By Rick Metsger
CORVALLIS, Ore.--Saving for unexpected expenses, growing a retirement account and building credit are all critical factors in securing a stable financial future. For those who have been incarcerated, the challenge is magnified. Many walk out prisons’ gates and back into society without the tools needed to rebuild their lives and avoid recidivism.
The $2.5-billion Oregon State Credit Union saw the need and decided to lend a helping hand. A leader in promoting financial education to students, OSCU took the lead in bringing financial education to those about to re-enter society after serving their time in Oregon’s prison system. Working with Oregon State Corrections officials, the credit union developed a course of study to help bring financial education inside prison walls. After nearly a decade of volunteer service, the program has had a positive impact on rebuilding the lives of thousands of Oregonians.
“Every person has to manage their money, and a lot of our adults in custody haven’t had the training to do so properly,” said Promise Parker, release services manager for Oregon Department of Corrections.
Money A Trigger
“Money is a trigger to a lot of criminal behavior, and so these classes are seen as a huge benefit to many of the folks that sign up and take the courses,” Parker added.
Oregon State Credit Union began by teaching financial literacy courses with their own personnel, and now trains others at DOC to better expand the reach of the program. DOC currently has eleven instructors teaching throughout the state corrections system.
Former NCUA Chairman Rick Metsger (center) conducts interview inside Oregon State Prison.
Audrey Bailey runs the program for the credit union and she and her staff provide the materials and training for the instructors.
“We understand how important personal finance is, which is why we were so passionate about getting financial education back as a graduation requirement in Oregon,” Bailey said. “Our work with Corrections is a natural extension of helping everyone have the financial tools they need to succeed,” Bailey added.
Tossed On The Street
“The course really helps people function,” said Joey, who is completing his sentence at Oregon Correctional Institute. “A lot of people do their time reading books, but there is no feedback. Here you get to ask questions and it really helps to understand what you need to do when you are released. After your time, you get tossed out on the street and don’t know how to do anything. This will help me set up my future.”
“This has been so impactful to me,” said Carlos, who is serving his sentence at the Oregon State Penitentiary (OSP). “Like I learned about the importance of credit and how it is so important to everyday life. It really opened my eyes and will help me be a better person.”
A Rand Corporation study shows that inmates who participated in education programs while behind bars had a 43% lower chance of recidivism than those who did not.
“I didn’t get this in school,” said Jesse. “ Financial education is like the most important thing. Everything in life depends on it,” he said.
Ready For New Life
At OSP, Evan feels empowered by the course on financial education and is ready to start a new life.
“A lot of us come from poor families. It teaches you how to manage finances to avoid doing the things that got you here in the first place,” Evan explained. “It helps me get myself back. I want to get into a union, work for a few years and then start my own business. It really gives hope to people who often don’t have nothing,”
These stories of hope even make it back to the credit union.
“Some of the most heart-warming stories come from those who come in and say they are applying for this loan because of what they learned from our classes,” said Bailey. “It’s such an amazing connection and really solidifies the difference this education makes.”
DOC’s Parker said they are looking to expand the course offerings.
The Oregon State Credit Union/Department of Corrections collaboration is targeted at a leading cause of recidivism and carries the promise of lasting results. It represents the best of a public/private partnership working for the betterment of Oregon, the credit union said.
Rick Metsger is a former NCUA chairman.