Developed by and for students, the new REP4^®FinLit tool will launch in 2025

CINCINNATI, November 19, 2024--(BUSINESS WIRE)--Extending its longstanding commitment to financial literacy, the Fifth Third Foundation is proud to support the development of a new tool that aims to make personal finance more accessible to young adults.

Developed by and for students, REP4^®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.

"Fifth Third is deeply committed to helping young people develop the skills they need to manage their finances and prepare for financial independence," said Kala Gibson, chief corporate responsibility officer for Fifth Third. "Our latest solution, REP4^®FinLit, was created by students for students, using proven research and expert advice to change the way young people think about money, spending habits, savings, investments and other key aspects of their finances."

For more than 20 years, Fifth Third has had a strong commitment to empowering the next generation to take control of their financial future. The Fifth Third Bank Finance Academy^® and Young Bankers Club^® programs are offered to elementary and high schools at no charge to help teach students the basics of budgeting, banking, borrowing, saving, investing, entrepreneurship and more.

The Fifth Third Financial Empowerment Mobile, known as the "eBus", brings financial access, social services and education directly into communities across the Bank’s 11-state footprint, especially in underserved areas.

REP4^®FinLit is an extension of this commitment to financial empowerment. It began as an idea pitch through REP4^®, a national alliance founded by Grand Valley State University in Allendale, Mich. 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 REP4^®FinLit.

"We are incredibly grateful to the Fifth Third Foundation for their generous support of this program," said Grand Valley State University 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.