SoFi Survey Reveals Majority of Women Report Finances Impact Their Mental Health and Are Not Comfortable With The Amount They Currently Have in Savings, Highlighting The Need For Financial Education Resources
Nearly two thirds of women (65%) report that personal finances impact their mental health a lot or somewhat, according to a new survey conducted by SoFi, the digital personal finance company and all-in-one app. And nearly two thirds (65%) disclosed they are not comfortable with the amount of money currently in their savings account. To help women get their money right and do so with confidence, SoFi is teaming up with investor and entrepreneur Sophia Amoruso to launch “Making Money On Your Money: Sophia Amoruso’s Guide to Financial Independence.”
“Making Money On Your Money” will explore how women can create financial goals and set themselves up for bright financial futures in collaboration with SoFi. The guide will feature resources to help women dive deeper into learning about personal finance topics including investing, debt, spending and saving, setting financial goals, and budgeting. The guide also includes interactive elements such as quizzes for women to determine their invest and budget personality types and worksheets to write down and prioritize a debt payoff strategy, and short, medium, and long term financial goals.
“As we further SoFi’s mission to help people achieve financial independence to realize their ambitions, we know that financial education is a critical factor. This is why we put emphasis on providing our members access to digestible financial education tools and resources,” said SoFi Chief Marketing Officer Lauren Stafford Webb. “It’s important that women feel empowered to plan their financial futures with the utmost confidence, so we are thrilled to collaborate with Sophia to build on our financial education portfolio and continue to help people get their money right.”
As women gain economic influence in their relationships1 and begin to outearn men2, it’s important that they take control of their financial futures. When it comes to women feeling financially savvy and literate, the same SoFi survey revealed it was pretty evenly split with only just over half (52%) of women believing they are while 48% believe they are not.
“The confidence gap with women and money is very real. As someone who started with no financial resources, I know that knowledge is the root of confidence when it comes to money. I’m excited to collaborate with SoFi because of our shared mission to help women achieve financial success,” said Sophia Amoruso.
SoFi has an ongoing commitment to providing members access to financial literacy and resources including complimentary access to financial planners. “Making Money On Your Money” is the latest educational resource commissioned by SoFi. In 2021, SoFi collaborated with Coursera, one of the world’s leading online learning platforms, to launch “The Fundamentals of Personal Finance” specialization.
To learn more about “Making Money On Your Money” visit SoFi.com/Sophia.
Methodology
Research findings are based on an online survey conducted by SoFi in the U.S. between April 10 - April 14 . For this survey, 3,855 consumers were asked about their banking experiences and perspective on personal finances as it pertains to their mental health and social life. This survey targeted general population consumers between 18 - 66+ 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 5.2 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 Federal Reserve, OCC, and FDIC. 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
The SoFi Spending & Saving Survey findings are based on an online survey of 3,855 consumers conducted by SoFi Checking and Savings in the U.S. between April 10 - April 14.
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE |
Terms and conditions apply. SoFi Checking and Savings offered by SoFi Bank, N.A. Loans originated by SoFi Bank, N.A., NMLS #696891 (www.nmlsconsumeraccess.org). Equal Housing Lender. Brokerage products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Money® is a cash management account, which is a brokerage product. SoFi Securities LLC is an affiliate of SoFi Bank, N.A. Advisory services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. SoFi Bank, N.A. Member FDIC. ©2023 Social Finance, Inc. All rights reserved. Information as of May 2023 and is subject to change.
1 Source: Pew Research https://www.pewresearch.org/social-trends/2023/04/13/in-a-growing-share-of-u-s-marriages-husbands-and-wives-earn-about-the-same/
2 Source: Pew Research https://www.pewresearch.org/short-reads/2022/03/28/young-women-are-out-earning-young-men-in-several-u-s-cities/
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