Government that Works: Public, Private Agencies Hold Simultaneous Financial Reality Fairs for Reentrants

HARRISBURG, Pa., Oct. 14, 2017 /PRNewswire-USNewswire/ -- A consortium of agencies today held simultaneous "Financial Reality Fairs" for reentrants, or incarcerated individuals getting ready to reenter the community, in Harrisburg, Pittsburgh, Reading, Erie and Philadelphia.

The fairs, which involved a great deal of coordination and planning, were spearheaded by the Pennsylvania Departments of Corrections and Banking and Securities, the Pennsylvania Board of Probation and Parole, the Pennsylvania Credit Union Foundation, with contributions from the Insurance Department, the PA Housing Finance Agency (PHFA) and individual credit unions.  Hundreds of community volunteers, who were trained by credit union officials, also helped to make the Financial Reality Fairs possible.

"Each year, the DOC releases ? either on parole or after completion of a sentence ? nearly 23,000 individuals," Department of Corrections Secretary John Wetzel said.  "During their transitions home, reentrants face a variety of barriers that often impede their success. We believe in doing all that we can to help reentrants overcome the barriers they face in order to reduce future criminality.  Money management plays a huge role in everyday life.  So, it is only fitting that we aid their transitions by providing these Financial Reality Fairs."

Today's Financial Reality Fairs helped approximately 150 reentrants at each location learn how to manage a "real life" budget, including paying for rent and utilities, their court costs, restitution and, for many, child support. There were financial counselors on hand to assist the reentrants as they moved through the workshop, managing life expenses.

This is the first time in Pennsylvania's history that the agencies have held five Financial Reality Fairs simultaneously.

At the Reality Fairs, reentrants are provided the opportunity to learn about:

• The importance of and basics about working with a financial institution like a credit union or bank
• The importance of credit reports and credit scores
• How to create a personal budget and spending plan

"We are very proud of the work of our Foundation, which is collaborating with the Pennsylvania Departments of Corrections and Banking and Securities, to bring Financial Reality Fairs to individuals re-entering society. With a joint goal of increasing the financial capability of those leaving the corrections system, we are playing an important part in helping these individuals and in reducing their probability of relapsing into the system," Pennsylvania Credit Union Association President & CEO Patrick Conway said.  "After the success of our first reentry Financial Reality Fair earlier this year and the ones held today, we look forward to expanding this important program statewide in the future."

"Equipping parolees with financial skills necessary to make good decisions improves their ability to be successful. This builds upon the increase in the number of parolees employed we have seen over the past two years," said Pennsylvania Board of Probation and Parole Chairman Leo L. Dunn.

The goals of the Financial Reality Fairs are to:

• Address one of the barriers facing reentrants as they return home from prison by teaching them how to plan a budget
• Help to reduce recidivism by providing reentrants with financial tools needed to achieve self-sustaining independency
• Improve the transition for reentrants from prison to community
• Raise awareness of the PA $AFE initiative, the state's clearinghouse of consumer protection information
• Educate citizens about the Commonwealth's Consumer Financial Protection Initiative
• Recognize the innovative, inter-agency work to reduce recidivism
• Share reentry best practices with citizens and other state corrections departments

"This is government that works -- breaking down barriers, drawing on expertise and experience from different agencies and perspectives, and working together to protect Pennsylvanians," said Secretary of Banking and Securities Robin L. Wiessmann. "I hope that other states look at our efforts and successes as a model for how they can create partnerships and develop similar programs to help their citizens."

"Clearly this program has terrific potential to help people better make the transition from prison life back to society," said Brian Hudson Sr., executive director of the Pennsylvania Housing Finance Agency. "Our goal is to reduce recidivism, and by providing financial education in an engaging way, we give former inmates more tools to be successful in their new lives. That benefits them and everyone else."

One Financial Reality Fair was held earlier this year at the Harrisburg Community Corrections Center.  After attending that event, reentrants said that they learned to "keep focused on their needs and not their wants," and that they "never had to worry about a budget, so the fair was helpful" to him.  Another said that "when it comes down to it, we don't want all the luxuries when we see the prices."

In addition to Financial Reality Fairs, the Departments of Banking and Securities and Corrections ? as part of PA $AFE ? began offering earlier this year financial education courses to inmates who are nearing release from prison.

The courses focus on the basics of banking, understanding credit reports and credit scores, saving money and avoiding predatory lending, creating spending plans, investing, and benefit programs.

Agencies and organizations involved in this endeavor plan to make these Financial Reality Fairs annual events.

MEDIA CONTACTS: 

Susan McNaughton (Corrections) 717-728-4025
Ed Novak (Banking and Securities) 717-783-4721
Maria Finn (Probation and Parole) 717-231-4411
Scott Elliott (PHFA) 717-780-3916
Mike Wishnow (PCUA) 717 903-3100
David Misner (PSECU) 717-777-2169

SOURCE Pennsylvania Department of Banking and Securities