Valentine's Day SoFi survey explores truth about love and money

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This Valentine's Day, Bay Area fintech firm SoFi wants to talk about a tough relationship: the one between romance and finance. (KGO-TV)

This Valentine's Day, Bay Area fintech firm SoFi wants to talk about a tough relationship: the one between romance and finance.

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The company conducted a nationwide survey of couples ages 18-45 and found that for many, money can be a touchy topic.

In San Francisco's Financial District, Molly and Warren Holmes were celebrating Valentine's Day in an unconventional way:

"We met with our financial planner just a moment ago," Molly Holmes said.

It's not exactly a candlelight dinner, but the couple believes talking about finances will bring them closer together. And SoFi's research shows they're onto something.


"Money is still very much taboo," said SoFi spokesperson Nadia Last. "Half of the people that we surveyed have actually lied to their significant other about the true cost of what they were buying."

Eating lunch two tables away from the Holmes family, Ben and Carrie Mottau said they know that problem well:

"Surfboards for me," Ben Mottau said.

"Yeah, you would hide that," Carrie Mottau agreed.

SoFi says its survey got over 3,300 responses and included some surprising results. Among other things, it revealed how much people worry about their debt and their credit scores.

"40 percent of the people we surveyed would rather share their cell phone password -- meaning complete access to their cell phone, their texts, their photos their social media, rather than disclosing how much debt they have," Last said.

The survey posed another no-win question: Is it worse to have your partner cheat on you or ruin your credit score?

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"Oh, ruin my credit score," Molly Holmes said, as her husband nodded agreement. "I could fix a credit score. I don't think I could fix a cheater."

"My credit ruined," Ben Mottau said, as his wife concurred. "By a landslide."

But 30 percent of those who took the survey disagreed.

"(Those) people would rather be cheated on than go into more or less financial ruin," Last said.


Related Topics:
societymoneybusinessfinancepersonal financeholidayvalentine's dayresearchSan Francisco
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