Student’s App Aims to Promote Financial Literacy Among College Students

St. John’s University encouraged Alexandra Cicala to expand her mind. Now, she is encouraging her fellow college students to broaden their financial knowledge.

A sophomore from Westfield, NJ, Alexandra used the resources of St. John’s Venture & Innovation Center (VIC) to develop Financially Lit, a financial awareness app specifically targeted to college students that could be available for downloading as early as February 2025.

Alexandra came upon the idea at a high school civics conference in 2021, where she learned that only 25 percent of college students believe they have a sufficient understanding of finance. While still in high school, she reached out to St. John’s faculty members Joseph G. Kenny ’81L, Associate Professor, Division of Administration and Economics, and Basilio G. Monteiro, Ph.D., Associate Professor, Division of Mass Communication, who mentored her on a financial literacy research project and set her on a path toward app development.     

As a first-year student, she used the resources of the VIC to research the market, craft a business proposal, refine her pitch, meet an app developer, and connect with industry leaders. 

“Once I discovered how few college students considered themselves financially literate, I was inspired to take the next step and do something about it,” Alexandra said. “Hearing the experiences of students from across the country and how financial literacy classes were not being taught made me think something like this would benefit their futures.” 

Meet Alexandra Cicala, Visionary Behind the Financially Lit App

Interested in finance from an early age, Alexandra envisioned an app where students could grow in financial confidence through engaging articles and multimedia presentations and where frequent and relatable digital content could help them navigate the financial ecosystem. All of that is part of Financially Lit, and a benefits component in which students who complete in-app assignments earn points that can be used as cash across their campus.

A member of the Catholic Scholars program and the Thomas J. Cox, Jr. Honors Program, Alexandra was particularly inspired to reach out to diverse, first-generation, and low-income students who might have grown up without financial mentors. “That was definitely a part of the thinking,” Alexandra explained. “But we think it will be a go-to resource for all demographics.”

Under Alexandra’s business plan, she would release the app exclusively to colleges and universities for a licensing fee. The colleges then would offer it free to students. Metropolitan-area institutions would be offered licensing options before the app is released nationally. Alexandra has met with Red Storm athletic department members, who are considering offering the app to student-athletes.

How Alexandra Cicala Grew the Financially Lit App 

Aided by connections made through the VIC, Alexandra presented her business plan to the board of Maspeth Federal Savings, which offered her financial and technical support.

The bank’s Chief Executive, Thomas K. Rudzewick, was surprised to discover how few personal finance apps target college students exclusively.

“The app has incredible potential to help students gain financial empowerment,” Mr. Rudzewick said. “We were proud to be asked to participate in the project and to have partnered with some of our vendors to help facilitate the next steps.” 

Presenting to the Maspeth board in a Shark Tank-like environment was exhilarating and anxiety-inducing, the 19-year-old Alexandra said. “It was a once-in-a-lifetime experience that I am beyond grateful for,” she said. “Being able to experience that at such a young age was incredible.”

Incredible but not surprising, according to Tracey L. Freiberg, Ph.D., Assistant Professor, Division of Administration and Economics, The Lesley H. and William L. Collins College of Professional Studies, another mentor who guided Alexandra on her entrepreneurial journey.

“She is the definition of a student taking full advantage of the St. John’s experience,” Dr. Freiberg said. “Alexandra is a very determined individual who goes the extra mile on everything.” 

Alexandra Cicala Was Destined for St. John’s University

Even before her entrepreneurial ambitions percolated, St. John’s was a likely destination for Alexandra. Seven members of her extended family attended the University, speaking highly of its experiential learning opportunities. With the business honors program, she has visited the New York Stock Exchange; the NASDAQ Stock Market; the Manhattan, NY, offices of the investment banks BNY Mellon and UBS; and the financial data firm Bloomberg L.P.

“We were able to meet with employees at all of those sites, which was really valuable,” Alexandra said. “St. John’s has helped me to make essential networking connections and gain the skills necessary for success after college.”

The Catholic Scholars program enabled Alexandra to engage in volunteer service—and she said that commitment to a service-based education is what separates St. John’s from its peers. “It made it very enticing to come here,” she admitted.

Alexandra will remain on the Queens, NY, campus past the traditional four years, having been accepted into St. John’s Law School’s competitive B.S./J.D. joint-degree program in which she will earn both degrees in six years.      

A dedicated traveler, Alexandra spent the Fall 2024 semester studying at the University’s Rome, Italy, location. While there, she began considering plans to take Financially Lit global, adding foreign colleges and universities with the help of, say, Google Translate.     

“Expanding past the United States is definitely in the back of my mind,” Alexandra said. “I would love to grow the app internationally, hopefully soon.”