8 Pay in 4 offer is only valid to customers receiving the offer
directly from SoFi and using the link contained in the email
received by the account holder(s). Offers for Pay in 4 are
nontransferable. Eligible members will receive a one-time use
virtual card with the first payment due at time of purchase. See
Terms & Conditions for payment terms and schedule. Members are
only eligible to have one active Pay in 4 loan at a time, which
must be paid in full before the member may be eligible for
subsequent Pay in 4 loans. Exceptions may apply. See Terms &
Conditions for details. Pay in 4 loans offered by SoFi Bank, N.A.
The SoFi® Pay in 4 Mastercard® is issued by SoFi Bank.
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.
9 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.
©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal
Housing Lender.
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