Personal Finance News
Ally Introduces Free Program Rooted in Money Psychology
Ally Financial is launching a new financial wellness program called Money Roots.
About Money Roots:
Money Roots is a free financial program grounded in money psychology. The tool is meant to help consumers better understand their money mindset. From there, they can also learn how these mindsets impact their financial decisions including spending, saving, and investing. As Ally notes, this program stands in contrast to more “skills-based” financial education tools.
According to an Ally survey, 46% of American consumers report allowing their emotions to impact their spending. Additionally, 28% say they feel stress, embarrassment, sadness, or shame thinking about early money memories. As a result, Ally sought to have Money Roots focus on “why” rather than “how” when it comes to financial topics.
The program, which was created in partnership with behavioral finance experts, currently includes four hour-long virtual workshops led by Jacqueline Howard. These are:
- Money + You
- Money + Story
- Money + Values
- Money + Love
These Money Roots virtual workshop lessons will be held via Zoom on select dates between September 5th and December 19th. While these events are free, users will need to register — and each class is capped at 50 participants. To reserve a spot, prospective attendees can visit Ally’s Zoom Events page.
What they’re saying:
Announcing the Money Roots program and the idea behind it, Ally’s chief marketing and PR officer Andrea Brimmer said, “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.”
Brimmer continued, “As the original disruptor, we’re again challenging the status quo while seeking to do right by our customers – bringing wellness-based financial education to the forefront. Money Roots is the missing link to changing hard-wired money behaviors and improving financial wellness for all.”
Meanwhile, Howard — who serves as Head of Money Wellness at Ally — explained, “Regardless of how much money you have or don’t have, we all have a money story. I have spent the last 14 years helping people better understand money through financial education initiatives at Ally, and during my experience, I came to realize people not only need to understand the skills of money – how to save, spend, and invest – but in order to create real change, people need to understand their mindset around money. Getting to the root of your money relationship creates the space to find the joy in money, and in life.”
My thoughts:
This Money Roots program sounds really intriguing and potentially impactful. That’s exactly why I hope that these workshops can be turned into evergreen content that can be viewed by those who can’t attend one of the live sessions. However, for those who are able to join the series, I think this format will serve them well. Personally, I’m excited to see what comes from this Ally initiative.
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