History and Evolution
Royal Credit Union’s correctional facility financial education program began in October 2015 at the Eau Claire County Jail, in collaboration with Literacy Chippewa Valley. The program, which focused on key financial topics such as budgeting, credit management, and debt, received positive feedback. 10 years later, the program continues to see steady expansion with its current programming in 4 prisons, 7 jails, and 1 juvenile detention center across Minnesota and Wisconsin.
“As we have expanded our outreach to the metro and SCV areas in the last few years, I've witnessed firsthand the tremendous impact this program has had on incarcerated individuals' lives,” said Deb Paulsen, Community Financial Education Coordinator, “The classroom becomes a safe place where people open up about financial decisions that have negatively impacted their lives and freely ask questions about what steps they can take to turn things around. The topics we cover and the resources we provide help participants leave the class empowered to make informed financial decisions. We are also fortunate to have volunteer instructors from our branches who invite participants to visit them for additional financial counseling if they so desire once they are released.”
In 2023, the program was recognized in the State and National Desjardins Adult Financial Education Awards for its incredible impact. It has educated over 3,500 incarcerated individuals since its development, with an average of 275 students participating annually.
“We believe this program can play a small role in creating the systemic change that is required in our society and embody confidence in a marginalized population who may not have a positive banking history or experience managing their finances based on their past,” said Cooper Larson, Community Financial Education Coordinator. “As a credit union movement, we are focused on people helping people, and this program is a shining example of our mission to make a positive impact in the lives we touch.”
Real Impact in Rice Lake
Since 2016, Rice Lake team members have been making a difference through critical financial education and building trusting relationships at the Barron County Jail.
“This program gives inmates an opportunity to learn and grow in handling their finances and credit. It is a learned skill. No one is born an expert,” said Sarah Dietz, Member Account Representative, “We have an activity called The Little Things Add Up where students select something they buy regularly and then calculate the weekly, monthly, and yearly cost. It may be buying energy drinks, gambling, or an addiction. Then we help them connect that cost back to a financial goal. It is very motivating for them to make a change in that area of spending or even cut it out completely. It’s a rewarding program to lead and I want to see them win! It is great when they see the possibility.”
“Our financial classes at the Barron County Jail have had a positive impact on so many individuals over the years,” said Jackie Molden, Branch Supervisor. “We can provide financial education that they may not have ever received. We help them set financial goals and give them tools needed to ensure their success.”
Program Design
Royal’s correctional facility financial education program is offered as a two- or three-session course, with each session lasting 90 minutes. The curriculum aligns with the Consumer Financial Protection Bureau’s Financial Well-Being Scale, addressing control, capacity, choice, and goal setting. It also equips participants with tools and resources to improve financial health.
Lesson One: Wallet Wellness
This lesson covers the basics of managing money, including creating a budget, tracking spending, and understanding how personal money habits affect financial decisions.
Lesson Two: What’s Your Credit Worth?
This lesson explains how to use credit responsibly, understand credit reports and scores, and manage debt effectively.
Optional: Lesson Three: The Cost of Thriving
This lesson explores the true costs of living, including housing, transportation, and daily expenses, to help with better financial planning.
Program Partners
Royal partners with both county jails and state correctional facilities to deliver impactful financial education. These programs are either in-person or virtual depending on the needs of the partner.
- Barron County Jail – Barron, WI
- Chippewa Falls Jail – Chippewa Falls, WI
- Chippewa Valley Correctional Treatment Facility – Chippewa Falls, WI
- Dodge Correctional Institution – Waupun, WI
- Dunn County Jail – Menomonie, WI
- Eau Claire County Jail – Eau Claire, WI
- Hennepin County Jail – Minneapolis, MN
- Jackson Correctional Institution – Black River Falls, WI
- Northwest Regional Juvenile Detention Center – Eau Claire, WI
- Polk County Jail – Balsam Lake, WI
- St. Croix County Jail – Hudson, WI
- Stanley Prison – Stanley, WI
Program Data Collection
In 2019, Royal received a National Credit Union Foundation “Impact Tracking of Financial Health Components” grant to use for research purposes. In collaboration with representatives of the University of Wisconsin Stout Applied Research Center (ARC), Royal began to examine the curriculum and participant achievement goals. After careful data collection, Royal was excited to learn that the correctional facility financial education program students showed statistically significant gains in content knowledge, attitudes, and confidence levels regarding financial literacy. Additional statistics and research methods can be found in Royal’s Whitepaper. This white paper was created in collaboration with the National Credit Union Foundation and was published in hopes other credit unions would replicate the program.
Learn more about Royal’s Correctional Facility Education at Correctional Facility Education | Royal Credit Union.
