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Despite progress, women, especially mothers, are still fighting hard to achieve equality in the workforce. According to a 2024 Bankrate analysis of Census Bureau data, mothers earn (on average) 31% less than fathers. Based on Bankrate’s calculations, this wage loss can add up to roughly half a million dollars over a woman’s 30-year career.

The financial and career impacts of motherhood are even more pronounced for women who choose not to come back to work after having a baby — or return only to later drop out. In Motherly’s 2024 State of Motherhood report (which surveyed nearly 6,000 mothers), a full 66% of moms said they were considering leaving the workforce due to the stress and cost of childcare.

Though women’s employment has recovered from the great “she-cession” of the pandemic, the gender gap in labor force participation remains significant, with 73.7 percent of mothers in the labor force compared to 94.9 percent of fathers, according to the Institute for Women’s Policy Research.

One way employers can help women gain ground — and help solve hiring and retention issues — is to tailor benefits to better fit their needs, priorities, and concerns. Companies that offer benefits packages that help address the gender gaps in financial wellness not only help women stay and advance in the workplace, but also promote a more equitable and productive workforce.

What Employers Can Do

HR pros have been working on evening gender disparity for decades, and much progress has been made. But the pandemic shed new light on the stubborn underlying inequities that continue to burden employers and female employees alike.

Employers may find that making adjustments and additions to their benefits packages can help promote more gender equity at work while also allowing them to attract and retain top female talent. Here are some strategies you may want to consider.

Recommended: Measuring the Financial Well-Being of Your Workforce

Rethink Maternity Leave

The more paid parental leave your firm can offer, generally the better. Some companies are expanding leave for birthing parents beyond 12 weeks, offering as much as 26 weeks. Others are providing additional weeks of paid leave to parents of newborns who spend time in the neonatal intensive care unit.

A generous paid parental leave program not only helps attract female workers but also increases the likelihood that your existing women employees will return to their jobs after having or adopting a child, as opposed to dropping out of the workforce —- and leaving you with a new opening to fill.

Another question to consider is whether your parental leave policies apply to all types of families and parents, such as non-birth mothers, foster parents, and parents who use surrogates. Parental benefits provide an opportunity for building your inclusive benefits strategy.

Create Real Opportunities for Advancement

For every 100 entry-level men promoted to management, only 81 women are promoted, according to McKinsey & Company’s Women in the Workforce 2024 report. With limited room for advancement and often undervalued work, many women are leaving their employers for better opportunities elsewhere.

One way to counter this trend is to offer female employees a path to advancement through education and up-skilling/re-skilling opportunities. You might do this by offering tuition assistance programs and/or access to free (or discounted) training and certification programs. This can help female employees get ahead in their careers, earn more and, in turn, achieve greater financial stability. It can also propel women into the roles of the future where they are currently underrepresented, like data science, software development, and engineering.

Other initiatives that can improve female career mobility include: formal mentorships, sponsorships, women’s employee resource groups (ERGs), leadership circles, and career coaching workshops. If your company offers these programs, you’ll want to make sure women employees know about and have easy access to them.

Address the Childcare Crisis

The pandemic brought childcare issues to the forefront as a significant workplace challenge. However, the high costs and limited availability of childcare existed before the pandemic and continue to create an impediment for women to fully participate in the workforce.

Employers can help address childcare challenges in several ways. On-site childcare is the most accommodating benefit. But on-site care is a big investment of infrastructure and resources that realistically only a small group of major employers can provide.

One alternative is to offer some type of emergency or backup child care support. Some companies do this by partnering with local daycare facilities and providing access to free or discounted childcare when a regular provider falls through. Other firms are offering employees stipends for online services, such as Care.com and SeekingSitters.com, that provide access to sitters at short notice.

Being open to and evaluating childcare support can be particularly important if you are mandating, or simply encouraging, employees to work onsite.

Consider Returnships

Many employers are dealing with labor shortages. At the same time, there is a large pool of untapped talent among women who have fully or partially left the workforce. Many of those women want to return to work but find the gaps in their resumes and lack of current skills are holding them back.

