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Wednesday, May 22, 2024

NJ Governor Phil Murphy and the NJ Department of the Treasury Introduce NJ FinLit, a Free Financial Wellness Platform Supported by Enrich™

The state of New Jersey is taking proactive steps to promote financial literacy and wellness among its residents. In honor of National Financial Literacy Month, New Jersey Governor Phil Murphy and the NJ Department of the Treasury have launched NJ FinLit, a free financial wellness platform available to all adult state residents.

Governor Murphy emphasized the importance of understanding personal finance and the long-term impact it has on individuals. He expressed gratitude towards Treasurer Liz Muoio and her team for their commitment to providing every adult in New Jersey with access to free financial wellness education through NJ FinLit. The Governor highlighted the platform’s role in ensuring that all residents have the necessary tools to take control of their financial future.

NJ FinLit is powered by Enrich™, an interactive financial wellness platform developed by San Diego-based financial education company iGrad. The platform utilizes artificial intelligence to engage users with personalized content based on their financial situation and stage of life. It aims to address the financial challenges faced by New Jersey families, especially those most affected by the economic downturn.

Treasurer Muoio expressed her hope that NJ FinLit will provide residents with the tools to better prepare for and meet future financial challenges. The platform offers a wide range of dynamic tools and courses, including a financial behavior assessment to provide customized content based on each user’s financial “personality.” Additionally, NJ FinLit offers retirement and home affordability analyzers, student loan and higher education tools, as well as personal finance calculators and a real-time budget tool.

According to a 2021 Capital One CreditWise survey, 73 percent of Americans ranked their finances as the most significant source of stress. To address this, NJ FinLit users are encouraged to update their stress score regularly to gauge the correlation between improved financial wellness and stress levels. Recent data from the Enrich platform highlighted positive behavior changes among participants, including an increase in emergency savings funds, improved credit card payment habits, progress towards financial goals, and higher retirement plan contributions.

The New Jersey Department of the Treasury is dedicated to promoting financial wellness among its citizens by offering the Enrich platform through NJ FinLit. The department, led by State Treasurer Elizabeth Maher Muoio, is committed to providing New Jerseyans with the necessary resources to manage their financial well-being effectively.

For more information about NJ FinLit and the New Jersey Department of the Treasury, visit https://www.nj.gov/treasury.

About iGrad
iGrad is a San Diego-based financial technology company offering AI-powered financial wellness solutions to colleges, universities, employers, and financial institutions. The company has received numerous awards and recognition for its contributions to improving the financial health and security of Americans. For more information about the iGrad platform, visit https://www.igradfinancialwellness.com.

For more information about the Enrich platform for employers and financial institutions, visit https://www.enrich.org.

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