The AARP Foundation in Washington, D.C., has announced a $1.5 million grant from the Wal-Mart Foundation to provide job training and educational opportunities to unemployed women who have limited financial resources.
The grant will support the AARP Foundation's Women's Scholarship Program, which helps low- and moderate-income women over the age of 40 pay for public or private higher education. Scholarship recipients may use the funds to pay for tuition, fees, and books at community colleges, technical/vocational schools, or four-year universities, where they must enroll within six months of the scholarship award date. Recipients of this year's scholarships will be announced later this month.
According to AARP, nearly twice as many women as men will face poverty in their retirement years. What's more, women earn 77 cents on the dollar compared to men, which translates to an average of $250,000 less over their work lives to invest in retirement.
"In this economy more than ever, workers need the right skills and training to increase their earnings potential," said AARP Foundation president Robin Talbert. "Women in particular don't always have the resources in the second half of life to access the education they need. We are so pleased to work with the Wal-Mart Foundation to provide underserved women with opportunities to expand their career options in later life."