ANA Healthy Nurse, Healthy Nation® Spotlight - Ky Arnold, RN, BSN
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Nurse cares for nurses’ financial health and wellness
Caring for others comes naturally to #healthynurse Ky Arnold, RN, BSN, and co-founder of InvestHealth. So, when he recognized an opportunity to help his fellow health care professionals, Ky didn’t hesitate. The result: a service that changes lives and elevates the industry.Late-Night Conversations Unveil a Common Challenge
Ky began his career as a nurse in 2014. Before co-founding his financial wellness business, he worked in various hospital settings, from ICU nurse to hospital director.
In those early years, Ky also worked on the side to build his financial portfolio. “I started flipping houses and investing in different things,” he says.
During night shifts at the hospital, casual chats with fellow nurses often turned to finances. Ky found his side hustle and investment experience was a sought-after skill set.
“Many nurses wanted to do the same thing but didn’t know how,” he notes. “They’d say, ‘I need a side hustle like that, help me get started.’”
Ky was more than happy to help. However, as he talked with them about extra ways to earn money, he discovered a common challenge.
“I found that many nurses didn’t have a strong financial base,” he says. “They didn’t have an emergency fund or a Roth IRA. Those basic things are really important.”
He realized his co-workers needed some “Finance 101” lessons first, so he started there. “I loved to sit down with nurses and help them understand how a 401(k) works,” he says.
Ky didn’t realize it yet, but these informal finance discussions planted a seed. It would take root a few years later when COVID-19 changed the health care landscape.
An Unexpected Catalyst
At the very beginning of the pandemic, Ky worked as a hospital nursing director-administrator.
“When COVID-19 started, people were nervous about catching it. They didn’t go out as much and avoided the hospital and elective procedures.”
After a few months of low patient volume, Ky was forced to lay off some staff. “I didn’t have hours to give my PRNs and part-time staff,” he says.
Ky understood the financial impact of the layoffs and reached out to his HR department. “I told them all of these nurses were hurting,” he says. “I asked if we had resources to help them. Other than a 401(k) advisor, there was nothing.”
In the years that followed, Ky noticed that many health care organizations worked on ways to boost their employees’ mental health. “After COVID-19, mental health became a big focus,” he says. “Startups and programs launched, and it was great. However, none of these programs addressed financial health, and data shows money is a huge cause of stress.”
In fact, according to a study by Capital One, 77% of people reported feeling anxious about money. Nearly 60% said they feel their financial situation controls their lives.
Ky realized his fellow nurses had financial anxiety that no one was addressing. “That was the beginning, the impetus to make a change,” he says.
A Digital Platform for Financial Wellness
In 2023, Ky helped launch InvestHealth, an online platform that supports health care workers’ financial health.
The platform offers several resources and articles to help with:
- Budgeting
- Building credit
- Buying a house
- Investing
- Paying off debt and student loans
- Retirement planning
Health care professionals can create an account and answer questions to build a personalized financial plan. They can also work with a certified financial planner (CFP) to better understand their financial situation and reach their goals.
Less Financial Stress Leads to Better Health and Better Patient Care
Financial wellness impacts a nurse’s overall wellness, Ky says. When nurses and healthcare workers are not feeling anxiety about money, they can enjoy better work-life balance. They are happier in their personal lives and more engaged at work, he notes.
Ky’s mission is to eliminate financial stress felt by nurses and health care workers. Financial freedom has a ripple effect on the industry, he says.
“Nurses under financial stress might be less likely to speak up about poor or unsafe conditions,” he says. “They might be worried they’ll lose their job. But if they pay off their debt and establish an emergency fund, they can advocate without fear. That’s so much better for our industry.”
The Next Step: Taking Financial Wellness to Nursing Schools
Ky notes that many nurses graduate from nursing school with large student loan debt. To help tackle the problem, his organization is exploring partnerships with colleges and universities.
“Schools or nursing programs don’t prepare nurses for managing their loans,” he says. “But when they learn how to pay them off early, they gain the confidence to continue their education. They get their master’s degree or doctorate. That enhances their career and translates to better patient care, too.”
Looking to the future, Ky hopes to see all colleges implement financial wellness programs for health care professionals.
“Our goal is to create a standardized curriculum and platform for colleges,” he says. “It’s heartbreaking to talk with nurses who want to retire but can’t because they lack savings and financial security. They were never taught these principles. The industry needs to be passionate about financial health in the younger generation.”
Ky Arnold, RN, BSN, is the co-founder and Chief Operating Officer of InvestHealth.
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Blog #healthynurse Spotlight
07/31/2024 9:15am CDT
The #healthynurse Spotlight is a shout out to nurses who are making changes in their lives to improve their health and wellness. You can too! Read their stories for inspiration here.
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