What Femi Faoye Has To Say About Financial Literacy

Financial Literacy Q & A With Femi Faoye, Founder of D.R.E.A.M

As Co-Founder and Chief Executive of D.R.E.A.M., Femi Faoye has a lot to say about the state of financial literacy in America.  In 2009, Femi started D.R.E.A.M. (Developing Responsible Economically Advanced Model-Citizens), a non-profit organization that empowers America’s underrepresented, urban youth through financial education.  We sat down with Femi to hear what inspired his passion for financial literacy, how the landscape has changed and his hopes for the future.  

How did your family and background shape your relationship with money?

I grew up in Brooklyn, NY in a working-class family during the 80s and 90s.  Due to the influences of my local community, my initial financial education was based on accumulation of material possessions and a focus on consumerism, all in the context of money as a scarce resource. This understanding led to an unhealthy relationship with money, as I viewed money as a means to keeping up the appearance of "having it."

However, my mother, a hard-working middle class woman, constantly lectured me on the importance of saving and real estate ownership, two principles that she lived out. Despite not fully appreciating her advice as a youth, I began to value the lessons that she worked to instill in me. Over time, the financial knowledge that she planted in me started to blossom as my relationship with money matured, and I came to view money as a tool to be invested for my financial freedom.

Since you started D.R.E.A.M. over a decade ago, how has the landscape of financial literacy changed?

When I started D.R.E.A.M. in 2009, it was during the height of the Great Recession. At the time, financial literacy was nothing more than a catchy buzz term that was gaining popularity due to the casualties of the financial crisis. Despite increased attention, not much was actually being done to develop effective tools, platforms, and organizations focused on financial literacy. 

Fast forward to today, the landscape for financial literacy has drastically changed. In 2021, there are several apps, companies, services, and nonprofit organizations all focused on addressing financial literacy. In the history of our economy, there has never been a time of more resources and effort devoted to teaching kids and adults alike about money and building better financial habits. And we have only just scratched the surface!

As Co-Founder & Chief Executive Officer of D.R.E.A.M., what has been your proudest moment?

The Invest in Success program is our in-house financial literacy prep program for high school students.  The first cohort of that program completed the four-year curriculum in 2014. My proudest moment thus far was attending the collegiate graduation of these scholars. 

It has been a privilege to watch these bright young minds grow from nervous high school freshmen to self-assured college graduates.  To see them equipped with the skills to manage their finances confidently and take on life's challenges is an invaluable memory that I will always cherish.

What is your dream for D.R.E.A.M.? 

My dream is quite simple - to serve as the platform that provides financial literacy education to any student, in any urban community, throughout the nation.

D.R.E.A.M. is sparking real change in underserved communities across America.  $5 from every Benji Bank sold goes towards D.R.E.A.M.’s mission to close the wealth gap in urban neighborhoods. 

For more information and to donate to D.R.E.A.M., please visit http://dream-usa.org/support.