Iowa State University Extension

Problem:
Many people transitioning from prison encounter difficulty with basic budgeting, credit card debt and knowing the difference between needs and wants. The 8th Judicial District assists people transitioning from prison until they are able to be self-sufficient and the staff at the judicial housing program recognized the need for financial planning for their clients.

Response:
Iowa State University Extension is providing financial educational classes for participants transitioning from prison. Using the High School Financial Planning curriculum classes have included information on developing a spending plan, managing financial accounts, credit reports, saving plans, and workplace and job skills.

Impact:
Classes are held monthly and 116 men have participated in 3 hours of financial classes. The staff at the Eighth Judicial District has found the classes to be very helpful and necessary for their clients to meet financial challenges. Participants must attend classes regularly before exiting the residential program. At least 90% of the participants indicated they planned to make positive changes in managing their money.The staff has also recommended the lessons to other community programs including the Workforce Investment Act program.

Participants’ comments were positive and survey results showed an increase in participant’s financial knowledge. 85 surveys were completed and all participants showed an increase in the following areas. Specific financial actions include:

What actions have you taken? Yes No
• I have tried to balance my checkbook. (Y)42 (N)40
• I have gotten a copy of my credit report. (Y)2 (N)91
• I have created a spending plan for my income. (Y)42 (N)40
• I try not to get things that aren’t very important. (Y)57 (N)23
• I have tried to track my spending. (Y)54 (N)26

What actions will you take? Yes No
• I will reduce my spending. (Y)77 (N)13
• I will try to increase my income. (Y)83 (N)10
• I will plan ahead fore periodic expenses.(Y) 88 (N)7
• I plan to shop carefully for major expenses. (Y)79 (N)10
• I plan to pay my bills on time. (Y)78 (N)4
• I plan to keep track of the extras. (Y)76 (N)8
• I plan to use a written plan/budget. (Y)66 (N)20
• I plan to use community resources. (Y)71 (N)21
• I plan to put money into savings. (Y)80 (N)10

Comments:
• I enjoyed talking about stocks and the 401k plans. I would really like to hear and learn more about it. This was a good class to help people to learn about financial benefits and it was well worth my time. Thanks for helping me understand some things I have been trying to figure out for awhile.
• This class is good and helpful for me and it shows me how to get a job.
• I like the fact that this class taught me how to focus on budgeting and I learned about credit and payday loans. The class was very informational and I recommend the class to everyone.
• Very useful information about credit cards, cash advance places, 401k plans, bonds, and stocks. This was a very professional class.
• I plan to do a better with my money. This class has made a lot of difference.
• I love this class.

Contact:
Mary M. Weinand
Jefferson County Extension
Fairfield, IA 52556
641-472-4166
mweinand@iastate.edu