Ally Launches Free National Financial Wellness Program Based on Money Psychology
America’s largest all-digital bank plants ‘money tree’ in New York, awards $100,000 for ‘money stories’ shared across the country
CHARLOTTE, N.C. , Aug. 13, 2024 /PRNewswire/ — Ally Financial Inc. (NYSE: ALLY) today announced the launch of Money Roots™, a free financial wellness program that helps people understand how their money mindset impacts their spending, saving and investment decisions, and vice versa. Based on the psychology of money, Money Roots is a departure from traditional skills-based financial education and comes on the heels of a recent survey by Ally Bank (member FDIC) that revealed that nearly half (46%) of Americans spend their money based on emotion, and 36% never seek emotional support for managing their personal finances.
“Until now, banks have focused primarily on teaching skills and providing tools to help people manage their finances. But Americans are still in record debt and feeling more financial stress than ever before. We need to do more, but we need to do it differently,” said Andrea Brimmer, Ally’s chief marketing and communications officer. “As the first disruptors, we are once again challenging the status quo and striving to do the right thing for our customers, pushing health-based financial education to the forefront. Money Roots is the missing link to changing deep-rooted money habits and improving financial health for everyone.”
Unlock your emotions and grow your finances with Money Roots
Ally is a pioneer in emotion-based financial wellness education, helping people get to the root causes of their money behaviors. 38% of Americans say recalling past memories related to money makes them feel stressed, embarrassed, sad or ashamed. Money Roots focuses on the why, not the how, to help people from all walks of life and income levels improve their financial health and wellness.
“No matter how much money we have, we all have a money story,” said Jack Howard, Ally’s Head of Money Wellness. “I’ve spent the last 14 years helping people understand money better through my financial education work at Ally, and I’ve found that not only do people need to understand money skills (how to save, spend, invest), they also need to understand their money mindset to create real change. Understanding the root of your relationship with money creates space to find joy in money and in life.”
Ally has collaborated with leading experts in behavioral finance, financial therapy and the psychology of money to create a unique curriculum consisting of four one-hour virtual workshops. Money Roots* facilitators, including Howard, will guide participants live through discovering their money beliefs and values, rewriting their money story and creating a financial wellness roadmap. Participants can register online at Ally.com/MoneyRoots to attend the following workshops:
Money + You: Uncover emotions tied to money and explore how to manage those emotions to make better financial decisions. Money + Story: Uncover childhood memories around money and how they influence your behavior and financial decisions. Drill down and label patterns of behavior to put people back in the driver’s seat and create new patterns for moving forward. Money + Values: Identify core values to define personal goals, path, and steps to get there. Money + Love: Guidance on common financial stressors, scenarios, and conversations with loved ones that may be difficult to handle.
Allie puts down money roots for $100,000
An individual’s beliefs, emotions and life experiences are their “money roots,” or financial foundation. Once money roots are nurtured and financial wellness is achieved, money “grows on trees.” To help reduce financial stress across the country, Ally will plant literal and digital money trees and award a total of $100,000 in prizes to winners who share their money stories. Visit the immersive 14-foot Ally Money Tree at the Oculus at the World Trade Center in New York City on August 13 and 14, or visit Ally.com/MoneyRoots to enter and win a prize.
The prizes are designed to provide immediate relief for the most common expenses that contribute to financial insecurity, including the average yearly cost of child care ($18,900), the average monthly mortgage payment ($2,200), the average monthly credit card payment ($430) and the average cost of an online therapy session ($135).
Key Allied Survey Results
Ally also uncovered other research showing the correlation between finances and personal happiness, as well as a lack of vulnerability when discussing money with others, further highlighting the need for Money Roots.
45% of Americans say they are worried about their personal finances. Gen Z respondents (55%) are most likely to seek emotional support to manage their finances at least monthly compared to other generations (Millennials: 42%, Gen X: 33%, Baby Boomers: 22%). 72% of Americans believe it is not “taboo” to discuss money with others, opening the door to more dialogue.
To start your Money Roots journey and pave the way to a future of financial wellness, visit Ally.com/MoneyRoots .
*Money Roots is for informational purposes only and does not constitute legal, tax or financial advice.
Methodology: Over 1,000 U.S. adults were surveyed in July 2024 about their perceptions of money growing up, lessons they learned about managing money, how they feel about money today, and their current attitudes toward teaching their kids about money.
Money Tree Sweepstakes Rules: No purchase necessary. Open to legal residents of the 50 United States and Washington DC who are 18 years of age or older. Begins August 13, 2024 at 9:00AM EST and ends August 30, 2024 at 11:59PM EST. Visit Ally.com/MoneyRoots for official rules.
Press Kit: Photos, B-Roll and other story assets are available here.
About Ally Financial
Ally Financial Inc. (NYSE: ALLY) is a financial services company with the nation’s largest fully digital bank and an industry-leading auto lending business, committed to “Do It Right” and serving as a tireless advocate for its customers and communities. The company serves approximately 11 million customers through a wide range of services, including online banking services (including deposit, mortgage and credit card products), securities brokerage and investment advisory services. The company also has a strong corporate finance business providing capital to equity sponsors and middle market companies, as well as auto loans and insurance. For more information, please visit www.ally.com.
For more information and disclosures about Ally, please see https://www.ally.com/#disclosures.
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contact:
Megan Rivers
Ally Communications (Media)
MeganRivers@ally.com
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Source: Ally Financial
