The people at the Money School know a lot more about finance than about 99.9% of the rest of us.
But they’re willing to share that information, and good for all of us.
Based in Claymont, but operating throughout the state, the Money School is a nonprofit agency operating solely on contributions or grants. It’s a part of the Delaware Financial Literacy Institute, which had its beginnings as means for women to learn more about personal finance.
The effort began in 1999 after a group with the Every Women’s Money Conference came to Delaware with the idea of offering financial education to low- and moderate-income women to help them achieve financial independence, said Ronni Cohen, executive director of the DFLI. Then-treasurer Jack Markell decided to support the program in the state, and later helped set it up as a nonprofit agency.
“The Money School really is our overriding program,” Cohen said. “We also do teacher education, social marketing programs and other programs to encourage people to save.
“Our mission is to help people get the tools they need to be financially responsible.”
All Money School classes are free of charge and are offered at various locations in each county. Between March and June 2010, 27 classes are scheduled in Kent County at locations to include the Dover and Harrington public libraries, Delaware State University, Senate View in Dover and the office of the state treasurer.
Classes are scheduled at different times of the day, to include weekends and even online sessions, Cohen said.
Key to the program’s success is its network of more than 100 volunteer instructors, drawn from the ranks of Delaware government, corporations, non-profit agencies and financial advisors.
Applications to become a volunteer instructor are subjected to a rigorous vetting process, to include a background check, disclosure of any pending legal conflicts, orientations and interviews with Cohen and her staff. Each instructor turns in a curriculum which Cohen also must approve. An educator with 33 years experience, Cohen has a background in financial education, economics and entrepreneurship. Her board of directors includes experts from various banks and financial organizations.
Sam Slabaugh, founder of the EST Financial Group of Delmar, is a typical Money School instructor. He teaches classes on avoiding probate and financial strategies for preparing for and surviving divorce.
“I chose those subjects because there’s very little information on them,” he said.
He gears the classes toward women because they often are left without resources for themselves or their children should they find themselves in divorce court, Slabaugh said.
