Whether you want to save money for retirement, pay off college debt, or improve your credit score, New Jersey says it wants to help.
As part of National Financial Literacy Month, the state is launching a free financial wellness platform called NJ FinLit. It will be available to all adult residents of the state.
“Understanding money, building credit, saving for a home or retirement — these are lifelong lessons that linger long after we leave the classroom,” Gov. Phil Murphy said Wednesday. . “New Jersey has been a leader in integrating personal financial literacy into our K-12 curriculum, but this new platform will close the loop to ensure every resident has the tools they need to take control of their financial future.”
NJ FinLit offers tools and courses on money-related topics. Users who open an account will begin with a “Your Money Personality” financial behavior assessment, which analyzes each user’s financial “personality”. The assessment will lead to a personalized and interactive learning experience for users, the state said.
Courses offered include budgeting, mortgages, healthcare, college savings, student loan repayment, banking, credit, financial planning, long-term care and more, the state said. . Tools include retirement and home affordability analyzers, student loan and budgeting tools, and personal finance calculators.
After creating an account, the program asks a few personal questions so that it can give you personalized advice. It asks for your birthday because age matters when it comes to setting goals, but the other information requested is more general. It asks, among other things, if you are employed, have bank accounts, if you save enough in your 401(k) plan to get matching funds from the employer and the range of your credit score. It does not ask for details such as account balances.
You can learn more about its privacy policies on the NJ FinLit website.
State Treasurer Elizabeth Maher Muoio said the COVID pandemic “has laid bare the fact that the New Jersey families hardest hit by the economic downturn were those with the fewest resources to cope with financial instability”.
“We understand that navigating the increasingly complex world of personal money management can be a daunting challenge,” said Maher Muoio. “We want all New Jersey residents – from young adults and parents planning their college education to seniors looking to enjoy their retirement – so they can take advantage of and use our website’s user-friendly interactive tools, videos and articles to better understand and manage their financial ressources .”
The state cited a 2021 Capital One CreditWise survey that found 73% of Americans rank their finances as the most important source of stress. The governor’s office did not immediately respond to inquiries about the cost of the program to the state.
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