A Consideration for Increasing Post-Release Financial Success
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A Consideration for Increasing Post-Release Financial Success Katherine (Kate) S. Mielitz 1 & Catherine Marcum 2 Received: 30 August 2019 / Accepted: 18 December 2019/ # Southern Criminal Justice Association 2020
Abstract There is an ever-growign body of research indicating the importance and effectivenss of correctional programming. The main goal of release is autonomy, which inclues financial independence. This can be achieved not only through employment, but also having the financial capability to budget, pay bills, and properly handle one's finances. It is important to understand the perceptions of financial literacy and its relationship with release in order to create effective programming. This study fills a gap in the literature that explores predictive factors regarding the attitudes and perceptions of inmates regarding their financial matters and choices. Aspects of incarceration (e.g. length of time incarcerated, number of times incarcerated, and type of crime) were found to be associated with financial attitudes, anticipated post-release social support, and perceptions of control over financial behavior for transitional center residents within six months of release. Keywords Transition . Financial capability . Financial literacy . Length of incarceration .
Correctional programming
Introduction Financial literacy for offenders is an extremely important key to offender success. Yet, the reality is that most offenders are not financially prepared for release, even if they feel confident with their money management skills. Howard (2018) interviewed 71 offenders and found that 93% were at least somewhat confident about their financial future and 75% * Katherine (Kate) S. Mielitz [email protected] Catherine Marcum [email protected]
1
Human Development and Family Studies, Oklahoma State University, 233 Human Sciences, Stillwater, OK 74074, USA
2
Department of Government and Justice Studies, Appalachian State University, PO Box 32107, Boone, NC 28608, USA
American Journal of Criminal Justice
were at least somewhat confident in their knowledge about personal finances. However, only 16% of those interviewed felt as if they had enough money saved and 58% reported their financial situation caused them stress. The majority of the inmates believed a personal finance class would be beneficial, and Howard (2018) suggested financial education including topics like future budgeting, paying taxes, and planning for bills such as restitution and child support. This single study, as well as other past research, indicates the need for further exploration of the potential benefits of financial literacy education for offenders. One of the key ways to measure the potential benefit is investigation of the offenders’ perception of readiness in order to gauge development of programs. This study investigates post-release financial success from the point of view of the person incarcerated. Building on the previous work of Mielitz (2018), the Theory of Planned Behavior (TPB) is applied to better understand the fina
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