To address both problems at once, some companies are offering “returnships.” Pioneered by finance leaders Goldman Sachs and Morgan Stanley, these are internship programs that give returning caregivers the opportunity to brush up their skills or learn new ones. Returnships typically run for a few months, offering training, experience, and networking opportunities to workers — often mothers — who’ve been out of the workforce for an extended period of time.

Returnship programs not only give women who dropped out of the workforce a viable onramp, they also give employers a way to vet talent before making an official hire.

Address Student Debt

Student loan debt impacts nearly 43 million Americans and a disproportionate number are female. According to EducationData.org, women hold 64% of all outstanding student debt and, despite making higher payments than men, take an average of two years longer to pay off their student loans. Women also owe more in graduate student loan debt than men, except in professional doctorate degrees.

Student debt can have a negative impact on any employee’s financial (and overall) well-being. And right now, borrowers are feeling particularly uneasy, thanks to unknowns surrounding potential changes to federal student loan repayment plans and forgiveness programs. What is certain, though, is that student loan repayment benefits continue to grow in popularity and effectiveness. And, they may be particularly beneficial to female employees.

HR leaders will also want to keep in mind that employers can offer up to $5,250 in tax-exempt student loan repayment benefits through 2025, thanks to the CARES Act of 2020. What’s more, the recent passage of the SECURE Act 2.0 allows companies to provide employees with a match on their retirement plans for making student loan payments starting in 2024. This can be a stand-alone offering, or part of a broader employee benefits program.

Offer Flexible, Women-Friendly Financial Wellness Benefits

In Bank of America’s 2024 Workplace Benefits Report, more than half (53%) of men reported good financial wellness, compared to just 36% of women. The study also found that women aren’t feeling as secure as men about the future: 58% of women said they were confident they will be able to build sufficient retirement savings, compared to 70% of men.

High levels of student debt, trouble making ends meet, and worries about saving enough (particularly with gaps in employment) all add a disproportionate amount of stress on women. Financial stress can impact every aspect of women’s lives, including productivity and happiness at work.

HR pros can make a huge impact on women employees by offering personalized, adaptive wellness benefits, such as debt management, emergency savings, tuition savings, retirement planning programs, and financial education. These benefits can help female employees plan and save for the future, feel less stressed about their finances, increase their focus and productivity on the job, and, importantly, change their financial lives for the better.

Recommended: The Future of Financial Well-Being in the Workplace

The Takeaway

Women are a vital part of any employer’s workforce. Benefits packages designed to address women’s specific needs can help employers attract and retain talented female employees. They can also help guarantee women, especially moms, have access to an equal playing field and a secure financial future.

SoFi at Work offers employers the benefits platform, education resources, and financial counseling that can help you assemble packages that help you increase employee productivity, loyalty, and overall well-being.

Photo credit: iStock/jacoblund

Products available from SoFi on the Dashboard may vary depending on your employer preferences.

Advisory tools and services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. 234 1st Street San Francisco, CA 94105.

SoFi Student Loan Refinance Loans, Personal Loans, Private Student Loans, and Mortgage Loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org ). The 529 Savings and Selection Tool is provided by SoFi Wealth LLC, an SEC-registered investment adviser. For additional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. ©2025 Social Finance, LLC. All rights reserved. Information as of November 2025 and is subject to change.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOAW-Q225-001

While it is possible to buy a second home without a down payment, the scenarios in which you can do so are quite rare.

Traditional zero-down payment programs may not be available to you because you’re no longer a first-time homebuyer. Lenders are also generally hesitant to offer second home mortgages with low down payments. The down payment requirements for a second home are usually 10% or more.

But you may be in luck: Sometimes you can figure out how to buy a second home with no down payment. Read on to learn:

•   What does buying a second home involve?

•   What are the usual down payment requirements for a second home?

•   How can you buy a second home with no down payment?

Note: SoFi mortgage loans require a down payment.

What to Know About Buying a Second Home

Buying a second home comes with a different set of guidelines and rules than purchasing your first home. You’re no longer considered a first-time homebuyer, which disqualifies you from many down payment assistance programs. However, your situation will be treated differently depending on how you want to use the property. Consider the following possibilities:

Moving into the Second Home

If your plan is to keep your first home as a rental property and move into the second home, you may have some options. A mortgage loan may be available in one of two ways.

