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Building financial know-how
Whatever our clients’ backgrounds and ambitions, we offer education and advice that empowers them to build their preferred future. We’re committed to providing extensive, personalized support to help people gain the knowledge they need to make confident financial decisions.
Better Money Habits® offers free, easy-to-understand tools and resources that are available to all, helping people make sense of their money and take action to improve their financial picture.
Millions of people access the knowledge every year, and thousands of our employees use the materials in-person with customers in every community we serve.
[The Bank of America and Better Money Habits logos appear on screen. Music plays with a hard, pounding beat and a simple, catchy riff.]
When it comes to finances, people have all kinds of questions.
[Visual of a multifaceted shape emerges, with each side displaying different clips. The shape spins, and a video clip enlarges from its side. In the clip, a visual of a man appears. He is seated and sharing his priorities.]
My wedding and my emergency fund are my two top priorities right now.
[Visual of a webpage enlarges from the shape displaying the URL for Bank of America’s Better Money Habits website, www.bettermoneyhabits.com. The Better Money Habits webpage loads and scrolls. It is titled, “Financial Guidance for Students”. Webpages from Better Money Habits shift into the frame, showing a variety of articles, infographics, videos, and content – including webpages titled “Going from Military to Civilian Life” and “What to consider when buying your first home”.]
That's why we created Better Money Habits, financial education to help anyone turn "I don't know" into "let's go."
[Visual shows webpage articles titled “This way to a home of your own”, “What’s in your credit report—and why does it matter?”, and “8 money tips for gig workers and the self-employed”.]
With articles, videos and tools about everything from budgeting and homeownership to credit and retirement, people can get free, objective, and actionable guidance…
[Visual of a video emerges from the shape, the play button is pressed, and the video plays – showcasing an animated man determining his monthly expenses. He is making coffee and packing a lunch – an animated callout says “Save $50-$750/yr. Spending $2.70 per coffee over 270 days costs $729. A second callout reads “Save $500-$1,900/yr. If you save $7 each day you pack a lunch, you’d save a total of $1,890 over 270 days.”]
...developed by Bank of America experts, based on what matters most to you…
...that anyone can access.
It all adds up to hundreds of unique resources to help navigate important financial topics—served up in a way that works for you – online and in person.
[Visual of tiles zoom out from the shape and slide from one to the next – showcasing an array of articles, concluding with articles in Spanish. The topics read “Gen Z: Know Your Money” and “Get ahead of the job market: 8 ideas to make your college tuition pay off”. Visuals of 2 smartphones appear, one clicking between the focuses in Bank of America’s Life Plan tool. The prompt reads “What are you focused on?”. The second phone shows an open chat with the Erica tool, Bank of America’s virtual financial assistant.]
[A visual shows a Bank of America Champion volunteer speaking to a crowded room. He calls on those who have their hands raised.]
Plus, thousands of our employees volunteer as Better Money Habits Champions in their communities.
[The video disappears and the spinning shape slides to the center of the screen. Each facet displays an offering from the Better Money Habits program. The shape zooms in and the Better Money Habits logo enlarges.]
They’re all ways to answer the questions that matter. What would you like the power to do?
[The Better Money Habits logo fades and the Bank of America logo appears on screen.]
Better Money Habits® is a free financial education platform for people from all walks of life to get practical, easy-to-understand knowledge about money. With hundreds of engaging videos, articles and resources, available in both English and Spanish, anyone can find precisely the right tools and information for their situation. With topics like budgeting, saving, retirement planning, owning a home and more, the platform helps them put their know-how to use, so that they can make smarter, more-confident financial decisions.
More than 6,000 of our employees also deliver in-person guidance and advice in communities around the country. These Better Money Habits Volunteer Champions learn about the people we serve, then help them learn about personal finances and how to achieve their individual goals.
Better Money Habits Retreat
We partnered with BuzzFeed to host a unique financial wellness retreat, tailored to today’s young adults. Hosted in Miami, the event brought together 50 young adults from across the U.S. to empower them to identify — and reach — their financial goals.
The Better Money Habits Retreat was created around the specific challenges facing this age group, who are balancing the demands of daily life, saving for the future and the pressures of appearing to “have it all” on social media. Attendees received expert guidance and the support of their peers, as well as a range of personal finance tools to help them identify goals and plan for the future.
The Los Angeles Dodgers Foundation™ (LADF) shares our goal of empowering people in greater Los Angeles with financial knowledge that’s relevant to their day-to-day lives and their futures. So we formed a partnership to hold several Better Money Habits® seminars each year for underserved communities, uniting the participants around their love for the home team.
Our Better Money Habits Volunteer Champions tailor the content to the group’s needs and make the gatherings engaging with games and a high-energy attitude. Families learn about topics like banking basics, budgeting, saving for college and more in both English and Spanish. Afterwards, more than 90% of attendees say they have greater confidence about their financial future, and we consider that a home run.
We learn about our clients’ unique goals for the future, then we give them the tools to succeed.
Both with online resources and in-person service, we strive to meet individuals, families and small businesses where they are by providing relevant, helpful guidance. We focus on low- and moderate-income (LMI) communities, which are home to about one-third of our banking centers. We want to see more and more people in underserved areas improve their upward mobility.
Our teams know the local landscape in community banks around the country and they’re trained on products and services that will best serve their neighborhoods.
Some examples of how we nurture knowledge and empower our clients:
Aspiring homeowners can learn from our loan officers about budgeting, saving for a down payment and how the mortgage process works.
Clients can get basic money skills and advice at Better Money Habits workshops held at local branches and other central community locations.
Carefully crafted products and services, like our Advantage SafeBalance Banking, help save time and money, which is particularly helpful for LMI communities.
Local entrepreneurs have access to capital and other business-building tools via Community Development Financial Institutions that we partner with nationwide.
Our site is fully translated into Spanish to reach a broader audience
The impact of Better Money Habits
Over the course of a year
Exhibit Item 1 of 3
1 out of 4
people increased their savings by 20% or more.
Exhibit Item 2 of 3
1 out of 3
people increased their checking balance by 20% or more.
Exhibit Item 3 of 3
1 out of 7
people reduced their credit balance by 20% or more.
Represents Bank of America Consumer households for entire 12-months under study who used the Saving and Budgeting Tool during March 2017. Analysis based on average balances for the 6 months prior to March 2017 (“pre” period) and the 6 months after March 2017 (“post” period).
Your financial health. Our priority.
Bank of America is certified by J.D. Power for providing outstanding customer satisfaction for financial health support.