Ally Survey Finds Only Half of Americans Set Financial Goals, One Third are Not Saving Money for the Future

Ally to offer tips on saving, budget, credit and more this Financial Literacy Month

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Apr 06, 2015, 03:00 ET

DETROIT, April 6, 2015 /PRNewswire/ -- Many Americans aren't focused on setting financial goals or saving money, according to a recent survey conducted by Harris Poll on behalf of Ally Financial. Only half of Americans set financial goals as part of their saving strategy and 33 percent are not saving money for the future at all. This April, in connection with Financial Literacy Month, Ally is encouraging consumers to Get Wise by sharing tips and resources based on its Wallet Wise financial literacy program, which helps teach the basics of budgeting and credit, banking and investing, and financing a vehicle.

According to the survey, only 22 percent of Americans feel they are saving the right amount for their future, and 45 percent say they would like to be saving more. And while 83 percent of Americans have financial goals they are planning toward, only 51 percent say they have set and achieved a long-term financial goal. Notably, their greatest challenge when planning for their financial future is sticking with a plan and staying motivated to achieve their goals (29 percent).

"This April, Ally is encouraging consumers to take control of their finances with tips and simple strategies designed to help them save for the future," said Gina Proia, chief communications officer and head of Ally Corporate Citizenship. "Ally's Get Wise helps teach consumers the important financial basics that can put them on a path for success."

The top goals Americans are saving for include retirement (42 percent), an emergency fund (37 percent) and leisure savings, such as a vacation or personal purchase (37 percent). Leisure savings was the top goal for America's youngest and oldest savers – the millennial group and those over 65. For generation X and the baby boomers, retirement was the top goal.

Throughout the month of April, Ally will provide daily tips on how to Get Wise on Twitter at @Ally and quick tip videos on Ally's YouTube channel at www.youtube.com/allyfinancial. In addition, Ally will be hosting more than 75 Wallet Wise financial literacy sessions throughout April in various markets across the country on the topics of banking and investing, credit, budget and auto finance. For more information, online courses and a financial literacy quiz, visit the Ally Wallet Wise website at www.allywalletwise.com.

Survey Methodology

This survey was conducted online within the United States by Harris Poll on behalf of Ally Financial from March 19-23, 2015 among 2024 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact [email protected].

About Ally Financial Inc.

Ally Financial Inc. (NYSE: ALLY) is a leading automotive financial services company powered by a top direct banking franchise. Ally's automotive services business offers a full spectrum of financial products and services, including new and used vehicle inventory and consumer financing, leasing, vehicle service contracts, commercial loans and vehicle remarketing services, as well as a variety of insurance offerings, including inventory insurance, insurance consultative services for dealers and other ancillary products. Ally Bank, the company's direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally's Corporate Finance unit provides financing to middle-market companies across a broad range of industries.

With approximately $151.8 billion in assets as of Dec. 31, 2014, Ally operates as a financial holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @Ally.

Contact:
Susan Fitzpatrick
267-387-7540
[email protected]

SOURCE Ally Financial