Ky Arnold has nurses’ best interests at heart.

When Ky Arnold, BSN, RN, noticed that financial uncertainty caused stress to many of his nursing colleagues, he realized the need for another dimension of self-care—financial wellness.

Caring comes naturally to Arnold, who began his nursing career in 2014, serving in roles from intensive care unit nurse to hospital director. He also developed his financial portfolio on the side through a variety of investments and dabbling in real estate.

During night shifts at the hospital, casual conversations with fellow nurses frequently turned to finances.

“A lot of nurses told me they wanted to build their savings and start investing, but didn’t know how,” he recalled. Arnold, with his real estate and investment experience, was happy to help. However, as he talked with his colleagues about ways to earn extra income, he discovered a common challenge.

“I found that many nurses didn’t have a strong financial base,” he said. “They didn’t have an emergency fund or a Roth IRA. Those basic things are important.”

He saw that his co-workers needed “Finance 101” lessons, so he started there. “I loved to sit down with nurses and help them understand how a 401(k) works,” he explained.

Arnold didn’t realize it yet, but these informal discussions planted a seed. It would take root a few years later when the COVID-19 pandemic changed the healthcare landscape.

An unexpected catalyst

At the beginning of the pandemic, Arnold worked as a hospital nursing director-administrator. Fewer elective procedures and non-emergency hospital visits lowered patient volume at his facility, and he had no choice but to lay off some of his staff.

Looking to lessen the financial impact of the layoffs, Arnold reached out to the hospital’s human resources department. “I told them all of these nurses were hurting,” he said.

“I asked if we had resources to help them.” He learned that the only available financial resource was a 401(k) advisor.

As the pandemic receded and many healthcare organizations worked on finding opportunities to boost their employees’ mental health, Arnold felt something was missing. “Wellness startups and programs launched, and it was great,” he said. “However, none addressed financial health, and data show that money is a huge cause of stress.”

A digital platform for financial wellness

Arnold observed that his fellow nurses had financial anxiety that no one was addressing, so in 2023, he helped launch InvestHealth, an online platform that offers financial health support specifically for healthcare workers.

Healthcare professionals can create an account and answer questions to build a personalized financial plan. They also can work with a certified financial planner to better understand their financial situation and reach their goals.

Greater confidence

“Nurses under financial stress might be less likely to speak up about poor or unsafe conditions at work,” he said. “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 profession.”

When nurses and healthcare workers don’t feel anxiety about money, they can enjoy a better work-life balance, Arnold said. “They’re happier in their personal lives and more engaged at work.”