St. John’s Students Drawn to Financial Literacy Seminar

Keen to learn more about financial literacy as they consider the transition from college life to adulthood, a roomful of St. John’s University students gathered in the D’Angelo Center on February 25 as Maspeth Federal Savings Chief Executive Thomas K. Rudzewick and others discussed budgeting, savings, debt, and loan repayment.

The seminar, sponsored by University Career Services, was designed to educate St. John’s students on the financial decisions they will face before and after graduation. According to a 2023 study from the Society of Professional Asset Managers and Recordkeepers, only 25 percent of college students believed they had a sufficient 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,” Mr. Rudzewick told the students. “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 executive team members spoke to the St. John’s audience for about two hours, hoping that education can demystify some complexities of personal finance. The team also hoped to inspire students to see financial literacy as a lifelong resource that begins as early as college and pays dividends throughout life.

Akshay Mehandru, Vice President and Director of Credit at Maspeth Federal Savings, led a workshop on credit and debt, describing for students the differences between debt secured by collateral, such as car loans and mortgages, and unsecured debt, such as most credit cards. Mr. Mehandru said student loans are typically unsecured.

“It’s important to remember that no one is obligated to lend you money,” Mr. Mehandru explained. “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 the students in attendance was St. John’s sophomore Alexandra Cicala, who worked with Maspeth Federal Savings to develop her app Financially Lit, which promotes financial awareness among college-age students.

In 2024, Alexandra, a Business major and member of the Thomas J. Cox, Jr. Honors Program at The Peter J. Tobin College of Business, pitched her app idea to Mr. Rudzewick and other Maspeth executives, who offered her financial and development assistance. The app is expected to be available for download by summer 2025.

Alexandra said the most important thing students can do while in college is to establish a budget and learn how to stick to it.

“If you need help setting up a budget, I recommend asking a consultant or going to a bank because they can help with that,” Alexandra said. “And then to start saving as soon as possible. The earlier you start saving, the better it will be at the end.”

Arsh Guirand, a sophomore studying Computer Science at The Lesley H. and William L. Collins College of Professional Studies, was eager to learn more about a subject—financial literacy—that has become increasingly important to him. Arsh said consumer culture can challenge college students’ financial discipline.

“Consumerism can destroy college students’ ideas about financial literacy and how to allocate our money correctly,” Arsh said. “An event like this provides a great base to understand how we can begin creating wealth for ourselves.”     

According to Mr. Rudzewick, money exchange apps such as Venmo and Zelle^® offer students convenient payment methods. However, they still need to be aware of the value of saving, particularly since expenses are likely to rise after college.

“Students have wonderful ways to exchange money and spend it, but they do not seem to think about what has to be saved,” Mr. Rudzewick said. “Find a way to save just a little bit of money. Think about your needs, and do not spend all your money at one time.”