The Money School’s roots go back to 1999, when then-Treasurer Jack Markell brought Green Purse, a national financial literacy program for women, to Delaware.
The response was so positive, Markell organized 12 more courses, then raised the money to launch the Delaware Financial Literacy Institute (DFLI), a not-for-profit organization that opened in the Claymont Community Center in 2002.
The DFLI mission statement: To help individuals, especially those of low to moderate income, become equipped with the tools to get their financial lives in order so that they can become self sufficient and enjoy financial wellbeing over time.
The centerpiece of the organization is The Money School, which offers more than 600 free classes at libraries, community centers and other spaces across the state.
“People come to us saying they are so overwhelmed by bills they are afraid to open their mail,” says Ronni Cohen, executive director. “This is a safe place to find out about money.”
Most of the organization’s funding comes from the Community Reinvestment Act, in which banks receive state credits by supporting programs that help financially disadvantaged individuals. Foundations and individuals donate money, as well.
Historically, banks also have provided leadership on the DFLI board. The current president is the first non-banker to hold the position, Cher Przelomski, CEO of the Planning Factory International, which has locations in Wilmington and Bermuda.
“She is helping us to broaden our donor base, think about branding and look at things in a fresh way,” Cohen says. “She is very hands-on, down to helping us figure out how many lunches we should order for an event.”
DFLI staff and volunteers also serve as advocates for people who need help, acting as liaisons between consumers and various resources, including other not-for-profit organizations, government agencies and businesses.
“We aren’t financial advisers but we can find someone who can help you,” Cohen says. “We can call a bank and ask for someone you can talk to."
In addition to The Money School, programs include Money Clubs, were members can get together and talk about finances and investments. DFLI also offers office space and training for aspiring entrepreneurs.
More than 75 volunteer faculty members teach courses on such topics as saving for college, repairing dinged credit and choosing the right health insurance policy under the Affordable Care Act.
Other resources include:
- From Purses to Portfolios: a program that empowers women to take charge of their financial futures.
- Chasing the Dream: a hands-on, interactive program for kids who want to be entrepreneurs. Students start businesses
that they run at a one- day market.
- Diva on A Dime: provides guidance on shopping for quality fashions at resale and consignment shops.
To learn more, contact the Delaware Financial Literacy Institute, 3301 Green St., Claymont. (302) 792-1200. Dfli.org.
