UK Invests, an initiative to promote financial wellness, is now available to every student as of August 21.
The initiative will continue to launch in waves, UK Spokesperson Jay Blanton told the Kernel.
Educational aspects of UK Invests were first released to 589 student-athletes last September in partnership with a UK athletics initiative, according to a UKNOW article.
Students now have the opportunity to open personal investment and savings accounts. Students will receive incentives for engaging in these healthy behaviors through the app, according to UKNOW.
“UK Invests is a new, first-of-its-kind initiative nationally that will help students build a foundation of financial literacy, allowing them to achieve greater financial security, career readiness and well-being,” UK Invests’ website said.
UK Invests is collaborating with Fidelity Investments and the Fidelity Bloom app in order to ensure that students maintain their lifetime benefits.
According to UK Invests’ website, the Fidelity Bloom app utilizes “Save and Spend” accounts to assist students with saving, spending and investing.
The accounts are brokerage accounts and insured by the Securities Investor Protection Corporation.
“Fidelity Bloom is an easy-to-use app that provides financial rewards for learning how to save and invest, helping you make better money decisions now and after graduation,” according to UK Invests’ website.
UK Invests’ website said that after creating an account, the university will compensate students with “free money” in return for certain activities including going to The Study or exercising at Alumni Gym.
Money received from these actions will be put in a brokerage account so students can learn about their finances without paying for it directly.
“UK wants you to be successful in and out of the classroom. That’s why we’re rewarding you with deposits into your UK Invests account when you complete tasks and build habits in these four categories:
- Financial Literacy
- Involvement
- Employability Skill Building
- Wellness,” according to UK Invests’ website.
Upon utilizing wellness resources on campus and increasing campus involvement, students will receive $10. Students will receive $15 for strengthening their employability skills, financial literacy skills and reaching academic success.
According to UK Invests’ Frequently Asked Questions website page, an increase in provided funding from UK stemmed from a question surrounding the effect on students’ financial aid.
While every student’s financial aid varies, UK Invests’ website said that the financial aid packages will likely not be affected.
“If you have questions or concerns, we suggest you reach out to UK’s Office of Financial Aid and Scholarships for a more specific analysis of your situation and the impact of incentives and awards through UK Invests,” UK Invests’ Frequently Asked Questions website page said.
The Fidelity Bloom for UK Invests app is currently available for download on IOS devices and students will be added to the UK Invests Canvas course as of August 21.