EAU CLAIRE, Wis. – Royal Credit Union and The National Credit Union Foundation have published a new white paper, Making A Difference: Correctional Facility Financial Education, which shares information and data results from Royal’s unique correctional facility financial education program.
The hope is the program will be replicated by other financial institutions across the country, according to the organizations.
In 2019, Royal received an NCUF “Impact Tracking of Financial Health Components” grant that provided the opportunity for Royal to partner with representatives from the University of Wisconsin Stout Applied Research Center to measure the effectiveness of the overall program using pre/post surveys to evaluate learning outcomes, attitudes and confidence, and program satisfaction.
The whitepaper shares the results of these surveys and offers insights into curriculum design and other important instructional considerations.
“We believe every individual should have access to the financial knowledge and information they need to succeed. Our correctional facility program certainly fits the credit union philosophy of people helping people and Royal’s core purpose of ‘creating a positive impact in the lives we touch,’” said Royal’s President/CEO Brandon Riechers. “We are excited to share what we have learned over the past several years, and hope we can inspire other financial institutions to consider creating correctional facility financial education programs of their own.”
Recognized by Governor
Royal CU noted it was recently recognized by Wisconsin Governor Tony Evers for its work in correctional facility financial education. The credit union received a Wisconsin Governor’s Financial Literacy Award during a virtual ceremony.
“Receiving this award from Governor Evers is an incredible honor,” said Cooper Larson, community financial education coordinator with Royal Credit Union. “The most rewarding part of the work has been our ability to create an environment within correctional facilities where students feel comfortable and respected. We have seen our partnership locations transform into financially smart institutions where people are no longer afraid to talk about money or seek financial advice.”
Royal’s correctional facility financial education program started in the Eau Claire County Jail in October of 2015 and has continued to grow each year, the CU reported. A new partnership with the St. Croix County Jail started on Feb. 14, 2022. Classes will initially be taught virtually, with a 90-minute lesson each week over the course of three weeks.
Covering the Basics
According to Royal, each lesson covers basic financial concepts that participants can apply to their own lives to get on the path of financial wellness. 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 275 students each year.
“I am inspired by the work our team has done to create and expand the correctional facility financial education program,” said Jennifer McHugh, VP-community engagement. “This is a cross-functional credit union initiative, with multiple business units contributing to its success. The result is an impactful program that has made a substantial difference in the lives of hundreds of individuals who have benefited from the education we offer.”
For info: www.rcu.org/correctionalprogram.
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