Individuals and families
Economic mobility focused on the needs of individuals and families by investing in workforce development & education and addressing basic needs.
Today, more than 48 million people are living in poverty - struggling to meet their needs while facing tough choices on where to place limited resources. We recognize that basic needs must be met in order for low and moderate income individuals and families to advance along the economic continuum. In addition, access to education and job training are critical to lift people out of poverty, advancing income mobility by connecting individuals to tools that will help them build better lives. That’s why we’re partnering with nonprofits who are helping people at their point of need, advancing better money habits, supporting a diverse talent pipeline that will better serve communities, and providing skilled workers to organizations while creating economic opportunity. We partner with nonprofits who are advancing economic mobility, from addressing basic needs (food and shelter) to job skills training, all of which contributes to alleviating poverty and building thriving communities.
Funding priorities and examples
- Critical needs, such as hunger relief and services for the homeless – We support nonprofit organizations that meet individuals and families at their point of need so that they can overcome fundamental challenges, achieve stability, and improve their financial lives.
- Youth employment – We recognize that first time jobs are critical to helping young people develop essential skills that will assist them throughout their career development. Access to employment can enhance overall educational experiences and keep at-risk youth on track for successful careers by reducing high school dropout rates and increasing transition to college.
- Preparing individuals for meaningful employment – We support nonprofit organizations providing access to skills training, credentialing and education - regardless of gender, race, criminal record or disability - that will enable individuals to connect to jobs and develop a stronger financial future.
- Wrap Around Services – We recognize that low-income individuals and families face a variety of challenges, have diverse needs and may qualify for multiple services, so we support nonprofit organizations providing supportive services that will enable individuals and families to move forward.
The unspoken variables of success: grace and mercy
Lack of economic mobility - especially for young people of color impacted by disproportionate unemployment and incarceration rates - is a defining social justice issue of our time. Through innovative partnerships and programs such as the HOPE Commission, we have a chance to build stronger communities, stronger economies, and a brighter future, one defined by grace and mercy. More More.
We are committed to creating the workforce of tomorrow by expanding workforce training and development. Our partnership with Year Up provides young adults ages 18 to 24 with a combination of technical and professional skills, college credits, educational stipends and corporate internships. More More.
Fighting hunger through nearly $30 million in philanthropy
Bank of America’s focus on hunger dates back to 2009, when the economic downturn increased the number of people whose critical needs were not being met. Since then, the company has contributed nearly $30 million to a range of nonprofits to address these issues. More More.
Laying the foundation for a purpose-driven generation
It's easy to reflect on the past decade and recognize the advances we've made as a society—from reducing the national unemployment rate to making inroads on the fight against HIV/AIDS globally. But our work is far from complete. With nearly 50 million people at risk of food insecurity, and unemployment disproportionately impacting youth and communities of color, there is still much to be done to overcome underlying challenges perpetuating poverty and inequality in our communities. More More.
Bank of America Announces $40 Million Commitment to Support Youth Success
Bank of America today announced a $40 million commitment to connect 100,000 teens and young adults to the skills and employment experiences needed for 21st-century jobs. Over the next three years, in partnership with nonprofit organizations across the country, the bank will fund early employment, education and job training and support diverse talent to help build a pipeline that will strengthen and enhance today’s workforce. More More.