•   USDA loans in approved areas have zero-down payment options. You’re allowed to get a second home with a zero-down USDA loan if you meet certain requirements involving citizenship, income, and other factors. You must live in the property as your principal residence, and you cannot have a USDA loan on your first property. In addition, you must financially qualify for both homes. To count rental income for the first home, USDA requires 24 months of rental income history.

Note: SoFi does not offer USDA loans at this time. However, SoFi does offer FHA, VA, and conventional loan options.

Other qualifiers for this kind of loan include:

•   The current home no longer meets your needs for certain reasons (for example, if your family is growing and you live in a two-bedroom home, you’re relocating for a new job, or you’re getting divorced).

•   You don’t have another way to obtain the property without the USDA loan.

•   You can only keep one other house besides the new second home.

If, say, you’re moving from to a new region for a job opportunity, and USDA loans are available in the area you’re moving to, it’s possible to keep your first home and buy a second if you meet the above conditions.

Worth noting: An obstacle for borrowers can be that lenders need a way to verify rental income. A signed lease and bank statements may not be enough. Your lender may want to see the rental income reported on your taxes for two years.

•   VA Loans may also offer zero down payment options. Available to qualifying veterans, service members, and surviving spouses, these government-backed loans can only be used to purchase property that will be a primary residence. So, if you’re moving from one place to another and qualify, you can use a VA loan to purchase the next property with no money down.

Buying the Second Home as a Vacation Home or Rental

Is there a way to buy a second home with no down payment if you plan to use it as a vacation home or rental? Options are few and far between if you’re not planning to use the property as your principal residence. When you’re looking at non-owner-occupied financing, lenders usually want a bigger down payment, not a smaller one.

That said, here are a couple of options that could answer the question of how to buy a second home with no down payment:

•   Private loans: If you finance through a relative or other private source, it’s possible to obtain a no-money-down mortgage. Terms are agreed upon by both parties.

•   Seller financing: Much like a private loan, the conditions of seller financing (aka owner financing) a loan are whatever the two parties agree on. If the seller is willing to let you buy the property with no money down, you might be able to make this work. However, seller financing usually comes with a bigger down payment, not a smaller one.

Do You Need a Down Payment on a Second Home?

Down payment requirements for a second home are usually higher. Lenders also look for a higher credit score. The loftier down payment requirement and credit score reflect the fact that the lender is taking on elevated risk since borrowers are more likely to default on a second home than a first home. A lender may expect your down payment to be right around the average down payment on a house, which is currently 13%.

Yet, your mortgage lender is also looking for a loan that accommodates your unique situation to help you to buy a second home. Though no down payment options are rare, your lender may have access to financial products that allow for a smaller down payment.

Can You Buy Another Home When You Have a Current Mortgage?

If you financially qualify, buying another house when you have a mortgage is possible. Generally speaking, lenders look for a strong credit history and enough income to cover your debts (including the cost of the new mortgage) to determine if you qualify for an additional mortgage.

Recommended: What Is a Second Mortgage?

Using Home Equity as a Down Payment Source

If you don’t have enough cash for a down payment on a second home, you may be able to tap your home equity. A home equity loan or a home equity line of credit (HELOC) can help you access money to use for a down payment on a second home.

Though not all lenders will permit this, using home equity may be possible if you want to keep your first home and have no other way of obtaining enough money for a down payment on your second.

It may be advisable to get a home equity loan or HELOC while you are still living in your first house. This allows you to qualify for owner-occupant rates, which are typically much lower than non-owner-occupied rates.

Recommended: HELOC vs. Home Equity Loan: How They Compare

The Takeaway

While there aren’t many options for financing a second home with no down payment, you may be in luck. There are some no down payment loans available to qualified buyers, and these loans can help you preserve cash for renovations, improvements, and other expenses. Even if you can’t find a no down payment mortgage for a second home, you will likely have a number of financing options you can tap into that may allow you to snag another property.

