Financial Literacy and Community Engagement: Insights from Maspeth Federal Savings

Why did Maspeth Federal Savings launch a Financial Literacy Program?

The program was launched to address the low financial literacy rates in the U.S., aiming to prevent young people from falling into debt and financial instability by teaching them budgeting, saving, and credit management.

What does the MFS financial literacy program include?

It covers basics like opening a bank account, the importance of saving, and responsible use of debit and credit cards, including partnerships with schools and the innovative ‘Johnny Card’ for St. John’s University students.

How can schools get involved with the Financial Literacy Program?

Schools can collaborate through in-class seminars, virtual support, events, or branch visits, and are encouraged to email [email protected] for more information.

What is the long-term vision for the Financial Literacy Program?

The goal is to build a financially literate community by empowering students with money management skills they can share with their families and apply in their future careers, creating a ripple effect that strengthens the community.

Why is financial literacy especially important right now?

With rising debt, economic uncertainty, and the complexity of digital payments and financial products, financial literacy provides young people with the tools to navigate these challenges and make smart financial decisions.

What is the ‘Johnny Card’?

The ‘Johnny Card’ is a debit card offered in partnership with St. John’s University, designed to help students manage their finances safely with features like budgeting tools and card management, available with specific checking accounts.

Who is Thomas Rudzewick?

Thomas Rudzewick is the president and CEO of Maspeth Federal Savings, where he has been instrumental in expanding financial literacy programs and local partnerships in the New York City community.

Where is Maspeth Federal Savings located?

Maspeth Federal Savings is a community-focused bank located in Maspeth, New York.

How does the Financial Literacy Program benefit the community?

By equipping young people with financial skills, the program aims to reduce financial instability, encourage responsible financial behavior, and strengthen the community through educated financial decisions.