Credit union success: Swansea prisoners banking on a brighter future

A credit union project helping to rehabilitate prisoners at HM Prison Swansea by supporting them to save during their sentences, has been praised by Minister Lesley Griffiths.

The Credit Union Prisoners Project encourages prisoners to save with LASA (Loans and Savings Abertawe) Credit Union so they are more financially secure when they leave prison.

Upon release, prisoners who are part of the scheme are given a prepaid VISA debit card which they can use alongside their Credit Union savings account. Many former-prisoners struggle to open a high street bank account, making credit union accounts an excellent alternative.

Nearly 600 existing and former prisoners are now signed up with LASA through the popular scheme, which is delivered by Wales Community Rehabilitation Company and Working Links through the St Giles Trust. Minister for Communities and Tackling Poverty, Lesley Griffiths, today visited HM Prison Swansea to see how the project is benefitting prisoners, their families and the wider community.

Lesley Griffiths said:

“I am a huge supporter or credit unions and the great work they do across Wales. They are run for communities by communities and offer a real, ethical alternative approach to managing your finances.

“As I have seen today, credit unions can be particularly beneficial for prisoners. The partnership between LASA and HM Prison Swansea allows prisoners to leave custody with savings and a current account. In turn, this helps former prisoners to reintegrate into society, for example, making it easier for them to pay their rent and to receive wages from employment – all important factors in reducing reoffending.

“We know the effects of the project are wide ranging, providing stability not just to prisoners but to their families and communities as well.”

Denis Greenall, Manager of LASA Credit Union said:

“We know that this project keeps families together, helping prisoners save so they can support their families during their sentences and after release.  We also know that giving prisoners a better sense of control over their money can make them less vulnerable to bullying and exploitation.

“The project also helps prisoners become more financially aware, building positive money management habits which set them in good stead for the future.”

John Tossell, HMP Swansea Senior Manager with responsibility for reducing reoffending, said:

“While the project is in its early stages, we have received very positive feedback from current prisoners about the Credit Union, as well as from those who have been released. Many prisoners have low levels of money management awareness and this facility enables them to take control of a key element of their daily lives. Our vision is for prisoners leaving HMP Swansea to have had the opportunity to become more financially aware.”