SoFi now partners with Spring EQ to offer flexible HELOCs. Our HELOC options allow you to access up to 90% of your home’s value, or $500,000, at competitively lower rates. And the application process is quick and convenient.

Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.

FAQ

What is the minimum down payment for a second home?

For a second home that is not going to be your primary residence, most lenders look for at least a 10% down payment.

How do I buy a second home without 20% down?

With a higher credit score and other financial qualifications, you may be able to find a lender or a program with a required down payment less than 20%.

Can I buy another house if I already have a mortgage?

If you’re a qualified buyer with good debt and income levels with a strong credit history, a lender may be able to approve you for a second mortgage.

Can I use my equity to buy another house?

It may be possible to use home equity to buy another home. Contact a lender to go over your unique situation.

Photo credit: iStock/Nuttawan Jayawan

^²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.
You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.
In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOHL-Q225-002

We’ve all seen them: houses that look forlorn, decrepit, unlived in. Maybe the weeds are tall and the paint is peeling. These are signs of a zombie foreclosure: A homeowner essentially abandons the property, often after receiving a notice of impending foreclosure.

What Is a Zombie Foreclosure?

A zombie foreclosure typically occurs when a homeowner defaults on their mortgage and believes they must vacate the premises immediately. In other cases, the homeowner may leave for any number of other reasons.

Even if someone defaults on a mortgage, they are not absolved from all responsibilities until the lender completes the foreclosure process. Until then, the homeowner is usually still responsible for the mortgage, maintenance, homeowners association (HOA) fees, and other costs.

At recent count, at least 1.4 million residential properties were sitting vacant across the U.S. More than 212,000 of these homes were in the foreclosure process in the first quarter of 2025. Preforeclosure properties sitting empty, known as zombie homes, totaled nearly 7,100 nationwide. Zombie foreclosure figures decreased significantly in 2024, but they did rise in some states, including Missouri, Michigan, and South Carolina.

Overall, zombie homes represented about 1.3 percent, or approximately 1 in 76 homes, nationwide in 2025’s first quarter – the same as in the fourth quarter of 2024 and increased just slightly from 2024’s first quarter. Numbers of zombie homes are the lowest they’ve been in five years. But although the number of zombie homes remains small, it may begin to go up as foreclosure rates increase.

Recommended: Cost of Living By State

How Does a Home Become a Zombie Foreclosure?

A zombie foreclosure can sound scary, but it’s best to be aware of how they happen to avoid the worst consequences. A home often becomes a zombie foreclosure after the homeowner defaults on the mortgage. When this happens, the homeowner typically receives a foreclosure notice from the mortgage lender. They might believe they must leave immediately, abandoning their home as a result.

But while they turn their back on a home they believe has “died,” the home lives on and still has a laundry list of responsibilities. This means mortgage payments, maintenance, HOA fees, property taxes, and more. The current homeowner still holds the title and is still responsible for all these items until the foreclosure process is complete.

Complicating the picture, lenders sometimes decide not to complete the foreclosure process. There can be many reasons for this, but the most common is that the lender determines that foreclosing on the home isn’t worth it. Foreclosed homes often need significant repairs, and there might be a large amount of back taxes to pay.

While zombie foreclosures only make up a small percentage of all foreclosures, they do happen. Just because someone receives a foreclosure notice doesn’t mean the home is no longer their responsibility. That’s why it’s wise to follow up with the mortgage lender and await official communication before leaving for good.

Consequences of a Zombie Foreclosure

A zombie foreclosure is not a good thing for anyone involved. There can be a range of issues for the owner and the home’s neighbors.

Impact on Homeowners

As mentioned earlier, you are still responsible for your home if you receive a foreclosure notice. If you abandon the property before the foreclosure process is complete, you might face some serious consequences:

•   Penalties and fees: If the foreclosure process drags on, it could result in the accrual of interest, penalties, and fees. These can increase the financial burden you were already experiencing.

•   Damage to your credit: A zombie foreclosure can seriously damage your credit because it may result in a home mortgage loan default. This can make it very difficult to obtain loans in the future, including new mortgages, auto loans, and personal loans.

