Fifth Third Foundation and GVSU announce commitment to student-designed financial literacy tool

The Fifth Third Foundation has committed nearly $2 million, one of its largest investments to an individual program, in a financial literacy tool designed to help students learn about money management. The tool, called FinLit, was developed by and for Gen Z, and aims to make personal finance more accessible and understandable to a younger generation. 

FinLit began as an idea pitch through REP4 , a national alliance founded by Grand Valley and other higher education partners across the country. It is designed to empower high school and college students to collaboratively design the future of higher education through idea generation and the creation of prototypes such as FinLit.

“Fifth Third is deeply committed to helping students develop the skills they need to manage their finances and prepare for financial independence,” said Fifth Third Bank Executive Vice President and Chief Corporate Responsibility Officer Kala Gibson, ‘94. "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."

The launch of FinLit in Michigan is set for 2025, with a nationwide release in 2026. FinLit will include a variety of digital tools to help young adults become more comfortable with their personal finances, including a quiz identifying a “Money Mindset” that provides insights about spending habits and relationships with money.

“We are incredibly grateful to the Fifth Third Foundation for their generous support of this program,” said President Philomena V. Mantella. “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.”

Students have been designers of the project since its inception, from the high school group that developed the initial prototype through REP4 in 2021, to the team of GVSU students who are designing, developing and testing the program. 

“As a first generation college student, seeing my university implement REP4 ideas, especially FinLit, means a lot to me,” said GVSU sophomore Joy Murerwa, a finance and accounting double major who is serving as a content expert on the FinLit team. “Navigating the world of personal finance can be overwhelming. This prototype represents more than just learning how to budget or manage debt; it is about peer-to-peer empowerment and closing the knowledge gap that many students face.”