Focus on Reentry: Your Money, Your Goals (Part 1 of 2)
Background information on this topic
From CFPB’s “Focus on Reentry: Criminal Justice” Companion Guide (click HERE to access the full guide):
There are an estimated 70 million to 100 million people with criminal records in the US. In 2019, jails reported more than 10 million admissions. Every year, more than 600,000 individuals are released from prison. Blacks and Hispanics are disproportionately represented in prison and jail populations.
As noted in a CFPB report: “Because of demographic differences in incarceration rates among races, the difficulty of formerly incarcerated individuals in accessing the banking system upon release also reinforces racial disparities in access to financial products.” Many of these justice-involved individuals face barriers to successful reentry. Many barriers to accessing jobs, housing, education and other key reintegration outcomes have financial challenges attached to them.
The CFPB developed the Your Money, Your Goals: Focus on Reentry guide to help frontline staff working with individuals affected by the criminal justice system address financial challenges. This guide includes tools and information from the toolkit along with information, tips and tools based on insights from people dealing with the impact of their criminal records. Your Money, Your Goals is centered on the core philosophy that everyone has the right to control their money and make their own financial decisions.
This guide, the toolkit and related materials are free and accessible to assist organizations, their staff and volunteers in using the Your Money, Your Goals resources.