Delaware State University (DSU) opens its new Charles Schwab Financial Literacy Institute in its College of Business.
DSU partnered with the Schwab Advisor Services to develop a new state-of-the-art Financial Literacy Institute Facility to expand on its financial planning and wealth management curriculum.
College of Business Dean Michael Casson notes only 57% of Americans are financially literate and only 34% of African Americans as well as 38% of Hispanic Americans are financially literate.
Financial Literacy Institute director Greg Coverdale says the lab hopes to increase financial literacy across the state by holding workshops to better educate students on personal finance before they enter the workforce.
“The more self-sufficient our students are, or our community is I should say, the less we’ll have to rely on the government and those government resources can be directed to other important areas.”
Coverdale adds the institute will also be involved in DSU’s Certified Financial Planner program which prepares students to take the CFP exam while obtaining their degree.
He's also excited about the lab's community education and outreach efforts.
“We’re already doing some of those. We actually have FICO coming down for Race Weekend. They’re one of the partners with NASCAR, so they’re doing a community outreach financial literacy workshop right here with our lab," he said.
State Rep. Jeff Hilovsky (R - Long Neck) also spoke at Tuesday’s ribbon cutting ceremony, saying he’s sponsoring a bill known as “The Equity and Inclusion in Financial Literacy for All High School Students in Delaware Act.”
The bill would require high schools to provide, at minimum, a half credit course on financial literacy and completing that course would be a requirement to graduate.
Hilovsky expects the legislation to be heard on the House Floor for a vote at the end of April.
