Joy Murerwa knows what it feels like to face financial challenges with little guidance.
As a first-generation college student and the daughter of immigrants, Murerwa grew up in a family that struggled to navigate the complexities of personal finance.
Now, as a finance and accounting major at Grand Valley State University, she’s taking her experience full circle, using her expertise to help launch a new financial literacy tool, FinLit, designed for students like herself.
“I’m so excited,” Murerwa says, smiling as she describes her role as a content expert for the project. “This is more than learning how to budget or manage debt. It’s about helping students – and families – close the knowledge gap that so many of us face.”
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Courtesy GVSUGrand Valley students Joy Murerwa and Kevin Wong sign the check from Fifth Third Foundation's nearly $2 million commitment Oct. 8.
Financial backing from Fifth Third
FinLit has received nearly $2 million in funding from the Fifth Third Foundation, making it one of the foundation’s largest single-program investments. With the support of this investment, FinLit will begin its rollout at GVSU in 2025, followed by a national launch in 2026.
The tool was developed as part of REP4, a national education alliance founded by Grand Valley and other higher education partners that empowers students to design solutions that address their needs and those of their communities.
FinLit includes interactive tools and a personalized “Money Mindset” quiz that helps users understand their spending habits and relationship with money. The goal is to demystify personal finance and make learning about money more engaging and accessible.
Murerwa’s experience illustrates FinLit’s mission. Born in Congo, Murerwa’s parents were forced to leave their homeland during regional conflicts and eventually settled in Rwanda before immigrating to the U.S. in 2015. Due to the upheavals they endured, her parents’ education stopped in sixth grade, and they’ve struggled with financial literacy in their new country.
“My parents don’t speak English and don’t know how to manage their own finances,” Murerwa explains. “Majoring in finance and accounting and actually learning what I’m teaching to other students is going to be helpful to me, because then I can go and teach my parents.”
Murerwa’s work on the FinLit project is a chance for her to bridge that gap.
“It’s like we’re both learning at the same time,” she says. “I’m learning for me and for my parents.”
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Courtesy GVSU 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.
Most students lack financial skills
For most college students, financial literacy isn’t about academics. It’s a vital life skill that can determine their future. As she and her peers took part in the initial REP4 brainstorming sessions, Murerwa saw firsthand how widespread financial illiteracy is among students.
“There are so many students who don’t even know why they have debt or when they have to pay,” she says. “They don’t know what interest is, and that’s a big problem that could affect their future.”
The team behind FinLit wanted to create a solution that spoke to this reality. Originally conceived by high school students through REP4 in 2021, FinLit grew from a prototype to a comprehensive program developed with input from GVSU students like Murerwa.
Murerwa’s role is to ensure that FinLit’s content is relatable and easy to understand.
“I don’t think I’ll be making up all of it, but I’ll help come up with content and find ways to make it interesting for people my age.”
Not only has REP4 been a force in developing FinLit, but it has been crucial to Murerwa’s college career.
“REP4 is a program our president (Philomena Mantella) started when she first came to Grand Valley,” Murerwa explains. “I first participated when I was a junior in high school. We came to Grand Valley, sat with students who were in REP4 before us, and they helped us understand college and how to be successful.”
‘Proven research and expert advice’
Through REP4, Murerwa received automatic admission to GVSU, a full-ride scholarship, and was named a T4 scholar. That designation has given her the freedom to focus on her studies and community-based projects like FinLit.
This initiative has been especially meaningful for Murerwa, whose journey is both personal and academic.
“Just passing high school and going to college is very big for my family,” she says.
At an Oct. 8 event marking Fifth Third’s $2 million commitment, Murerwa and fellow student Kevin Wong symbolically signed an oversized check, acknowledging the bank’s investment in GVSU students and their financial futures.
Kala Gibson, Fifth Third Bank executive vice president and chief corporate responsibility officer and GVSU alumnus, is excited about FinLit's future and its impact.
“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,” Gibson says.