•   Legal consequences: Not making your payments could result in a variety of lawsuits. For instance, the city might sue you over unpaid property taxes. Or the homeowners association might sue you to collect its fees.

As you can see, the consequences of a zombie foreclosure can be significant. Therefore, seeking legal advice to understand your rights and responsibilities in these situations is best. In addition, you should ensure all paperwork is complete before you leave the property for the last time.

Impact on Neighbors

The homeowner who abandons a property may not be the only one who suffers. There may also be consequences for neighbors:

•   Increase in crime: Squatting, vandalism, and theft are just a few of the types of crimes that might occur after a zombie foreclosure.

•   Public health issues: Foreclosed homes are often neglected, leading to overgrown yards. This can attract mosquitoes and other pests that can spread diseases.

•   Costs for the local government: Someone must take care of a neglected home, and that job often falls to the local government. This can then lead to higher taxes for people in the area.

Impact on the Housing Market

The broader housing market can also be impaired due to zombie foreclosures. However, some opportunistic investors may also take advantage of the situation. Here are some of the potential impacts on the local housing market:

•   Decrease in property values: A zombie foreclosure can cause a home to become an eyesore and a hazard to the local community. This can make the neighborhood less desirable as a whole, leading to a decrease in property values across the board.

•   Decrease in new construction: New builders may be hesitant to pursue projects where there are zombie foreclosures. They might believe they can’t compete with the low prices of foreclosed homes.

•   Opportunities for investors: While zombie foreclosures’ impacts are mostly negative, they can also lead to opportunity. Investors can purchase these homes at bargain-bin prices, renovate them, and either sell or rent them.

While they can create opportunities for investors, most zombie foreclosures’ impacts on the housing market are negative. As a whole, local communities generally suffer the consequences as a result. One way for owners to reduce the risk of a zombie foreclosure is to ensure a home is affordable for them from the outset.

Considerations If Purchasing a Zombie Foreclosure

While zombie foreclosures may have a discounted price tag, there is much to consider before moving forward. First, there can be legal complexities that complicate the process. For instance, the home may be in pre-foreclosure, the foreclosure may not have been properly completed, or there may be liens on the property. You must understand these complexities when purchasing a zombie foreclosure. Working with a real estate attorney with experience in this area is best.

You should also consider the condition of the property. Those that have been abandoned can have a range of issues, such as structural damage, mold, or vandalism. Some of these issues are more costly to fix than others. Thus, the home will need a thorough inspection to understand what repairs it may need.

Another important consideration is financing. Some lenders might be hesitant to finance homes in poor condition. You might need to explore alternative financing options, such as a renovation loan. Or you might even have to pay cash. Either way, more flexibility may be necessary when dealing with zombie foreclosures.

The Takeaway

Zombie foreclosures typically occur when a homeowner vacates the premises after receiving a foreclosure notice but before the foreclosure process is complete. Zombie foreclosures can hurt both homeowners and the local community. Therefore, homeowners may want to avoid this situation by remaining in their homes until they receive a notice to vacate and trying to stay current on mortgage payments, property taxes, and HOA fees.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

What are zombie mortgages?

Zombie mortgages are outstanding home loans that borrowers have stopped making payments on, often because they thought the debt was forgiven or settled long ago. In some cases, these can be second mortgages that a borrower may not even be aware of. It is not always legal for lenders to try to collect on these debts.

What is the foreclosure rate in the United States?

The foreclosure rate is 1.3% in the United States, according to the fourth-quarter 2024 Vacant Property and Zombie Foreclosure Report from ATTOM Data Solutions. While an increasing number of homeowners have faced foreclosure since the nationwide foreclosure moratorium was lifted, foreclosure rates are historically low.

What city has the most foreclosures?

Among 171 U.S. metropolitan statistical areas with 100,000 or more residential properties in 2025’s first quarter, those with at least 100 properties in danger of possible foreclosure and the top rates of zombie foreclosure include Peoria, IL (15.5 percent of properties in foreclosure were vacant); Wichita, KS (12.5 percent); and Kansas City, MO (10.9 percent).

