By Ray Brich
EAU CLAIRE, Wis.—For several years Royal Credit Union has delivered financial counseling to inmates at local correctional facilities, and the program is not only making inmates better managers of their money when they re-enter society, but also better managers of their own lives.
“We've collected data now for two years, and the results show that our students are learning,” said Heather Johnson Schmitz, financial education manager. “They're learning financial literacy, but it’s also exciting to see they are feeling more confident about making good decisions going forward. We feel confident that what we are doing is making a difference in people’s lives.”
The $4-billion RCU’s correctional facility financial education program started in the Eau Claire County Jail in October of 2015 and has continued to grow each year. A new partnership with the St. Croix County Jail started on Feb. 14, 2022. Royal also offers its correctional facility programming at Barron County Jail, Dunn County Jail and the Chippewa Valley Correctional Treatment Facility, and has reached more than 1,780 incarcerated individuals by educating an average of 300 students each year.
The Course
A 90-minute lesson is taught each week over the course of three weeks. The curriculum covers all four elements of the Consumer Financial Protection Bureau’s Financial Well-Being Scale—control, capacity, choice, and goal—and provides tools and resources to promote financial health, according to the credit union.
The two-session model’s curriculum includes educational modules about budgeting, saving, credit, and lending, while the three-session model adds a third set of modules that examine financial wellness in specific real-world situations.
“Respect is a key element of any financial education program,” said Community Financial Education Coordinator Cooper Larson. “In the correctional facility setting, we have found it valuable to remind each student group that everyone present in the classroom is a person. This mindset of respect helps build trust and creates a safe environment for learning and open communication.”
‘Want to Improve’
She said students are not defined by the charges they are facing or the convictions they have received.
“Students are present in the classroom on a volunteer basis because they want to improve themselves. It is also important to refrain from judging students’ current financial knowledge or previous financial habits,” Larson explained. “The instructor is focused on creating a space where students feel comfortable engaging in money conversations and sharing their personal experiences. The goal is to open the door to learning that would not otherwise take place.”
What Royal CU is hoping for, in addition to giving inmates financial skills to better manage their money when they leave prison and get a job, is to change their entire approach toward life..
“We're hoping that they have a shift in mindset,” explained Schmitz. “We're hoping they gain the confidence to not necessarily know all the answers to those situations that they will be in when they leave the correctional facility, but have that confidence and the ability to advocate for themselves.”
‘We Hope They Don’t Come Back’
Moreover, Schmitz is hoping the additional confidence, combined with a better ability to manage money will help former inmates make a better living, pay their bills, and not be inclined to turn back to illegal activities.
“We hope these individuals do not come back to prison,” Larson explained. “The program is showing them they can accomplish things in life and they are finding out they can better their situations. Having the basic skills to manage money and pay their bills will help set them up for a better life when they leave.”
Royal Credit Union is also working on a “re-entry guide” for those who participate in the program.
“We will give them a small booklet with convenient financial tips and advice to help them face life’s challenges that will confront them outside of the correctional facility,” Schmitz said. “(It’s just) another tool to help them be successful.”
Schmitz said Royal CU financial counselors often hear messages of hope from the inmates.
“They say thank you, and I really hope this changes my life,” she said. “They say that no one has ever treated them like a real person before. They say I hope I don’t come back here. This is an excellent program that is right up the alley of any credit union.”
Resources for Interested CUs
Schmitz said Royal CU plans to expand the program and is hopeful other credit unions will adopt similar offerings.
RCU and The National Credit Union Foundation have published a white paper, Making A Difference: Correctional Facility Financial Education, which shares information and data results from Royal’s correctional facility financial education program.