Working Toward Financial Stability
With jobless rate at 5.6 percent in Florida, things are continuing to look good for the workforce as a whole. But the state continues to struggle with income inequality issues, which undermine the economic growth of middle-to-low-income individuals and families.
Florida ranks fourth nationwide for the largest gap between the top one percent and bottom 99 percent, according to a study by Economic Policy Institute. The average income of the top one percent of Floridians is $1.49 million. For those in the bottom 99 percent, the average income is just two percent of that, at $34,387.
To curb this problem, more has to be done to give low-to-middle-income individuals access to job skills training and financial literacy programs that will lead to an overall more stable financial future.
As a financial institution, our philanthropic investments support our company’s purpose to improve the financial lives of the customers, clients and communities.
This month the Bank of America Charitable Foundation announced Big Brothers Big Sisters of Broward County as a recipient of the 2016 Workforce Development and Education grant. Big Brothers Big Sisters of Broward County will use the funds to support initiatives in financial education and job skills training, both of which help our community thrive.
The Big Brothers Big Sisters Mission is to provide children facing adversity with strong and enduring, professionally supported one-to-one mentoring relationships that change their lives for the better, forever. Bank of America’s grant will positively impact the lives of Broward County children by providing them a caring adult mentor and educational support from Big Brothers Big Sisters’ Programs.
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.
Our philanthropic efforts are augmented by the altruistic work our employees do in volunteering their time and talent to help their neighbors build better money management skills and improve the quality of life in their community.
Lori Chevy, Fort Lauderdale market president
Bank of America