Economic Mobility: Elevating People & Communities

Economic Mobility: Elevating People & Communities

Economic Mobility: Elevating People & Communities | Ally

Two young African American male and female students smiling at each other at a Moguls in the Making event

Ally is driven by a deep belief in helping people achieve their financial dreams. We affirm this belief by supporting efforts that increase economic mobility for individuals, families and communities.

Economic mobility is defined as the ability of an individual, family or other group to improve their economic status- usually measured by income. As an organization, we recognize that the issue of economic mobility affects all Americans – especially the most vulnerable of society.

We support economic mobility for all. It’s not about throwing dollars at the problem. It’s about connecting, collaborating and working within the community. Providing greater access to financial education and resources not only enriches people’s lives, it helps empower them to improve their economic circumstances.

Under the Community Reinvestment Act (CRA), banks are required to meet the credit needs of the communities they serve. In 2021, Ally Bank received the highest possible rating for the third time in a row. Here’s why we’re “Outstanding”:

  • Made more than $900 million in community development loans and investments

  • Donated over $1 million in grants to various nonprofit organizations

  • Provided over 680 service hours in the areas of financial education and technical assistance

We have committed to invest $3.7 billion in communities over a three-year period through initiatives that support affordable housing, economic development and community services. Some of our investments and loans include:

A large team of Ally volunteers pose outdoors

Statistics show that many Americans lack confidence when it comes to money management. We believe education is key to changing this mindset. Our financial education initiatives arm people with the knowledge they need to feel confident in their financial future.

Planet Zeee and the Money Tree book cover

Since 2017, our employees as well as the dealers and community organizations we work with have helped more than 50,000 kids and families learn smart money habits with the Ally children’s book, Planet Zeee and the Money Tree.

Read the book

Ally Wallet Wise logo

Our Wallet Wise program offers free courses and Ally-hosted live events to help people learn the financial basics, from budgeting to auto financing. Since 2011, more than 110,000 people have participated in Wallet Wise courses.

Explore WalletWise Courses

As part of our mission to improve economic mobility, we’ve made a commitment to invest in affordable housing efforts.

Five Ally volunteers wearing hard hats and purple Ally shirts helping build a home for Habitat for Humanity

Habitat for Humanity believes everyone deserves a decent place to live and we agree. Not only does Ally work with Habitat for Humanity to help fund their affordable housing efforts, our employees are out there in communities helping build homes for families.

The workforce is constantly evolving and the demand for digitally savvy job candidates has never been higher. We proudly support organizations that provide training and resources to help people find new job opportunities.

A large group of female Dress for Success participates posing in front of an Ally banner wearing matching purple Ally shirts

Ally and Dress for Success have a shared commitment to workforce preparedness. Dress for Success empowers women across the nation by providing them with access to professional attire and development tools to help grow their careers.

A group of young women sitting around a large table working on their laptops while Ally employees offer assistance

A group of Ally employees affiliated with the Michigan Council of Women in Technology regularly goes into classrooms at the Detroit International Academy for Young Women to help students build their own websites, a highly sought-after skill.

The Ally Grant program supports a variety of 501c3 organizations across the country. Like us, these organizations are dedicated to helping improve economic mobility.

In 2017, we funded initiatives that helped address food insecurity, homelessness, job training and mentoring, financial education, foreclosure counseling and community revitalization.

  • Education & Financial Literacy

Our site works better with JavaScript enabled.
how to turn
it on in your browser.

Read More