MONTPELIER, Vt.–Vermont Treasurer Pieciak, NorthCountry FCU, and the Department of Corrections have announced a new partnership aimed at providing financial education and banking services to incarcerated individuals preparing for reentry.
The initiative will help ensure returning citizens can achieve financial stability, supporting a more successful transition back into their communities and strengthening Vermont’s workforce and economy, according to the organizations.
The program will initially be offered at Southern State Correctional Facility in Springfield.
NorthCountry Federal Credit Union is leading the financial education workshops teaching money management, banking, and other essential skills to support reentry and reduce the risk of recidivism. Upon completion, participants will have the opportunity to open an account.
‘Support & Encouragement’
“We’re pleased that through this partnership, we can help provide support and encouragement for returning citizens,” NCFCU CEO Bob Morgan said in a statement. “By providing them with access to affordable financial services and financial education, we can help them plan a course of action that aligns with their individual lives, goals, and challenges, and helps them be successful as they return home.”
Added Treasurer Pieciak in a statement, “To grow our workforce and strengthen our economy, we need to give every Vermonter the opportunity to succeed. For folks leaving prison, the road to financial security is full of hurdles, but this program will help people overcome those barriers and build stable, successful lives. This is a benefit for them and for their communities. I want to thank the Department of Corrections and NorthCountry Federal Credit Union for their partnership.”
2,500 Prisoners Released Annually
The organizations said that nearly 2,500 individuals are released every year from Vermont’s prisons, with many lacking the skills and resources needed to achieve financial security.
“Reentering citizens often encounter significant barriers to basic financial services like a bank account,” the organizations stated.
In announcing the program, the organizations pointed to a study by the American Bankers Association that found 29% of formerly incarcerated individuals lack access to a bank account, compared to the national average of 4.2%.
