Knowing how to budget and save money are important skills, but not everyone is taught how to do so. Only 25 states require high schoolers to take a personal finance class, and schools with predominantly Black and brown students are less likely to offer those courses. Laura Barrón-López reports on how younger generations are working to improve their financial literacy and help close the wealth gap.

Deacon “Pete” Weston Nellius, 88, passed away Sunday, May 26, 2024.  

He was born in Philadelphia and a product of Ridley High School, he enlisted in the U.S. Air Force, where he met and married Ann Nellius (nee Williams). After his service, they settled in Camden, Ark., to be near family. Growing restless with his career prospects, he gave up the security of a factory job, moving his wife and three small children to go to college in Huntsville, Texas. Working two jobs as a head resident of a men’s dormitory and nights as a prison guard, he managed a full-time course load and matriculated with a bachelor’s degree in accounting and a master’s degree with honors. He earned a fellowship at Southern Illinois University, where he completed his PhD coursework in economics. 

This academic foundation led to a career in state government, beginning as a budget analyst and progressing to deputy director of the Illinois Department of Transportation. The State of Illinois sponsored his attendance at Harvard Advanced Management Program, where he studied with global leaders in the commercial and government sectors and first met Pete du Pont. He later was recruited by the newly elected Governor du Pont to become secretary of finance for the State of Delaware. The administration partnered with the state legislature to transform the Delaware economy, passing the Financial Center Development Act to make Delaware a major banking hub, and adding a Balanced Budget Amendment to the state constitution to ensure the long-term fiscal health of the state. After leaving state employment, Pete continued to serve on numerous councils and commissions for governors Mike Castle, Tom Carper, Ruth Ann Minner, John Carney, and Jack Markell. 

Pete subsequently moved to the private sector to join Burris Foods in Milford as its chief financial officer, and then chief operating officer. He closed his career by founding a lobbying and financial consultancy, Nellius Management Associates. 

His separation from the public sector coincided with an increasing focus on his spirituality and the parish community. He was ordained by Bishop Saltarelli of the Diocese of Wilmington in 2001, serving first as a deacon for Holy Cross Parish in Dover, then St. Edmond in Rehoboth. 

Pete is survived by his three children, Peter Nellius (Lisa), Dan Nellius (Jenny) and Becky Gravatt (Kevin); and his niece, Kelly Nellius. He is also survived by eight grandchildren, Julie Dolbey (Chris), Jeffrey and Joseph Gravatt, Michael, Matthew and Caroline Nellius, and Peter (Alyson) and Natalie Nellius. He is also survived by three loving great-grandchildren, Kennedy and Christian Dolbey, and Kit Nellius.

Pete was a private pilot who loved flying. He constantly looked for ways to share God’s love in ways big and small, and had a smile for everyone he met.

A Mass of Christian Burial will be held at 1 p.m., Thursday, June 6, at Holy Cross Church, 631 South State St., Dover, with a viewing from 11 a.m. to 12:30 p.m.

In lieu of flowers, the family suggests those who wish to express their love consider donations to Metavivor, metavivor.org, for breast cancer research in honor of Ann and Kathy Nellius, whom he dearly loved and who were taken too early by this tragic disease.

Letters of condolences can be sent via pippinfuneralhome.com.

Islam Zekry, the Group Chief Financial Officer at the Commercial International Bank – Egypt (CIB), emphasised the bank’s commitment to sustainable economies. CIB aims to stabilise the per capita share of gross domestic product (GDP) across Africa by focusing on green assets. Notably, CIB’s green assets account for 12%, a significant commitment even though this percentage remains well below the global average of 1%.

During his participation in the “Climate Risk Mitigation: The Role of Financial Institutions” symposium, held on the sidelines of the Wall Street events in Kenya, Zekry said that CIB is striving to invest in understanding its customers. This is why it created the D-squared framework. It depends mainly on data to understand the nature of customers and ensure that the offers made to them are attractive from the perspective of transaction costs and others, so that the bank becomes generally more attractive to future customers.

“This framework is our gift to Africa to create a more balanced business and provide attractive products to customers. That can help make more profits without creating any additional financial risks to the general economy,” he said.

Zekry also noted that CIB is starting to entrench ESG as a business to generate a positive return for shareholders as well as for the economy, creating a win-win situation for everyone.

He also explained that the bank is working to transform green financing into products for individuals. It worked to provide a solar energy financing loan, to support customers to switch to less expensive energy and encourage them to use renewable energy. From a technical standpoint, renewable energy is an alternative means that meets the same needs, but in a cost-effective manner.

He explained that the bank works to utilize opportunities, and human capital capabilities through a group of well-trained, competent consultants, to reflect the value that can be created for giant construction companies.

Zekry went on to explain that there are two types of trends: one that focuses mainly on the governance aspect, reporting the percentage of green assets and adhering to the percentage of TCFD, EGRD, and others. This is a rather strict approach but may create added value. The other approach revolves around dealing with the matter as bankers. “We try to create added value for all our partners and stakeholders, not only in Egypt and Kenya but anywhere where we serve customers. We have regulatory frameworks, environmental, social and governance frameworks,” he said.

He added: “Technically, I think we need to come up with a global standard, a global code for green finance or sustainable finance, or whatever standard that is globally accepted.”

Zekry noted that the classification of data and percentages serves the digital reports of green standards worldwide, therefore everyone must know what should be done and what should not be done and how the process is organised. “Even in the same country, we could easily see conflicting views,” he said. Additionally, when looking at the classification In the European Central Bank’s data, we will find about a 30% to 40% mismatch, not only in the industries that are classified as harmful, but also in the way they are dealt with, and the way the weight of those industries is calculated, which makes this global framework a necessity.

According to Zekry, the main problem is not in directing funds to Africa, but rather in creating a future that is free of climate risks. Furthermore, the financing coming from development funds must have some kind of allocation mechanism, especially in terms of environmental, social and governance issues. Zekry stresses that incentives are necessary, as well as identifying appropriate and future opportunities to direct funds to Africa.