• by Danielle Oster , August 15, 2024

It was once a taboo subject, but now more consumers are willing to talk about personal finances than in the past.

A survey of over 1,000 U.S. adults conducted by Ally Financial in July found that 72% of Americans don’t feel it’s “taboo” to discuss money with others. That doesn’t mean such conversations are easy, however. Nearly half (46%) of respondents in the survey said they let emotions influence their spending, while 36% said they never seek emotional support for matters related to managing personal finances.

Ally is offering a new “financial wellness program” rooted in “money psychology” to help provide an outlet for such conversations and emotional support. The program, called “Money Roots” will include free virtual weekly seminars available to all, whether or not they’re an Ally customer.

“At Ally we found this opportunity to [address how we can]  change the way people engage in financial literacy,” Ally head of external communications Jackie Hartzell told Marketing Daily. “Money psychology is about getting to the root of [the] underlying parts of how you think about money and what you value,” she added. “It’s not about right or wrong, it’s about your [individual relationship with money] and how we can help you maximize it.”

“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,” Andrea Brimmer, chief marketing and PR officer at Ally, said in a statement. “Money Roots is the missing link to changing hard-wired money behaviors and improving financial wellness for all.”

Ally partnered with experts in behavioral finance, financial therapy and money psychology to develop the proprietary curriculum for the “emotions-based financial wellness education” program,” which consists of four one-hour virtual workshops addressing different subject areas, including  “Money + You,” focused on emotional elements of financial wellness; and “ Money + Story,” addressing the behavioral impact of early memories associated with money. Each session will be hosted by “Money Roots” program facilitators, all of whom are “certified financial coaches who have gone through very specific training,” according to Hartzell.

To promote the program, Ally invited visitors to the 14-foot-tall “Ally Money Tree” at the World Trade Center in New York City to share their own “money roots” stories for a chance to win their share of cash prizes totaling $100,000. Individual prizes are designed to provide relief tor common expenses contributing to financial anxiety, such as the cost of childcare (an average of $18,999 annually), and  average monthly mortgage payments ($2,200).The promotional giveaway is also open to audiences online through a campaign page.