Empowering the Next Generation: FinLit's Journey to Financial Literacy

In a groundbreaking initiative, a group of high school students, in collaboration with Grand Valley State University, have developed a financial literacy tool called FinLit. This innovative platform, designed by and for Gen Z, has recently received a significant funding commitment from the Fifth Third Foundation, paving the way for a statewide launch in 2025 and a national release in 2026.

Revolutionizing Personal Finance for the Youth

Bridging the Knowledge Gap

Navigating the complex world of personal finance can be a daunting task for many young adults. FinLit aims to change that by providing a user-friendly platform that empowers students to take control of their financial futures. Developed through the REP4 Program at Grand Valley State University, FinLit is a testament to the power of peer-to-peer collaboration and the desire to close the knowledge gap that many students face.Joy Murerwa, a sophomore at GVSU studying finance and accounting, serves as a content expert for FinLit. She emphasizes the importance of this initiative, stating, "Navigating the world of personal finance can be overwhelming. 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 that many students face."

Empowering Gen Z with Digital Tools

FinLit is designed to make personal finance more accessible and understandable for the younger generation. The platform will offer a range of digital tools to help young adults become comfortable with managing their finances. This includes a quiz that identifies an individual's "money mindset," providing valuable insights into their spending habits and financial behaviors.Kala Gibson, Executive Vice President at Fifth Third Bank, expressed the institution's commitment to supporting FinLit, stating, "Fifth Third is deeply committed to helping students develop the skills they need to manage their finances and prepare for financial independence. Because FinLit was created by students for students, using proven research and expert advice, we think it has the potential to change the way they think about money, spending habits, savings, investments, and other key aspects of their finances."

Collaborative Effort and Funding Commitment

The development of FinLit began as a pitch idea through the REP4 Program, a national alliance of colleges and universities founded in part by Grand Valley. This alliance is designed to empower high school and college students to work together and shape the future of higher education through innovative ideas and prototypes.The initial prototype for FinLit was developed by a group of high schoolers in 2021, and since then, a team of students at GVSU has been working on designing, developing, and testing the program. This collaborative effort has now received a significant funding commitment of nearly $2 million from the Fifth Third Foundation, ensuring the successful launch and expansion of FinLit.GVSU President Philomena Mantella expressed her gratitude for the support, stating, "We are incredibly grateful to the Fifth Third Foundation for their generous support of this program. Thanks to their partnership, our students will be able to build out and share this engaging and important digital experience with students across the country."The launch of FinLit in Michigan in 2025, followed by a national release in 2026, represents a significant milestone in the quest to empower the next generation with the knowledge and tools they need to navigate the complexities of personal finance. This collaborative effort between high school students, university partners, and financial institutions is a testament to the power of innovation and the commitment to fostering financial literacy among the youth.