SoFi Partners with Zola
SoFi has partnered with Zola, the registry and wedding planning platform, to allow couples to register for financial goals like a joint investment account or help with student debt repayment.
As part of the partnership, Zola and SoFi surveyed over 1,000 newlyweds to uncover their attitudes toward money.
Here are the highlights:
- 86% of newlywed couples are entering their marriage with debt
- 84% of couples said they feel extremely comfortable talking about “the good, the bad, and sometimes ugly” when it comes to money
- 90% of couples said they bought an engagement ring, with the majority spending between $2k to $4k. Just over one quarter (27%) admitted to taking on debt to afford it
- 69% of couples paid for at least a portion of their own wedding, while 20% covered the cost entirely. Nearly one third (30%) took on debt to pay for their wedding
- 98% of couples are saving money and have joint financial goals. However, of that group, the majority of couples are saving less than 20% of their annual income, regardless of where they live or what they earn
- 72% of newly married couples have at least one joint bank account and 58% of married millennials are splitting every bill down the middle
- When asked to rank their savings priorities, couples put travel at the top of the list followed by (2) retirement (3) in case of emergency (4) paying off debt (5) children and lastly (6) buying a house or an apartment
“Zola’s new partnership with SoFi helps guide couples through the process of creating joint bank accounts so they can save for the future. Couples already rely on Zola to easily plan their wedding and register, so now we are helping them make the transition to newlywed life a little easier too.” – Director of Brand at Zola, Jennifer Spector.
Bottom Line: Prudential and Babylist come to mind.