This is a big month for our prison education program – April is both Financial Literacy Month and Second Chance Month / Fair Chance Month. This convergence isn’t a coincidence – it’s a reminder that building a solid financial foundation is a key component of success after incarceration.
Level is partnering with Dr. Kevin Paulin of Winning Ways to create a five-part financial education series specifically targeted to people in prison so that they can thrive after release and break the destructive cycle of incarceration. We’ve received generous seed funding from Tim Ranzetta of Next Gen Personal Finance to start the series, and we’re into production on the first two guides now with an expected publication date this summer.
The need is clear
People in prison are desperate for financial education. They know the dire statistics for returning citizens after release. Formerly incarcerated people experience a 470% higher unemployment rate, have significantly lower incomes, and are 10 times more likely to experience homelessness. The cycle of incarceration can seem inescapable: 68% of people are rearrested within 3 years of release.
Dr. Kevin Paulin shares: “At Winning Ways, we recognize that financial education is a form of access that underserved communities often do not experience. For individuals experiencing incarceration, learning money management skills is not just helpful – it’s essential for survival. Without these tools, people are trapped in a system that sets them up to fail. Financial education opens the door to true second chances.”
Incarcerated people know that financial education is a ticket to improving outcomes after release. They want to make better financial decisions to improve their families’ economic stability. They want to run successful small businesses. The difference in lifespan of a family with a 580 credit score compared to one with a 700 credit score is 15 years. Financial education is literally a life-or-death issue for people leaving incarceration.
The existing system isn’t working
The problem is that most prisons lack programs that teach modern, relevant financial education. And because prisons do not provide internet capability, it is impossible for people to access this information otherwise. With 600,000 people leaving state and federal prisons every year, this is a giant missed opportunity to improve outcomes for returning citizens, their families, and the communities they come home to.
How do we know people in prison want to learn about financial literacy?
We know because we ask them. We ask learners completing our modules what else they want to learn about. You know what they tell us? Financial literacy is in the top 10 most requested topics among Level’s audience of incarcerated learners and is the #1 most highly requested topic that we do not currently offer programming for.
Kimberly wants to learn how to obtain credit and how to file taxes. Roshell wants to learn how to write budget plans for one year and five years. Karl wants to learn how to repair a bad credit score so he can get a small business or home loan. Like so many people, these three seek the financial literacy that will give them independence and the means to build better lives.
Dr. Kevin Paulin reflects: “Through participant feedback, we hear a consistent message: ‘Teach us how to thrive, not just survive.’ Financial education is not just a personal victory – it’s a community victory. When one person gains the tools to build a better life, their family, their neighborhood, and our entire society move forward. Together, we win by creating sustainable change – one person, one family, one community at a time.”
What will be in this financial literacy series?
To determine the topics to include in this five part financial literacy training series, we turned to our community of learners on the inside, to the experience of Dr. Paulin and to the Consumer Financial Protection Bureau’s financial education curriculum. Together, these sources have steered our content team to ensure that our program includes components on:
- Goal setting
- Money tracking
- Saving
- Building and repairing credit
- Understanding and paying debt
- Understanding risks of predatory lenders
- Responsible investing
- Connecting with community resources
- Building intergenerational wealth
All of these will be explained through a trauma-informed lens and written to an 8th grade reading level to build trust, confidence and effective learning.
Tim Ranzetta and Next Gen Personal Finance are vocal backers of this project. Tim says, “At NGPF, we value education that empowers people to take control of their financial futures. Level’s work does exactly that – while also recognizing the unique challenges and opportunities that come with reentry. We’ve been impressed with their clarity of purpose, the talent of their team, and their commitment to delivering real impact.”
April’s dual focus on Financial Literacy Month and Second Chance Month underscores a powerful truth: a fair, second start is more attainable when you have the tools to manage your finances effectively and contribute to a stable family and community.