SoFi (NASDAQ:SOFI), the all-in-one digital personal finance company, announced SoFi Invest will offer a 1% match on all eligible IRA (individual retirement account) contributions.
This comes as a new survey also out from SoFi “unveils American’s 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 platform such as SoFi Active Invest and SoFi Automated Investing.”
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
As covered, 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.”
