A 2015 study by the Hamilton Project concluded that in order to increase the economic security and upward mobility of the less educated, thereby reducing poverty, we must increase the educational opportunities and skillsets of the less educated and lower-income individuals.
The coronavirus pandemic only served to make matters worse, particularly for those without post-secondary education. According to the Institute of Education Sciences’ Report on the Condition of Education 2022, previous gains in employment and earnings were reversed during COVID.
“Educational attainment is associated with economic outcomes, such as employment and earnings, as well as with changes in these outcomes during the pandemic…For those who had completed high school and those with some college, employment rates increased from 2010 to 2019, but these gains were reversed to 68 and 75 percent, respectively, during the coronavirus pandemic.”
It is because of the link between higher education and economic security that we created the BLOOM Scholarship Award, a key tactic in our arsenal of change.
We established this program to support the 11,000 residents living in these affordable housing properties on their path to fulfillment. Most recently, BLOOM awarded a total of $24,000 to four individuals pursuing an undergraduate degree.
Bloom’s financial wellbeing coach has extensive experience in providing the necessary tools and education for individual growth, specifically in underserved communities.
Donations allow Bloom to fund the work of this coach so that they may positively impact as many people as possible.