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State grants go to financial literacy

Delaware Public Media
2017 FLEF grant recipients

The state is granting $290,000 from its Financial Literacy Education Fund to schools and nonprofits that teach the public how to be smart with their money.

Delaware’s FLEF program adds a $1,500 surcharge to businesses making short term loans, and uses the money to fund programs that educate the public on how to make better financial decisions

18 different agencies received funds this year.

The Kalmar Nyckel Foundation was awarded $15,000. Its Executive Director Kathy Parsells says the money is funding the group’s K-through-twelve financial literacy program—which uses the story of the Kalmar Nyckel’s journey to the new world.

“This program is for the kids to sort of imagine that they are in Sweden making decisions about what to bring on the voyage to establish this colony. They have a profit motive, so, they are looking to make money,” said Parsells.

Other grant recipients offer adult financial education programs as well. YWCA Delaware was approved for $19,000 to fund an economic empowerment program, offered to people in an emergency housing shelter.

“We have one young lady, Marissa, who came in, had never saved in her life, and while she was there, saved up enough money to buy her own car, and has now repaired her credit, and is ready for homeownership,” said YWCA Chief Programs Officer Pamela Draper.

Delaware’s Financial Literacy Education Fund was established in 20-10, and has granted more than $2 million so far.