Fifth Third Empowers Next Generation with Financial Literacy Solutions

November 19, 2024 at 08:00 AM EST

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

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.

“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 REP4^®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.”

With financial support from the Fifth Third Foundation, REP4^®FinLit is expected to launch statewide in Michigan in 2025 and nationally in 2026.

About the Fifth Third Foundation

Established in 1948, the Fifth Third Foundation was one of the first charitable foundations created by a financial institution. The Fifth Third Foundation supports worthy causes in the areas of health and human services, education, community development and the arts in the states where Fifth Third Bank operates.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies^® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ^® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at https://www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.