EAU CLAIRE, Wis.–Nine months after winning a grant to measure the effectiveness of its financial education program in correctional facilities, Royal Credit Union is reporting preliminary data show gains in “attitudes and confidence levels” related to financial literacy.
In the autumn of 2019, the National CU Foundation awarded one of eight grants totaling $75,000 to Royal CU, which received $7,500 in funding and partnered with UW-Stout’s Applied Research Center (ARC) to measure the effectiveness of the credit union’s financial education program in correctional facilities.
Royal CU reported it offers educational programs in county jail facilities in Rice Lake, Menomonie and Eau Claire, Wis. Royal also has a program in the Wisconsin Department of Correction’s Chippewa Valley Correctional Treatment Facility in Chippewa Falls.
Tool Developed
Royal reported it used the grant funds to develop a tool to measure skill development, attitude changes and predictive behaviors upon completion of the financial education course. “Data collection started in January 2020 and had planned to continue for five months,” Royal CU reported. “Unfortunately, the correctional facility financial education program had to be suspended in early March as a result of the COVID-19 global pandemic.”
According to Royal, preliminary analyses of the survey data that was collected in January and February of 2020 showed statistically significant gains in attitudes and confidence levels regarding financial literacy.
“Identifying predatory lending behaviors, understanding there are different ways to pay down debt, and comprehensive awareness of the impact of credit scores/reports were a few of the topics where students showed gains,” Royal CU stated. “In addition, course participants were asked to rate their satisfaction with the course and instructor. Overall, the responses indicated high levels of satisfaction in both areas.”
Still Committed
Royal Credit Union said it remains committed to its correctional facility financial education program and will resume providing in person courses as soon as it is safe while also looking into the possibility of offering virtual lessons.
“We look forward to collecting and publishing data that will show the impact of the program on a much larger scale.” said Jennifer McHugh, Royal’s VP-community engagement. “In light of the recent events and increased awareness of diversity, equity and inclusion initiatives, this program offers an opportunity to support a marginalized population. We believe it can play a small role in creating the systemic change that is required in our society and commend NCUF for being early supporters of this unique credit union program.”