KeyBank Teaches Financial Literacy to Larimer County Inmates Before Release

KeyBank is providing free financial wellness classes twice monthly at Larimer County's Community Justice Alternatives facility to help formerly incarcerated people manage money after years behind bars, addressing a critical gap as many participants lack basic banking skills and credit histories.

Francine Conway, a financial wellness consultant with KeyBank, teaches budgeting fundamentals, credit building strategies and banking basics to men and women in separate sessions at the correctional facility. The classes focus on practical skills many participants lost during incarceration, including how to use debit cards and manage checking accounts.

"If you've been incarcerated for a certain amount of time, things change," Conway said during a November 5 presentation to Larimer County commissioners. "The financial world is always changing."

Conway emphasized a core challenge facing participants: distinguishing wants from needs. She illustrated the concept by calculating the annual cost of daily Starbucks purchases—$2,400 per year at $10 per visit—to demonstrate how small spending decisions accumulate.

"When you can break things down like that for people, it kind of just opens their mind to other things that maybe they're spending money on, yet they're having a hard time purchasing groceries or paying their utilities," Conway said.

50/30/20 Budget Model Anchors Training

The classes center on the 50/30/20 budgeting framework, which allocates 50 percent of income to needs like rent and utilities, 30 percent to wants, and 20 percent to long-term savings goals such as retirement or homeownership.

Conway acknowledged most participants cannot immediately achieve the ideal breakdown but emphasized it provides a concrete target. She distributes budget worksheets asking participants to calculate net monthly income and categorize expenses, then encourages them to post completed budgets on refrigerators for daily reference.

"Be very honest with yourself when you're filling this out," Conway tells participants. "Understand that you're probably not at 50, 30, 20. Most people are not. But it's a great goal in itself to get to."

The budgeting instruction extends beyond immediate spending to address how credit scores affect broader financial stability. Conway explains that credit impacts apartment rental applications, auto insurance rates, and interest rates on credit cards and loans—factors particularly relevant for people rebuilding lives after incarceration.

KeyBank offers participants checking and savings accounts as well as secured credit cards to begin rebuilding credit histories. Many participants arrive at Community Justice Alternatives with no FICO score after years without credit utilization, according to program managers.

Community Corrections Client Credits Training for Success

Forrest Mangus, who served nearly 12 years in the Colorado Department of Corrections for a violent crime, said meeting Conway at a financial wellness workshop immediately connected him with resources to establish financial stability.

"The world did not wait for me. There's a lot of new stuff out here. My phone pays for everything, which is crazy," Mangus said during the commissioners' presentation. "I didn't have a FICO score because I had no utilization for 12 years. So I had to do a hard rebuild on my credit."

Mangus took advantage of KeyBank's checking and savings accounts as well as a secured credit card Conway offered. The foundation allowed him to progress through Community Justice Alternatives' phase system, advancing nearly halfway through level three of the four-level program.

"Where I'm sitting right now is a really good place for me," Mangus said. "And part of that's because of Fran and KeyBank."

Jessica Cates, another Community Justice Alternatives client, emphasized how programming creates connections that replace isolation. She described diving into available programs after a previous unsuccessful attempt at reentry when she isolated herself despite having employment.

"I don't have family here personally," Cates said. "And the people in these programs and the relationships that I've made with these people, it's amazing for me, it's my support, it's my family."

National Data Shows Credit Barriers

Colorado does not mandate financial literacy training for release from state prisons or county jails, though the Colorado Department of Corrections strongly recommends it as part of reentry preparation, according to the department's 2024 annual report.

Research from the Urban Institute found that individuals who participated in financial literacy programs in correctional settings were 20 percent less likely to return to prison within three years compared to those who did not participate.

The average credit score for formerly incarcerated individuals in Northern Colorado is 550, compared to 680 for the general population, according to Colorado Department of Labor & Employment data. Many financial institutions require credit checks and background checks, making it difficult for people with criminal records to open bank accounts or obtain credit.

Unemployment rates for formerly incarcerated individuals in Northern Colorado reach 25 percent, compared to 4 percent for the general population, according to state labor data. The average rent for a one-bedroom apartment in Fort Collins is $1,800 per month, in Loveland $1,600, and in Greeley $1,400, according to Larimer and Weld County housing authorities.

Partnership Represents Model Approach

Lindsay Keller, program manager at Community Justice Alternatives, said KeyBank's involvement provides foundation-building for participants who may have been incarcerated 5, 10, 15 or even more than 20 years.

"Even having that foundation of how to use a debit card isn't really there," Keller said.

The KeyBank partnership, established in 2023, represents one of the few formal collaborations between a major financial institution and a Colorado county correctional facility for financial literacy training. South State Bank also provides classes twice monthly covering money management, financial products and services, and credit understanding.

Commissioner Jody Shadduck-McNally praised the integration of financial education with other Community Justice Alternatives programming during the work session.

Conway said KeyBank recognizes that communities face different financial wellness challenges and provides various classes depending on local needs. She has taught banking basics to high schoolers at job fairs and senior fraud prevention to residents in senior homes.

"It's my position at KeyBank is very gratifying to me because I am able to go out and teach these classes and hopefully empower people," Conway said.