GVSU students develop app to help others understand money

GRAND RAPIDS, Mich. — Senior James Johnson and Associate Professor Julie Goldstein worked on the FinLit app Friday afternoon.

When completed, FinLit will be a tool to help students manage their money.

GVSU associate professor Julie Goldstein said, “It’s basically a financial literacy app that’s going to try to make the information available and accessible to college-age students. So it empowers college-age students with their finances.”

The prototype was developed by high school students in 2021 as part of the university’s REP4 program.

“First what we do is look at the idea, research, see if there’s anything else out there.” Goldstein said.

After taking a quiz, users will be given an animal avatar that matches their financial personality.

GVSU Senior James Johnson IV said, “Before we can teach you anything. Let’s assess whether or not you’re overspending. You’re overconfident with your spending. Do you know how to budget?”

Afterwards, you will receive information and tips that suit your financial type.

“I feel like it’s an evolutionary tool. I feel like you should be able, in a year, to be able to assess yourself and say, am I meeting my goals? Am I evaluating myself? Am I reflecting on my money decisions?” Johnson said.

Although FinLit is still in development, Johnson says working with it has helped him manage his money better.

“I think I got a better understanding of credit. You know, I can invest a little more in my future knowing that, you know, if I get a strict budget, like, I think if I lay out my plan, It’s a little easier to see into the future, so it gives me more confidence to make better decisions about money.” Johnson said.

The university says that FinLit should be available – at the end of 2025.

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