Singapore markets closed
  • Straits Times Index

    +2.92 (+0.09%)
  • S&P 500

    -8.42 (-0.17%)
  • Dow

    -23.39 (-0.06%)
  • Nasdaq

    -87.56 (-0.55%)
  • Bitcoin USD

    +3,483.85 (+5.89%)
  • CMC Crypto 200

    0.00 (0.00%)
  • FTSE 100

    +25.27 (+0.33%)
  • Gold

    -5.30 (-0.26%)
  • Crude Oil

    +0.07 (+0.09%)
  • 10-Yr Bond

    0.0000 (0.00%)
  • Nikkei

    -41.84 (-0.11%)
  • Hang Seng

    -25.41 (-0.15%)
  • FTSE Bursa Malaysia

    +5.85 (+0.38%)
  • Jakarta Composite Index

    -12.53 (-0.17%)
  • PSE Index

    +68.19 (+0.99%)

Let’s Hope Your Secret Santa is a Millennial: SoFi Checking & Saving Study Shows This Generation Spends $1,500 on Holiday Shopping

The second annual SoFi Spending & Saving Study shows holiday financial stress is high as people make changes to holiday traditions due to inflation

SAN FRANCISCO, November 01, 2023--(BUSINESS WIRE)--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.


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 or download our iOS and Android apps.


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
$5,000.00 or more

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

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
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

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:
Terms applicable to Member Rewards:

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.

View source version on


PR Contact