December 8 – To further emphasize the importance of a comprehensive savings strategy in setting financial goals, Ally Bank, the direct banking subsidiary of Ally Financial Inc., has introduced a series of tools and content focused on helping consumers establish savings priorities and develop a strategy for their financial health through various life stages.
The ‘How to Save With Us’ resource is found on ally.com and currently features three categories, starting out with beginning to save and progressing through plans to meet the needs of families and ultimately retirement. The sites contain information, tools and savings options customized for specific milestones and events that emphasize priorities a customer might consider to reach their savings goals.
Ally has also redesigned its consumer blog, the Ally Community, available at ally.com/do-it-right/, where those looking for information to help improve their financial well-being can get a financial perspective on current trends and join conversations that are relevant to them. The community can be personalized to connect readers with the articles and information that make the most sense for them and the financial decisions they are facing.
“We established these ‘How to Save With Us’ pages and redesigned our Ally community blog as part of our commitment to ‘Do It Right’ for our customers and be advocates for their financial well-being,” said Diane Morais, chief executive officer and president, Ally Bank. “It’s important to offer a suite of competitive products, but equally as critical that our customers understand which product is best suited for their particular life stage and needs at a point in time.”
How to Save With Us
For those customers just starting their savings plan, the Starting to Save webpage helps them understand how to prioritize saving, and provides an emergency fund calculator to help users calculate monthly expenses and determine how much remaining income they should set aside for unexpected costs such as medical bills or car repairs.
For customers in the family-building years, the Saving as a Family webpage offers guidance on how to build a savings plan for short-term expenses such as childcare, health insurance or a vacation, and long-term savings goals for big life events like buying a car or establishing a college tuition fund. Each page provides customers with relevant tips in the tools. For example, when saving for a vacation is identified as a priority, the user is advised that the average vacation for a family of four is $4,850, giving them real data to help them plan for their goal.
The Planning for Retirement webpage helps determine if retirement goals are on track. It lets users compare themselves to “people like me” based on years to retirement, income, and retirement savings to help them understand if they’re with, in front of, or behind the pack.
Each webpage provides information on Ally Bank products for consideration to reach their goals and the features, including interest they can earn, for each of those accounts.
Additional pages customized for specific life events, such as home ownership and combining finances, will be added in the future.
Millennials look to their bank as a partner
The Center for Generational Kinetics recently conducted a study on behalf of Ally Financial that showed that Millennials (the largest living generation according to 2016 U.S. Census data) value their relationship with their financial institution more than any other generation.
The majority of Millennials (over 50 percent) consider financial institutions as true partners, measured by offerings that help Millennials reach their financial goals, including financial education, retirement tools, wealth management tools and investment offers.
Sixty-two percent of Millennials consider their primary financial institution to be a financial partner, compared with 49 percent of Gen Xers and 48 percent of Baby Boomers. More than half of Millennials say they would like to receive financial education from their bank and just as many say it’s important for their bank to have financial education on its website.
In addition to the life event calculators, Ally Wallet Wise is a free program with online courses and live events to help people learn the basics of budgeting, credit, auto finance, banking and investing.
“We see helping our customers, and the Millennial generation in particular, plan for the future as an opportunity to transform the banking industry from a simple means to save money to a trusted resource in helping them reach their financial goals,” said Morais.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company and a top 25 U.S. financial holding company offering financial products for consumers, businesses, automotive dealers and corporate clients. Ally’s legacy dates back to 1919, and the company was redesigned in 2009 with a distinctive brand, innovative approach and relentless focus on its customers. Ally has an award-winning online bank (Ally Bank Member FDIC), one of the largest full service auto finance operations in the country, a complementary auto-focused insurance business, a growing digital wealth management and online brokerage platform, and a trusted corporate finance business offering capital for equity sponsors and middle-market companies.