The Fifth Third Foundation is committing nearly $2 million to a financial literacy tool called FinLit.
Regional President of Fifth Third Bank West Michigan Tom Welch says FinLit is designed by students to make personal finance more accessible and understandable to young people.
“Who better to know and understand the questions, concerns and needs of this generation? Financial empowerment designed by Gen Z for Gen Z.”
The initial idea from high school students was pitched out of REP4, a national education alliance founded by Grand Valley State University and eight partner schools.
A team of GVSU students then developed and expanded the prototype which includes a variety of digital tools such as a financial personality quiz.
Sophomore Joy Murerwa is on that team.
“This prototype represents more than just learning how to budget or manage debt. It's about peer-to-peer empowerment and closing the knowledge gap many students face.”
GVSU President Philomena V. Mantella says the investment by the Fifth-Third Foundation will allow the project to expand across the U.S.
“We are going to move this from a Grand Valley test to a statewide model in year one, and then to a national model.”
FinLit will launch in Michigan in 2025, nationwide in 2026.
