Gaining Financial Confidence is the Focus of SunTrust’s onUp Movement
Thursday, May 19th, 2016
SunTrust Bank has started a movement to help people make better financial decisions. In February, while millions watched Super Bowl 50, SunTrust launched its Onward and Upward—or onUp—campaign with a 30-second ad titled “Hold Your Breath.” The ad was a reminder that worrying about money can create stress and cause a person to miss the everyday joys of life.
A report by SunTrust indicates that nearly three-quarters of Americans say they have experienced financial stress, and 80 percent admitted that their personal finances keep them awake at night.
“It doesn’t matter what income level,” said David Camden, President of SunTrust’s Savannah region, “people are experiencing a heightened level of stress centered around their financial condition.”
The onUp website provides visitors an opportunity to take a short quiz to determine their financial profile and then sign-up for periodic e-newsletters customized to meet their individual needs. The e-newsletters and information on the website contain steps people can begin taking immediately, as well as long-term goals focused on improving a person’s quality of life and reducing financial stress.
“We have found that many adults are embarrassed to talk about their financial situation,” Camden said. “Many are facing financial stress because of significant changes in their lives or because they are trying to accomplish a goal like sending a child to college or preparing for retirement.”
Camden compares starting a journey to financial independence to standing at the bottom of a long spiral staircase and looking at the distance to the top.
“It’s about gaining confidence to take that first step up the spiral staircase and finding financial success,” Camden said. “The onUp movement is about helping our clients and our SunTrust teammates find the right resources and understand the financial process.”
An estimated 40 percent of Americans have less than $2,000 saved for emergencies, and 60 percent of millennials (between the ages of 18 and 34) have less than $2,000 in savings.
According to a recent study by Experian, Savannah ranks 16th for U.S. cities with the worst credit scores and the average debt per resident is $29,894.
Helping individuals in the Savannah area gain greater financial security is important to SunTrust.
The SunTrust Foundation has committed $10,000 to the Savannah Bananas Field of Dreams Foundation to develop a financial literacy program titled “Baseball and Bankers.”
The Savannah Bananas is an amateur baseball league owned and operated by Fans First Entertainment. Players and staff will partner with SunTrust team members to deliver a financial literacy program to youth, teens, and adults.
The financial literacy program will illustrate how concepts in baseball can be applied to managing finances.
Camden said the onUp movement is a national campaign; however, the Savannah SunTrust team is busy developing local programs to help people gain control of their money and move toward financial confidence.
In addition to the partnership with the Savannah Bananas, SunTrust is developing financial education programs for other organizations in the Savannah area.
“We are actively giving foundation grants to organizations locally to help write programs that match their mission and tie into the financial well-being component,” say Camden. “We want to share this message with groups in Savannah. We have curriculum for middle and high school students and even younger children that can be used in the classrooms. It’s important that they begin to understand why they need to save money.”
SunTrust clients and non-clients are encouraged to visit the onUp website and discover articles and resources focused on how to determine personal net worth, understand the best investment strategies, how to purchase a home, and practical ways to reduce personal debt and increase personal savings.
“It doesn’t matter what income group you are in, financial stress impacts all of us,” said Camden. “Those who can find the path to financial well-being, confidence, and control of their money are going to live a healthier and a more satisfied life.”
To join the conversation, visit online at onup.com or through social media at facebook.com/suntrust or Twitter @SunTrust.