Cecily O'Connor
RedwoodAge.com

The AARP Foundation has received a $1.5 million grant from the Walmart Foundation to provide women over 40 job training and education.

Funding will go directly into AARP's women's scholarship fund, earmarked to help 450 moderate- to low-income women pay for tuition and other training expenses.

Having the opportunity to advance - with fewer financial worries - is important at a time when many boomer women are falling short on retirement savings and increasingly facing the potential of living in poverty. 

"In this economy more than ever, workers need the right skills and training to increase their earnings potential," said Robin Talbert, president of the AARP Foundation. "Women in particular don't always have the resources in the second half of life to access the education they need." 

Nearly twice as many women as men will face poverty in their retirement years, according to AARP. The financial gap can be attributed to several factors. As a group, women tend to live longer, earn less, and take time away from paid work to care for families, all of which results in a reduced amount of retirement savings.

Also concerning is that women generally earn 77 cents on the dollar compared to men. That translates to an average of $250,000 less over their work lives to invest in retirement, AARP said.

Playing a Role
The Walmart-supported scholarships give "mature women the opportunity to continue to play a vital role in the workforce while providing for themselves and their families," said Margaret McKenna, president of the Walmart Foundation.

Scholarships help pay for public or private secondary school, including community colleges, technical and vocational schools and four-year universities. Winners can use funds for tuition, fees and books.

That's important because boomer women have been under increased financial stress as a result of the down economy, data from the American Psychological Association found late last year. Women tend to worry mostly about their ability to provide for basic family needs, fretting over job stability, housing costs and health problems affecting their families.

In 2008, the Women's Scholarship Program's first year, more than 100 scholarships ranging from $500 to $5,000 were awarded. This year, more than 1,000 applications are under review, and winners will be announced later this month.

To be eligible, female applicants must be: over 40 and able to demonstrate financial need, and enrolled in an accredited school or technical program within six months of the scholarship award date.