$2 million from Pacific Life will support UCI’s LIFEvest financial literacy program for teens

The Paul Merage School of Business Center for Investment & Wealth Management’s residential financial literacy program for teens, LIFEvest, has received a $2 million gift from the Pacific Life Foundation, the philanthropic arm of the Newport Beach-based insurance company. During the weeklong LIFEvest summer program, local eighth- and ninth-graders from underserved communities have the opportunity to experience life on campus – sleeping in UCI dorms, eating in dining halls and attending financial literacy classes. Students learn about the value of education, financial budgeting and saving for retirement, helping to motivate and prepare them to be the first in their families to go to college. “We are thrilled to receive this transformational gift from the Pacific Life Foundation,” said Christopher Schwarz, associate professor of finance and CIWM director. “LIFEvest makes a huge impact in these young people’s lives. Not only does it teach important financial skills, but the residential component gives them the confidence to pursue a college education and plan for the future.” More than 400 teens have attended LIFEvest since it started nine years ago. The gift from Pacific Life will ameliorate the cost of the program and also help support LIFEvest students during the time between the summer residency and when they go to college.