How we are providing economic opportunity for youth of color

Do you remember your first job? Whether you were scooping ice cream, delivering newspapers or bagging groceries, chances are that first job taught you important skills that you still use in the workplace today.

As part of the bank’s commitment to racial equality and economic opportunity, Bank of America is dedicated to supporting youth employment opportunities for young people in low- and moderate-income communities. Early employment opportunities can teach young people a host of critical interpersonal skills, such as how to communicate effectively and how to support customers. They can also help young people build professional networks to connect to future jobs and training opportunities.

Today, there are fewer job opportunities for young people than there have been in years past. Black and Hispanic-Latino teenagers have been disproportionately impacted by the pandemic and the lack of opportunities it has brought, and consistently have the highest unemployment rates of any demographic groups. The disparity in opportunity has long-term ramifications on job prospects for teens.

Helping youth develop meaningful skills

This year, the bank will provide more than $6 million to support over 4,000 jobs for youths. Our support includes funding for jobs through local summer youth employment programs, our signature Student Leaders® program and hiring through our Financial Center Apprenticeship Program, which introduces high school and college students to careers in the financial industry. These types of internship programs are important to help students develop meaningful skills that will position them to work in careers with mobility and financial health.

Bank of America has been a longtime partner with the Urban Alliance and in 2021, we announced a $4.2 million commitment to expand training and job placement, including paid internships, for Black and Hispanic-Latino students during their senior year of high school. This partnership brings Urban Alliance together with Npower, a technology training provider, to give students tech credentials and work experience so they can graduate high school with marketable skills for careers in the tech industry.

“This internship has taught me what it means to work in a professional environment, how to come out of my shell and take one step closer toward adulthood,” Khiree, one of our Financial Center apprentices, said. “I like helping people and being part of a team and that’s what my experience has been about. I’m loving it.”

In addition to providing paid job opportunities to teens in more than 80 markets across the U.S., we also embed our Better Money Habits® lessons into all youth employment programs to ensure teens start their financial lives off on the right foot.