LEXINGTON, Ky. (LEX 18) — The University of Kentucky is encouraging financial literacy and other healthy habits through an initiative that allows students to earn money that they can invest.
Called “UK Invests,” about $100,000 has already been given to students as part of the program, University Spokesperson Jay Blanton said. About 3,000 students, around 10% of UK students, have participated in the first-of-its-kind program since it was launched.
The advertised “free money” seemed too good to be true for some students. Robbie Bright thought at first the email about the program was a scam.
“They are just handing out money pretty much to do easy task,” Bright said. “I’ve earned 100 so far.
Students can earn for things like going to the gym, attending peer tutoring and counseling sessions, and taking financial literacy courses.
“All things that are good for them and good for their bottom line,” Blanton said. “We match it with dollars.”
The dollars go into a Fidelity investment account, encouraging students to use real money to invest in real stocks. Students can earn a max of 250 a semester from the university.
"We know that a lot of students, for lots of reasons, come to us from lots of different backgrounds, and often they don't have a basis in financial literacy, with financial education,” Blanton said. “Providing some of that education, hardwiring some of those habits, we can benefit students for a lifetime."
Bright said that some students won’t take the program seriously, choosing to withdraw instead of investing the money. He says those students are missing out.
Large donations to the university are helping to fund the program.
