Ally Launches Free Nationwide Financial Wellness Program Grounded in Money Psychology
Nation's largest all-digital bank plants 'money tree' in NYC; awards
"Until now, banks have focused mainly on teaching skills and providing tools that help people manage their finances. Yet, Americans are still racking up record-breaking debt and feeling financial stress like never before. We need to do more, and we need to do it differently," said
Unpacking Emotions & Growing Finances with Money Roots
Ally is pioneering emotions-based financial wellness education, helping people get to the root cause of money behaviors. With 38% of Americans saying they feel stressed, embarrassed, sad and/or ashamed when thinking back on their earlier memories of money, Money Roots focuses on the why, instead of the how – empowering people of all walks of life, across all income spectrums, to improve their financial health and wellness.
"Regardless of how much money you have or don't have, we all have a money story," said
Ally worked with leading experts in behavioral finance, financial therapy and money psychology to create the proprietary curriculum consisting of four one-hour virtual workshops. Money Roots* facilitators, including Howard, will guide participants live through uncovering money beliefs and values, rewriting money stories and creating financial health roadmaps. Participants can register online at Ally.com/MoneyRoots for the workshops, which include:
- Money + You: Uncover emotions tied to money and explore how to manage those emotions to make better financial decisions.
- Money + Story: Uncover early money memories and how they influence behaviors and financial decisions. Dive into behavioral patterns, labeling them to put people back in the driver's seat and create new patterns moving forward.
- Money + Values: Identify core values to define personal goals, path, and the steps to get there.
- Money + Love: Guidance on common financial stressors, scenarios and conversations with romantic partners that may be difficult to navigate.
A person's beliefs, emotions and lived experiences are their "money roots," or financial foundation. When money roots are nurtured, and financial wellness is achieved, money can "grow on trees." To ease financial stress nationwide, Ally is planting a literal and digital money tree, which will give away a total of
The cash prizes are designed to provide immediate relief to the most common expenses that contribute to financial anxiety, including the average price of annual childcare (
Key Ally Survey Findings
Ally uncovered other findings indicating a correlation between finances and personal wellbeing, plus a lack of vulnerability with discussing money with others – further underscoring the need for Money Roots. Additional insights include:
- 45% of Americans said they are concerned about their personal finances
- Gen Z respondents (55%) were most likely to seek out emotional support for managing their finances on at least a monthly basis, compared to other generations (Millennials: 42%, Gen X: 33%, Boomers: 22%)
- 72% of Americans do not believe discussing money with others is "taboo," opening opportunity for more dialogue
To begin the Money Roots journey and unlock a future of financial wellness, visit Ally.com/MoneyRoots.
*Money Roots is for informational purposes only, and not legal, tax, or financial advice.
Survey Methodology: Surveyed a general population of over 1,000
Money Tree Sweepstakes Rules: No purchase necessary. Open to legal residents of 50 United States and DC, who are at least 18+. Begins
Press Kit: Photos, b-roll and other story assets available here.
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Contact:
Megan.rivers@ally.com
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