Photo credit: iStock/Derek Broussard

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOHL-Q225-023

Mental health and financial health typically go hand in hand. For years, studies have shown a link between stress over finances and an increase in mental health problems, including depression, anxiety, and substance abuse. And on the flip side of the coin, people with mental illnesses are more likely to have financial problems.

Recent research also supports this important connection. In SoFi at Work’s The Future of Workplace Financial Well-Being 2024 survey (which included 750 HR leaders and 750 full-time employees), 86% of workers said they feel increasingly stressed about their finances, up more than 10% from our 2022 report. They also reported that this stress has negatively impacted their sleep (48%), mental health (47%), physical health (36%), and motivation to pursue professional goals (37%).

Financial stress and mental health problems can lead to increased absenteeism and low productivity among your workers. As a result, it may make sense to help employees combat financial issues and mental health problems at the same time. Indeed, over the last few years, many employers have been exploring ways that financial well-being benefits and mental health benefits could work together to build the support and solutions employees need to weather financial and mental stress. Here are some lessons from those efforts that might benefit your organization.

Recognize How Financial Well-Being Programs Can Support Mental Health in the Workplace

Financial planning, budgeting tools, debt counseling, and financial education services have become increasingly popular employer offerings in recent years. These tools can help employees become financially stable so that they can move on to long-term savings and goals. In addition, gaining control over day-to-day financial challenges can help reduce the stress and anxiety associated with financial instability.

Now may be a particularly good time to emphasize the connection between financial and mental health wellness to your workforce. According to SoFi’s survey data, just over half of HR leaders recognize the impact financial stress has on employees’ mental health and two out of five said it impacts employees’ productivity and focus — an increase of 10% or more since SoFi’s last survey. What’s more, 74% of employees said these benefits impact their desire to stay with their employer.

Offer a Choice of Flexible Financial-Contribution Programs

Personalized benefits that are relevant to individuals’ situations can be especially helpful in reducing the financial stress employees are feeling right now. Depending on an employee’s personal situation, payroll deduction emergency savings accounts, student loan repayment programs, and/or debt management tools may be effective ways to help workers handle the financial stressors that may be contributing to depression, anxiety, and other mental illness.

This is a good time to take inventory and see what solutions might be missing from your financial well-being benefits. Questions to consider include:

•   Have you set up an automated emergency savings program for employees?

•   And if you have, are you sure your employees know it exists and how to participate?

•   Do you have a 401(k) matching program for employees paying off student loans?

•   Are your education and financial planning efforts aimed at all employees, not just those focused on long-term savings?

Help Employees Keep an Eye on Long-Range Goals, Too

Today’s high cost of living combined with immediate financial concerns like repaying student loans and credit card debt means that many employees are simply not saving enough for the future. In fact, SoFi’s financial wellness survey found that 45% of workers are stressed about not having enough money saved for retirement.

Despite the demand for short-term saving solutions, you may also want to help employees balance short- and long-term goals. Even for younger employees, you don’t want to take the focus completely off retirement and college savings benefits. And for employees who are closer to retirement, building savings is important, too. Helping everyone in your workforce, regardless of where they are, maintain a balance between short-term and long-range goals can be an important step to developing their overall financial well-being and lowering their stress.

The Takeaway

Human resource leaders, mental health professionals, and economists all agree that financial stress can have far-reaching consequences for your workforce, including increased mental and physical health issues and reduced engagement and productivity.

Given what we know about the connections between mental health and financial well-being, combining your mental health and financial well-being benefits to create customized packages accessible and meaningful to all employees can help ensure your workforce is ready for the challenges ahead.

SoFi at Work can help. We provide the benefits platforms and education resources that can enhance financial wellness throughout your workforce.

Products available from SoFi on the Dashboard may vary depending on your employer preferences.

Advisory tools and services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. 234 1st Street San Francisco, CA 94105.

SoFi Student Loan Refinance Loans, Personal Loans, Private Student Loans, and Mortgage Loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org ). The 529 Savings and Selection Tool is provided by SoFi Wealth LLC, an SEC-registered investment adviser. For additional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. ©2025 Social Finance, LLC. All rights reserved. Information as of November 2025 and is subject to change.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOAW-Q225-002