Bridging Job Skills and the Financial Education Gap
Boca Raton, FL—While the jobless rate may be improving in Palm Beach 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 Palm Beach 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 Florence Fuller Child Development Centers as a recipient of the 2015 Workforce and Development grant. FFCDC will use the funds to support initiatives in financial education and job skills training, both of which help our community thrive. To date the program has been successful and FFCDC is confident that this grant will aid in increasing the programs outcomes even further. Currently, 80% of the financial management participants implemented their individual financial plans while 50% opened a savings account. Of the participants who received job skills training, 100% acquired a paid position within six months of training completion.
Established in 1971, Florence Fuller Child Development Centers’ (FFCDC) mission is making a difference through education for economically challenged children and families to build a positive future in our community. FFCDC provides quality childcare, early education, preschool and pre-kindergarten programs, after-school care, summer camps, health and wellness services and family support programs. We prepare children for a lifetime commitment to learning and social achievement, while empowering their families with resources to be healthy, stable and successful. For more information, visit www.ffcdc.org.
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 Palm Beach County, the grants will impact 66,712 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.
Fabiola Brumley, Palm Beach County market president
Bank of America