Thomas Rudzewick is the president and chief executive officer of Maspeth Federal Savings, a community-focused bank located in Maspeth, New York, where he has played a key role in expanding financial literacy programs and local partnerships in the greater New York City community.

Why did Maspeth Federal Savings decide that launching a Financial Literacy Program was important?

We launched the Financial Literacy Program because we believe that financial education is one of the most powerful tools you can give a young person. In the U.S., financial literacy is hovering at around 50%. We’re seeing far too many young people falling into debt, misusing credit cards, and lacking a basic understanding of how the credit score system works. If they continue this pattern, they risk a lifetime of financial instability. When students understand how money works, such as budgeting, saving, and building credit, they’re able to make better decisions for their future.

What does the MFS financial literacy program include, and how is it helping those who need the skills?

We’ve developed a program that covers the basics, including how to open a bank account, the importance of saving, and responsible use of debit and credit cards. To spread financial knowledge, we’ve partnered with schools and community programs to bring these lessons directly into the classroom. One exciting financial literacy tool we have on the collegiate level is our “Johnny Card,” a debit card we offer in partnership with St. John’s University, designed to help students ease into their finances safely. Students and alumni can get the Johnny Card when they open either an interest checking account (helps them build savings) or a Perks checking account (offers them deals and discounts), both of which come with budgeting tools and card management features. These are real-world tools that give students the experience they need without throwing them in over their heads.

How can schools get involved?

We’re always looking to collaborate with schools, whether through in-class seminars, virtual support, events, or bringing students into our branches for hands-on experiences. Our goal is to meet students where they are and equip them with skills they’ll use for the rest of their lives. We encourage any school to reach out if they’re interested in integrating financial education into their curriculum. You can email us at finlit@maspethfederal.com.

What’s the long-term vision for the program?

The long-term goal is to build a financially literate community from the ground up. When students understand how to manage money, they tend to share that knowledge with their families and bring those skills into their future careers. It’s a ripple effect that strengthens the community. As a community bank, we see this program as a long-term investment in the people we serve.

Why is financial literacy especially important right now?

It’s crucial because today money is more complex than ever before. Students are entering adulthood in a time of rising debt, economic uncertainty, digital payments, and ever-changing financial products. If we provide them with the tools to navigate all of this early on, it gives them a major life advantage. It empowers them to make smart choices and stay ahead of the game.

What’s next for Maspeth Federal Savings?

We’re continuing to grow in ways that serve our community. Our team at Maspeth Federal Savings is excited to share that we’ll be opening a new Astoria Branch this October. It’s part of our commitment to staying accessible and rooted in the neighborhoods we serve. We can’t wait to welcome the Astoria community, and of course, continue spreading the message of financial literacy.

About Maspeth Federal Savings

Chartered in 1947, Maspeth Federal Savings (MFS) is one of New York City’s longest-standing mutual savings banks, providing community-centric banking to individuals, families and small businesses across New York City and Long Island. In addition to serving the local area through unparalleled customer service, charitable donations and regular community-building initiatives, MFS provides financing for residential, multi-unit apartment houses and commercial properties. With over $2.2 billion in assets, MFS has been consecutively named a certified Great Place to Work on account of its commitment to core values and its team of passionate, longtime employees.

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