Gov. Phil Murphy and State Treasurer Elizabeth Maher Muoio unveiled a Treasury Department initiative called NJ FinLit, a free financial wellness platform for all adult state residents.
NJ FinLit was launched as part of National Financial Literary Month during CNBC’s Invest in You: Ready, Set, Grow event.
Officials say the platform is designed to help New Jersey residents rebuild from the pandemic and plan for the future.
Muoio
“The shock of the COVID-19 pandemic — both social and financial — laid bare the fact that the New Jersey families most affected by the economic downturn were the ones with the fewest resources to cope with financial instability,” said Muoio. “Our goal in launching NJ FinLit is to provide New Jerseyans with tools to help them better prepare for and meet future challenges. It is our hope that this free educational resource, which can be personalized by New Jerseyans at all stages of life, regardless of income, and translated into multiple languages, will both help our residents strengthen their financial resiliency and enable them to reach their long-term goals.”
NJ FinLit features dynamic tools and courses, as well as an interactive learning experience with the Your Money Personality financial behavior assessment, which analyzes each user’s financial predilections. The platform also provides retirement and home affordability analyzers, a suite of student loan and higher education tools, and a personal finance calculator and real-time budget tool.
“Understanding money, building credit, saving for a home or retirement — these are life-long lessons that persist well after we leave the classroom,” Murphy said. “That’s why I’m grateful that Treasurer Liz Muoio and her team are committed to providing every adult across our state with access to free financial wellness education through NJ FinLit. New Jersey was a leader in getting personal financial literacy into our K-12 curriculum, but this new platform will close the circle to ensure every resident has the tools they need to take control of their financial future.”
The new platform, powered by Enrich, was designed by San Diego-based financial education company iGrad.
“Enrich can help people of all income levels and in all stages of life,” said iGrad Vice President for Business Development Todd Woodlee. “The New Jersey Department of the Treasury is demonstrating the importance of financial wellness by offering Enrich to its citizens, who will benefit from the behavior-changing financial education.”
