Since 2009, the financial literacy rate in the US has plummeted, and while 36% of students have taken classes that cover financial topics, they still feel unsure about their finances. In fact, 2⁄3 of Americans cannot pass a basic financial literacy test… Enter Ally Financial, a digital bank whose core belief is that life is better off with an ally. Our charge was to reframe financial education & help people understand money in a fun, approachable, and engaging way - ultimately impacting the lives of young people for the better & having them consider our bank vs the traditional big banks of previous generations.
Finances in America are not being taught in a way that is compelling. To combat this crisis, Ally looked at a more effective way to help young people learn about this complicated topic: through a first-of-its-kind crowd-sourced hip hop track, all on TikTok. With music being a proven approach to education, we teamed up with @MoneyCoachVince, a financial TikTok influencer, and @CharlieCurtisB, a TikTok rapper - an unlikely yet successful pairing - to kick off the track aimed at saving & being smart with money, rather than spending it. Fans & commenters were able to ask questions about their own finances & goals, ultimately serving as lyrics for the final song. As an added surprise, Ally shocked engagers & the creators themselves with an additional feature from @TobiLou, another popular rapper on the platform. The added collaboration took the collaborative song to the next level, inviting more audiences into the journey and momentum for the final release.
In the end, the campaign was a massive success, receiving thousands of collaborative comments & answering hundreds of financial education questions. The song, and the journey of its creation, has over 25 million video views (and counting), increased Ally’s followership by 53%, & received 95% positive sentiment, setting the digital bank up to be a continued ally in the fight against financial illiteracy.
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