Rev. Brian J. Shanley, O.P., President St. John's University-New York | St. John's University-New York
Rev. Brian J. Shanley, O.P., President St. John's University-New York | St. John's University-New York
St. John’s University students recently attended a financial literacy seminar at the D’Angelo Center, focusing on budgeting, savings, debt, and loan repayment. The event was led by Maspeth Federal Savings Chief Executive Thomas K. Rudzewick and other executives, aiming to prepare students for financial decisions before and after graduation.
The seminar was sponsored by University Career Services in response to a 2023 study from the Society of Professional Asset Managers and Recordkeepers indicating that only 25 percent of college students felt confident in their understanding of personal finances.
“It is one of the most crucial life skills you can develop as you matriculate through high school, into college, and then on to your adult life,” said Mr. Rudzewick. “Learning and understanding how your finances work at an earlier age will set you up for success in almost all other avenues.”
Maspeth Federal Savings executives spent two hours with the students, emphasizing financial literacy as a lifelong resource starting in college. Akshay Mehandru, Vice President and Director of Credit at Maspeth Federal Savings, conducted a workshop explaining secured versus unsecured debt.
“It’s important to remember that no one is obligated to lend you money,” Mr. Mehandru stated. “A bank will give you money only if you qualify for the loan—if you are credit worthy—and if the bank determines you need the money.”
Among those present was sophomore Alexandra Cicala who collaborated with Maspeth Federal Savings on her app Financially Lit aimed at promoting financial awareness among peers. Expected to launch by summer 2025, Alexandra emphasized budgeting and early saving as key practices for students.
“If you need help setting up a budget, I recommend asking a consultant or going to a bank because they can help with that,” she advised. “And then start saving as soon as possible.”
Sophomore Arsh Guirand expressed interest in learning more about financial literacy due to its growing importance amidst consumer culture challenges faced by college students.
Mr. Rudzewick highlighted the convenience of payment apps like Venmo and Zelle but stressed the importance of saving: “Students have wonderful ways to exchange money and spend it, but they do not seem to think about what has to be saved.”
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