2015-09-02

Bridging Job Skills and the Financial Education Gap

While the jobless rate may be improving in Miami-Dade County, according to The Florida Department of Economic Opportunity, unemployment is still a very real problem as low- and-middle-income individuals continue to be outperformed by better skilled workers. If people can’t put enough food on the table, find a job that supports their family or an affordable place to live, they can’t begin to think about their overall financial security and future.

As a financial institution, our philanthropic investments support our company’s purpose to improve the financial lives of the customers, clients and communities.

Our partnerships with nonprofits in Miami-Dade County address both immediate needs related to jobs, housing and hunger, and connect individuals to longer-term solutions that will help them improve their financial lives, from financial education and coaching to access to benefits.

This month the Bank of America Charitable Foundation announced City Year Miami as a recipient of the 2015 Workforce and Development grant. City Year Miami will use the funds to support initiatives in financial education and job skills training, both of which help our community thrive.

City Year is a national, education-focused, nonprofit organization that partners with public schools to provide targeted academic and social-emotional interventions for students at risk of dropping out. Each year, we unite young leaders (ages 17-24) from diverse ethnic, educational, and socio-economic backgrounds to engage in 10 months of full-time service, leadership development, and civic engagement. Serving as tutors, mentors, and role models, these AmeriCorps members are deployed in teams to urban schools in high-poverty communities to ensure that students exhibiting early warning indicators of dropping out (i.e. poor attendance, disruptive behavior, and course failure in math and English) receive the support they need to remain on time and on track to graduate. City Year Miami is dedicated to improving educational outcomes for at-risk students across South Florida, in addition to equipping them with the skills and knowledge needed to successfully transition into college and the workforce.

By investing in workforce development and education grants throughout South Florida, we help individuals and families build better money habits and find pathways out of poverty. This year alone in Miami-Dade County, the grants will impact 34,505 individuals.

Augmenting our philanthropic efforts are our most valuable resource – our employees – who give their time and talent through volunteerism, helping their neighbors build better money habits and improving the quality of life in the community.

 

Sincerely,

Gene Schaefer, Miami Market President

Bank of America

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